See discussions, stats, and author profiles for this publication at: https://www.researchgate.

net/publication/339339436

Zur Bemessung geschraubter Ringflanschverbindungen von

Windenergieanlagen

Thesis · May 2001

DOI: 10.13140/RG.2.2.14685.36328

CITATIONS READS

10 152

1 author:

Marc Seidel
Siemens Gamesa Renewable Energy, Hamburg
44 PUBLICATIONS   361 CITATIONS   

SEE PROFILE

Some of the authors of this publication are also working on these related projects:

FATICE - Fatigue damage from dynamic ice action View project

All content following this page was uploaded by Marc Seidel on 18 February 2020.

The user has requested enhancement of the downloaded file.

 8QLYHUVLWlW+DQQRYHU
,QVWLWXWIU6WDKOEDX
8QLY3URI'U,QJ3HWHU6FKDXPDQQ

6FKULIWHQUHLKH+HIW

=XU%HPHVVXQJJHVFKUDXEWHU
5LQJIODQVFKYHUELQGXQJHQYRQ:LQGHQHUJLHDQODJHQ

YRQ
'LSO,QJ0DUF6HLGHO

+DQQRYHU
 =XU%HPHVVXQJJHVFKUDXEWHU
5LQJIODQVFKYHUELQGXQJHQYRQ:LQGHQHUJLHDQODJHQ

9RP)DFKEHUHLFK%DXLQJHQLHXUXQG9HUPHVVXQJVZHVHQ
GHU8QLYHUVLWlW+DQQRYHU
]XU(UODQJXQJGHVDNDGHPLVFKHQ*UDGHV
'RNWRU,QJHQLHXU
JHQHKPLJWH'LVVHUWDWLRQ

YRQ
'LSO,QJ0DUF6HLGHO
JHERUHQDPLQ)OHQVEXUJ


5HIHUHQWHQ 3URI'U,QJ3HWHU6FKDXPDQQ
3URI'U,QJ+HUEHUW6FKPLGW
7DJGHU3URPRWLRQ
9RUZRUW
'LHYRUOLHJHQGH$UEHLWHQWVWDQGZlKUHQGPHLQHU7lWLJNHLWDOVZLVVHQVFKDIWOLFKHU0LWDUEHLWHUDP
,QVWLWXWIU6WDKOEDXGHU8QLYHUVLWlW+DQQRYHU,FKGDQNH3URI'U,QJ3HWHU6FKDXPDQQIUGLH
8QWHUVWW]XQJ PHLQHU $UEHLW XQG GLH GXUFK LKQ JHVFKDIIHQHQ KHUYRUUDJHQGHQ $UEHLWVEHGLQJXQ
JHQ)UGLHhEHUQDKPHGHV.RUUHIHUDWHVGDQNHLFK+HUUQ3URI'U,QJ+HUEHUW6FKPLGW
'DV 3URMHNW Ä(UPGXQJVEHDQVSUXFKXQJ JHVFKUDXEWHU 5LQJIODQVFKYHUELQGXQJHQ EHL :LQGHQHU
JLHDQODJHQ³LQQHUKDOEGHVVHQJUR‰H7HLOHGLHVHU'LVVHUWDWLRQHQWVWDQGHQVLQGZDUQXUGXUFKGLH
8QWHUVWW]XQJYLHOHU3HUVRQHQXQG)LUPHQP|JOLFK0HLQDXVGUFNOLFKHU'DQNJLOW
 GHU )RUVFKXQJVYHUHLQLJXQJ GHU $UEHLWVJHPHLQVFKDIW GHU (LVHQ XQG 0HWDOO YHUDUEHLWHQGHQ
,QGXVWULHH9$9,)IUGLH)|UGHUXQJGHV)RUVFKXQJVYRUKDEHQVVRZLH+HUUQ'LSO,QJ
'LHWPDU *RHULFNH YRP )RUVFKXQJVNXUDWRULXP 0DVFKLQHQEDX H9 ).0 IU GLH 8QWHU
VWW]XQJZlKUHQGGHV$QWUDJVYHUIDKUHQVXQGGLHLQWHUHVVLHUWH%HJOHLWXQJGHV9RUKDEHQV
 GHU)LUPD3IOHLGHUHU,QIUDVWUXNWXUWHFKQLN*PE+IUGLH/LHIHUXQJYRQ3UREHN|USHUQVRZLH
IU GLH 8QWHUVWW]XQJ EHL GHU $XVUVWXQJ GHU 0H‰WUPH LQVEHVRQGHUH GDQNH LFK +HUUQ
'LSO,QJ0LFKDHO.OX‰PDQQGHUVWHWVHLQNRPSHWHQWHU*HVSUlFKVSDUWQHUEHLGHU'LVNXV
VLRQIDFKOLFKHU)UDJHQVRZLHGHU9RUEHUHLWXQJGHU0HVVXQJHQ ZDU XQG GXUFK VHLQ (QJD
JHPHQWPD‰JHEOLFK]XPUHLEXQJVORVHQ*HOLQJHQGHUH[SHULPHQWHOOHQ8QWHUVXFKXQJHQÄ,Q
6LWX³EHLJHWUDJHQKDW
 'U,QJ8ZH+DVVHOPDQQXQG+XJR%HUNHOYRQGHU)LUPD$XJXVW)ULHGEHUJ*PE+IUGLH
NRVWHQORVH%HUHLWVWHOOXQJXQG%HDUEHLWXQJGHU0H‰VFKUDXEHQVRZLHGLHKLOIUHLFKHQIDFKOL
FKHQ+LQZHLVH
 'U,QJ$QGUHDV5HXWHU'LSO,QJ0DUNXV%HFNHUXQG'LSO,QJ7KRPDV6LHEHUVYRQGHU
(QURQ :LQG *PE+ IUKHU 7DFNH :LQGHQHUJLH IU GLH 8QWHUVWW]XQJ GHU ,Q6LWX
9HUVXFKHVRZLHGLH%HUHLWVWHOOXQJYRQ'DWHQPDWHULDO]XGHUXQWHUVXFKWHQ$QODJH
 5RJHU/XGJHQXQG/RWKDU6FKXO]H'DPLW]YRQGHU)LUPD:LQGZlUWVIUGLH(UODXEQLV]X
GHQ0HVVXQJHQDQLKUHU:LQGHQHUJLHDQODJH
 'U,QJ+HUEHUW6LHEROGXQG+HUUQ.RSLW]YRQ.UXSS6WDKOEDX+DQQRYHUIUGLHODQJIUL
VWLJH%HUHLWVWHOOXQJGHV9RUVSDQQJHUlWV
 'LSO,QJ +HQU\ 6HLIHUW YRP 'HXWVFKHQ :LQGHQHUJLH,QVWLWXW '(:, IU GLH %HUHLWVWHO
OXQJYRQ%HODVWXQJVGDWHQ]XU(UPGXQJVEHUHFKQXQJ
 'LSO,QJ 'LHWPDU $ :ROI  YRQ GHU 6LHJWKDOHUIDEULN *PE+ IU GLH (UOlXWHUXQJHQ ]XU
)ODQVFKKHUVWHOOXQJ
 'U,QJ 7KRUVWHQ :DQ]HN IU GLH %HUHLWVWHOOXQJ VHLQHU 9HUVXFKVGDWHQ LQ HOHNWURQLVFKHU
)RUP
 GHQ 7HLOQHKPHUQ GHV EHJOHLWHQGHQ $UEHLWVNUHLVHV ]XP )RUVFKXQJVYRUKDEHQ IU LKUH 'LV
NXVVLRQVEHLWUlJHXQGGDV,QWHUHVVHGDVVLHGLHVHU$UEHLWHQWJHJHQJHEUDFKWKDEHQ
,QVEHVRQGHUHEHLGHQ)LUPHQ3IOHLGHUHU,QIUDVWUXNWXUWHFKQLN*PE+XQG(QURQ:LQG*PE+ZD
UHQ QRFK YLHOH ZHLWHUH 3HUVRQHQ DQ GHP (UIROJ GLHVHU $UEHLW EHWHLOLJW ,KQHQ DOOHQ VHL KHU]OLFK
JHGDQNWDXFKZHQQQDPHQWOLFKQLFKWDOOHHUZlKQWZHUGHQ
(LQ ZHVHQWOLFKHU 7HLO GLHVHU $UEHLW EHVWHKW LQ GHQ H[SHULPHQWHOOHQ 8QWHUVXFKXQJHQ )U GLH
IUXFKWEDUHQ 'LVNXVVLRQHQ LP 9RUIHOG GHU 9HUVXFKH GHQ (LQIDOOVUHLFKWXP EHL GHU /|VXQJ GHU
YLHOHQ SUDNWLVFKHQ 3UREOHPH XQG GLH DX‰HUJHZ|KQOLFK JHZLVVHQKDIWH 'XUFKIKUXQJ GHU 9HU
VXFKVYRUEHUHLWXQJGDQNHLFKEHVRQGHUV+HUUQ.DUO+HLQ]+HQWVFKHO +HUU $[HO 5HKVH YRP ,Q
VWLWXW IU 0DVVLYEDX KDW VLFK EHU GLH ,QVWLWXWVJUHQ]HQ KLQZHJ PLW JUR‰HP (LQVDW] DQ GHU (QW
ZLFNOXQJ GHU 0H‰PHWKRGLN XQG GHU SUDNWLVFKHQ 'XUFKIKUXQJ EHWHLOLJW ZRIU LFK DXFK LKP
KHU]OLFKGDQNH
,P5DKPHQGLHVHU'LVVHUWDWLRQVLQGHWOLFKH'LSORPDUEHLWHQHQWVWDQGHQ'HQ'LSORPDQGHQGDQNH
LFKIULKUHQ$UEHLWVHLQVDW]LKUH'LVNXVVLRQVEHUHLWVFKDIWXQGGLHYLHOHQ$QUHJXQJHQGLHDXVLK
UHQ$UEHLWHQHQWVWDQGHQVLQG0HLQEHVRQGHUHU'DQNJLOW+HUUQ'LSO,QJ)DELDQ:LONHGHUDOV
VWXGHQWLVFKH+LOIVNUDIWXQGLQVHLQHU'LSORPDUEHLWHQWVFKHLGHQG]XUHUIROJUHLFKHQ'XUFKIKUXQJ
GHU HUVWHQ 6HJPHQWYHUVXFKH EHLJHWUDJHQ KDW VRZLH +HUUQ 'LSO,QJ /DUV %RO]H GHVVHQ 3UR
JUDPP'HKQB5)6HLQXQHQWEHKUOLFKHV+LOIVPLWWHOEHLGHU$XVZHUWXQJGHU0H‰GDWHQZDU(LQH
$XIVWHOOXQJDOOHUHQWVWDQGHQHQ'LSORPDUEHLWHQLVWLP/LWHUDWXUYHU]HLFKQLVHQWKDOWHQ
$OV ZLVVHQVFKDIWOLFKH +LOIVNUlIWH ZDUHQ PLU EHVRQGHUV GLH +HUUHQ FDQGLQJ &KULVWLDQ %DUWHOV
'LSO,QJ&KULVWLDQ+KQHFDQGLQJ-DQ.RSSHOPDQQ'LSO,QJ3DWULF.OHLQHLGDPXQGFDQG
LQJ7LP5XWNRZVNLHLQHJUR‰H+LOIHDXFKLKQHQVHLKHU]OLFKJHGDQNW
(LQHQQLFKWXQHUKHEOLFKHQ$QWHLODQGLHVHU$UEHLWKDEHQDXFKPHLQH.ROOHJHQJHKDEWLFKGDQNH
LKQHQ IU GLH KHUYRUUDJHQGH $UEHLWVDWPRVSKlUH DP ,QVWLWXW XQG GLH IDFKOLFKH VRZLH PRUDOLVFKH
8QWHUVWW]XQJ
)UGLHVRUJIlOWLJH'XUFKVLFKWGHV0DQXVNULSWVXQGGLHKLOIUHLFKHQ'LVNXVVLRQHQGDQNHLFK'U
,QJ8ZH+DVVHOPDQQXQG'LSO,QJ0LFKDHO.OX‰PDQQ
/DVWEXWQRWOHDVWGDQNHLFKPHLQHU)UHXQGLQ%LUWH5|VVHOGLHPLUGHQSULYDWHQ5DKPHQIUGLH
VH$UEHLWJHVFKDIIHQKDW

+DQQRYHUGHQ0DL

0DUF6HLGHO
.XU]IDVVXQJ
,Q GHQ ]XUFNOLHJHQGHQ -DKUHQ KDW GLH :LQGHQHUJLHEUDQFKH ZHOWZHLW HLQHQ EHPHUNHQVZHUWHQ
$XIVFKZXQJHUOHEWPLWGHPHLQHVWHWLJH9HUJU|‰HUXQJGHU/HLVWXQJGHU$QODJHQXQGGDPLWHLQ
KHUJHKHQGDXFKGHU7UPHYHUEXQGHQZDU+HXWHVLQG$QODJHQPLWHLQHU/HLVWXQJELV]X
N:LQ3ODQXQJGLH7XUPK|KHOLHJWKLHUEHLGHXWOLFKEHUP
'LH YRUKHUUVFKHQGH %DXZHLVH IU 7UPH YRQ :LQGHQHUJLHDQODJHQ VLQG 6WDKOURKUWUPH GLH LQ
PHKUHUHQ6HNWLRQHQDXIGLH%DXVWHOOHJHEUDFKWXQGGRUWPLWWHOV JHVFKUDXEWHU 9HUELQGXQJHQ HU
ULFKWHWZHUGHQ+LHUEHLNRPPHQ IDVW DXVVFKOLH‰OLFK 5LQJIODQVFKYHUELQGXQJHQ ]XP (LQVDW] EHL
GHQHQGLH$FKVHGHUNUDIWEHUWUDJHQGHQ6FKUDXEHQH[]HQWULVFK]XU7XUPVFKDOHOLHJW'XUFKGLH
JUR‰HQ7XUPK|KHQVWHLJWLQVEHVRQGHUHGLHG\QDPLVFKH%HDQVSUXFKXQJGHU$QODJHVRGD‰VLFK
HLQGHXWOLFKHU%HGDUIDQYHUIHLQHUWHQ%HUHFKQXQJVPHWKRGHQIUGLH$XVOHJXQJHUJHEHQKDW
,QGLHVHU$UEHLWZLUGDXIGHU*UXQGODJHYRQH[SHULPHQWHOOHQXQGQXPHULVFKHQ8QWHUVXFKXQJHQ
HLQH:HLWHUHQWZLFNOXQJGHUEHNDQQWHQ%HPHVVXQJVPHWKRGHQYRUJHQRPPHQ'LHH[SHULPHQWHO
OHQ 8QWHUVXFKXQJHQ ZXUGHQ GDEHL VRZRKO DQ %DXWHLODXVVFKQLWWHQ LP /DERU DOV DXFK DQ HLQHU
:LQGHQHUJLHDQODJHLP%HWULHEGXUFKJHIKUW
$XVGHU$QDO\VHGHV7UDJYHUKDOWHQVZLUGHLQLWHUDWLYHV1lKHUXQJVYHUIDKUHQHQWZLFNHOWPLWGHP
GLH%HDQVSUXFKXQJGHU6FKUDXEHQLQ$EKlQJLJNHLWGHUlX‰HUHQ%HODVWXQJHUPLWWHOWZHUGHQNDQQ
*HJHQEHU EHNDQQWHQ %HUHFKQXQJVYHUIDKUHQ ELHWHW GDV 9HUIDKUHQ GHQ 9RUWHLO HLQHU JHQDXHUHQ
%HVFKUHLEXQJ GHV QLFKWOLQHDUHQ %HDQVSUXFKXQJVYHUODXIHV XQG HUODXEW ]XGHP GLH %HVWLPPXQJ
GHU%LHJHEHDQVSUXFKXQJLQGHU6FKUDXEH
'LH'XUFKIKUXQJGHV(UPGXQJVIHVWLJNHLWVQDFKZHLVHVIUGLHNRPELQLHUWH%HDQVSUXFKXQJDXV
1RUPDONUDIWXQG%LHJHPRPHQWHUIRUGHUWGLH.HQQWQLVGHU(UPGXQJVIHVWLJNHLWVNHQQZHUWH$Q
KDQGHLQHU$XVZHUWXQJYRQ9HUVXFKVHUJHEQLVVHQDXVGHU/LWHUDWXUZLUGHLQH(LQVWXIXQJGHU]HQ
WULVFKEHDQVSUXFKWHQ6FKUDXEHLQGLH.HUEJUXSSHEHJUQGHW)UGLHH[]HQWULVFKH%HDQVSUX
FKXQJ ZLUG LQ $EKlQJLJNHLW GHU %LHJHDQWHLOH GHU %HDQVSUXFKXQJ HLQH ,QWHUSRODWLRQ ]ZLVFKHQ
.HUEJUXSSHIUGLHUHLQ]HQWULVFKHXQG.HUEJUXSSHIUGLHUHLQH%LHJHEHDQVSUXFKXQJYRU
JHVFKODJHQ XQG GXUFK $XVZHUWXQJ YRUKDQGHQHU 9HUVXFKVHUJHEQLVVH DEJHVLFKHUW )U GLH VSH]L
HOOHQ%HODVWXQJVYHUKlOWQLVVHYRQ:LQGHQHUJLHDQODJHQZLUGJH]HLJWZHOFKHQ(LQIOX‰GLH%HUFN
VLFKWLJXQJGHU0LWWHOZHUWHGHU%HDQVSUXFKXQJHQKDEHQNDQQ,P=XVDPPHQKDQJPLWGHPLWHUD
WLYHQ 1lKHUXQJVYHUIDKUHQ ZLUG HLQ HLQIDFKHU 1DFKZHLV IU JHULQJ EHDQVSUXFKWH 9HUELQGXQJHQ
YRUJHVFKODJHQ
'DGLH9RUVSDQQNUDIWGHU6FKUDXEHHLQHQHUKHEOLFKHQ(LQIOX‰DXIGLH/HEHQVGDXHUGHU9HUELQ
GXQJKDWZHUGHQ8QWHUVXFKXQJHQ]XP9HUOXVWDQ9RUVSDQQNUDIWLQIROJHYRQ6HW]YRUJlQJHQXQG
SODVWLVFKHU 'HKQXQJHQ LQ )ODQVFK RGHU 6FKUDXEH DQJHVWHOOW (V ]HLJW VLFK GD‰ GLH 9RUVSDQQ
NUDIWYHUOXVWH GXUFK 6HW]YRUJlQJH LQ EHDFKWHQVZHUWHU *U|‰HQRUGQXQJ OLHJHQ VLFK DEHU HLQHP
*UHQ]ZHUWDQQlKHUQXQGGHVKDOEQLFKW]XP9HUVDJHQGHU9HUELQGXQJIKUHQZHQQVLHLQJHHLJ
QHWHU:HLVHUHFKQHULVFKRGHUGXUFK:DUWXQJVYRUJlQJHEHUFNVLFKWLJWZHUGHQ=XU9HUKLQGHUXQJ
QLFKW]XOlVVLJHUSODVWLVFKHU'HKQXQJHQZHUGHQ1lKHUXQJVYHUIDKUHQHLQJHIKUW
)U GHQ 1DFKZHLV GHU *UHQ]WUDJIlKLJNHLW ZLUG HLQ YHUEHVVHUWHV %HUHFKQXQJVPRGHOO IU PLWWHO
GLFNH)ODQVFKHHQWZLFNHOW'DV0RGHOOZLUGDQQXPHULVFKHQ8QWHUVXFKXQJHQXQGHLJHQHQVRZLH
IUHPGHQ7UDJODVWYHUVXFKHQEHUSUIW(V]HLJWVLFKHLQHVHKU JXWH hEHUHLQVWLPPXQJ VR GD‰ LQ
EHVWLPPWHQ $EPHVVXQJVEHUHLFKHQ PLW GHP QHXHQ 9RUVFKODJ HLQH GHXWOLFKH 9HUEHVVHUXQJ GHU
:LUWVFKDIWOLFKNHLWHUUHLFKWZHUGHQNDQQ
(UJlQ]HQGH8QWHUVXFKXQJHQ]XP6\VWHPWUDJYHUKDOWHQXQG]XP(LQIOX‰GHU5LQJIODQVFKYHUELQ
GXQJDXIGLH%HXOVLFKHUKHLWUXQGHQGLH8QWHUVXFKXQJHQDE)UGHQSUDNWLVFKHQ(LQVDW]GHU%H
UHFKQXQJVPHWKRGHQ ZHUGHQ %HPHVVXQJV XQG $EODXIGLDJUDPPH EHUHLWJHVWHOOW XQG GXUFK HLQ
XPIDQJUHLFKHV%HUHFKQXQJVEHLVSLHOLOOXVWULHUW
$EVWUDFW
:LWKLQWKHODVW\HDUVWKHXVHRIZLQGHQHUJ\KDVXQGHUJRQHDUHPDUNDEOHLQFUHDVHLQSRSXODULW\
7KLV ZDV FRPELQHG ZLWK D VWHDG\ HQODUJHPHQW RI FDSDFLW\ RI WKH ZLQG WXUELQHV DQG LQFUHDVLQJ
WRZHUKHLJKWV7XUELQHVZLWKDFDSDFLW\RIXSWRN:DQGWRZHUKHLJKWVH[FHHGLQJPDUH
FXUUHQWO\EHLQJSODQQHG
7RZHUVIRUZLQGWXUELQHVDUHXVXDOO\PDQXIDFWXUHGDVWXEXODUVWHHOWRZHUV7KH\DUHEURXJKWWR
WKHEXLOGLQJVLWHLQWZRRUWKUHHVHFWLRQV7KHVHFWLRQVDUHFRQQHFWHGWRHDFKRWKHUE\EROWHGULQJ
IODQJHFRQQHFWLRQV7KHHFFHQWULFSRVLWLRQRIWKHEROWVLQWKLVW\SHRIFRQQHFWLRQOHDGVWRDFRP
SOH[ORDGFDUU\LQJEHKDYLRXUZKLFKUHTXLUHVHODERUDWHFDOFXODWLRQPHWKRGVLQRUGHUWRREWDLQD
VDIHDQGHFRQRPLFGHVLJQWKDWLVFDSDEOHRIEHDULQJWKHKLJKG\QDPLFORDGV
7KLV ZRUN FRQWULEXWHV WR WKH GHYHORSPHQW RI QHZ FDOFXODWLRQ PHWKRGV RQ WKH EDVLV RI H[SHUL
PHQWDODQGQXPHULFDOLQYHVWLJDWLRQV7KHH[SHULPHQWVZHUHFDUULHGRXWZLWKSDUWVRIRULJLQDOULQJ
IODQJHVLQWKHODERUDWRU\DVZHOODVLQDQRSHUDWLQJZLQGWXUELQH
6WDUWLQJIURPWKHDQDO\VLVRIWKHORDGFDUU\LQJEHKDYLRXUDQLWHUDWLYHFDOFXODWLRQPHWKRGLVSUR
SRVHGWKDWDOORZVWKHFDOFXODWLRQRIWKHEROW¶VVWUHVVHVLQGHSHQGHQF\RIWKHH[WHUQDOORDGV&RP
SDUHGWRROGHUFDOFXODWLRQPHWKRGVWKHQHZSURSRVDODWWDLQVDEHWWHUDSSUR[LPDWLRQRIWKHQRQ
OLQHDUEHKDYLRXUZLWKWKHDGGLWLRQDODGYDQWDJHWKDWYDOXHVIRUERWKQRUPDODQGEHQGLQJVWUHVVHV
DUHREWDLQHG
7KHIDWLJXHDVVHVVPHQWIRUWKHFRPELQHGVWDWHRIVWUHVVUHTXLUHVWKHNQRZOHGJHRIIDWLJXHUHVLV
WDQFHGHWDLOV%DVHGRQWHVWUHVXOWVRIRWKHUDXWKRUVDFODVVLILFDWLRQRID[LDOO\ORDGHGEROWVLQGH
WDLOFDWHJRU\DFFWR(XURFRGHLVMXVWLILHG$QHQKDQFHGDSSURDFKLVVXJJHVWHG IRU WKH HF
FHQWULFORDGLQJXVLQJDOLQHDULQWHUSRODWLRQEHWZHHQGHWDLOFDWHJRU\IRUD[LDODQGGHWDLOFDWH
JRU\IRUEHQGLQJVWUHVVHV7KHDQDO\VLVRIDGGLWLRQDOWHVWUHVXOWVVKRZVWKDWWKLVLVDFRQVHUYD
WLYH DSSURDFK $V WKH ORDGLQJ RI ZLQG WXUELQHV LV UDWKHU FRPSOH[ WKH LQIOXHQFH RI WKLV VSHFLDO
VLWXDWLRQLVVKRZQ$VLPSOHGHVLJQPHWKRGLVSURSRVHGIRUFRQQHFWLRQVZLWKDORZORDGOHYHO
$VWKHSUHWHQVLRQLQWKHEROWVKDVDVLJQLILFDQWLQIOXHQFHRQWKHSUHGLFWHGOLIHWLPHRIWKHFRQQHF
WLRQLQYHVWLJDWLRQVRQWKHORVVRISUHWHQVLRQEHFDXVHRIVHWWOHPHQWDQGSODVWLFLW\DUHFRQGXFWHG,W
LVVKRZQWKDWWKHORVVRISUHWHQVLRQUHVXOWLQJIURPVHWWOHPHQWLVUHPDUNDEOHEXWQRWKD]DUGRXV,W
FDQEHWDNHQLQWRFRQVLGHUDWLRQLQWKHFDOFXODWLRQRUE\PHDQVRISUHVFULEHGUHWLJKWHQLQJSURFH
GXUHV7RDYRLGSODVWLFGHIRUPDWLRQVLQWKHIODQJHRULQWKHEROWDSSUR[LPDWLRQSURFHGXUHVDUH
LQWURGXFHG
$QHZPHWKRGWRFDOFXODWHWKHFDUU\LQJFDSDFLW\RIIODQJHVLQWKHPHGLXPWKLFNQHVVUDQJHLVDOVR
SURSRVHG7KHPHWKRGLVYDOLGDWHGZLWKQXPHULFDOLQYHVWLJDWLRQVDQGWHVWUHVXOWV$JRRGDJUHH
PHQW FDQ EH VKRZQ VR WKDW D FRQVLGHUDEOH HFRQRPLF LPSURYHPHQW LV REWDLQHG IRU D VSHFLILF
WKLFNQHVVUDQJH
$GGLWLRQDO LQYHVWLJDWLRQV GHDO ZLWK WKH V\VWHP FDUU\LQJ EHKDYLRXU DQG WKH LQIOXHQFH RI ULQJ
IODQJHVRQWKHEXFNOLQJVWUHQJWKRIWXEXODUWRZHUV7KHDSSOLFDWLRQRIWKHQHZFDOFXODWLRQPHWK
RGVLVLOOXVWUDWHGE\IORZFKDUWVDQGDQH[DPSOHFDOFXODWLRQ
 6HLWH,

,QKDOWVYHU]HLFKQLV
(LQOHLWXQJ9
%H]HLFKQXQJHQ 9,,

$OOJHPHLQHV
+HUVWHOOXQJYRQ)ODQVFKYHUELQGXQJHQ 
+HUVWHOOXQJVPHWKRGHQ 
(PSIHKOXQJHQ]XU$XVIKUXQJQDFK(XURFRGH7HLO 
)ODQVFKYDULDQWHQXQG+HUVWHOOXQJVNRVWHQ 
%HVFKLFKWXQJHQ
6FKUDXEHQ 
%HPHVVXQJYRQ5LQJIODQVFKYHUELQGXQJHQ±6WDQGGHV:LVVHQV
(UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJLP%HUHLFKGHVHODVWLVFKHQ7UDJYHUKDOWHQV
(UPGXQJVIHVWLJNHLWVQDFKZHLV
=HLWXQGODVWDEKlQJLJHV9HUKDOWHQ 
1DFKZHLVGHU*UHQ]WUDJIlKLJNHLW 
7UDJYHUKDOWHQGHV*HVDPWV\VWHPV

([SHULPHQWHOOHXQGQXPHULVFKH8QWHUVXFKXQJHQ
([SHULPHQWHOOH8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQ 
0H‰PHWKRGLN]XU(UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJ 
/DERUYHUVXFKH
)HOGYHUVXFKH 
'DWHQUHGXNWLRQ 
0H‰XQVLFKHUKHLW 
(UJHEQLVVH
8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQPLW+LOIHGHU)(0HWKRGH
0RGHOOLHUXQJGHU.RQWDNW]RQHQ 
0RGHOOLHUXQJGHU6FKUDXEH
0RGHOOLHUXQJGHV)ODQVFKHV 
*HRPHWULVFKH1LFKWOLQHDULWlW 
1LFKWOLQHDUH/|VXQJXQG.RQYHUJHQ] 
(LQIOX‰GHU5DQGEHGLQJXQJHQ 
(LQVSDQQZLUNXQJGHU6FKDOH 
0RGHOOLHUXQJGHV*HVDPWV\VWHPV 
9DOLGLHUXQJGHV)(0RGHOOVLP%HWULHEVODVWEHUHLFK 
9DOLGLHUXQJGHV)(0RGHOOVLP7UDJODVWEHUHLFK
(UJHEQLVVH
6HLWH,,

%HUHFKQXQJXQG%HPHVVXQJ
(UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJ 
$EOHLWXQJHLQHV5HFKHQPRGHOOV]XU(UPLWWOXQJGHU%HDQVSUXFKXQJ 
$EJUHQ]XQJGHV5HFKHQPRGHOOV  
9HUODXIGHU6FKUDXEHQNUDIWIXQNWLRQLP'UXFNEHUHLFK 
9HUJOHLFKGHU%HUHFKQXQJVYHUIDKUHQDQKDQGYRQ%HLVSLHOHQ 
=XVDPPHQIDVVHQGH%HZHUWXQJGHU%HUHFKQXQJVPRGHOOH  
(LQIOX‰YRQ,PSHUIHNWLRQHQ  
$QPHUNXQJ]XP9HUIRUPXQJVYHUKDOWHQ 
(UJHEQLVVH  
(UPGXQJVIHVWLJNHLWVQDFKZHLV  
9HUVXFKVHUJHEQLVVH]XU(UPGXQJVIHVWLJNHLW  
9RUVFKODJ]XU%HKDQGOXQJGHUNRPELQLHUWHQ%HDQVSUXFKXQJ  
5HJHOXQJLP:LQGHQHUJLHDQODJHQ%HUHLFK 
9HUZHQGXQJYRQ5DLQIORZ0DWUL]HQ 
(LQIOX‰GHU9RUVSDQQNUDIWDXIGLH6FKlGLJXQJ  
9RUVFKODJIUHLQHQ1DFKZHLVRKQH%HUHFKQXQJGHU6FKUDXEHQNUDIWIXQNWLRQ 
9RUVFKODJIUZHLWHUH9HUVXFKH  
(UJHEQLVVH  
=HLWXQGODVWDEKlQJLJHV9HUKDOWHQ  
9RUVSDQQNUDIWXQGPRPHQW  
6HW]YHUKDOWHQ  
9RUVSDQQNUDIWYHUOXVWHLQIROJHORNDOHU3ODVWL]LHUXQJLP)ODQVFK  
9RUVSDQQNUDIWYHUOXVWHLQIROJHORNDOHU3ODVWL]LHUXQJLQGHU6FKUDXEH  
(UJHEQLVVH  
1DFKZHLVGHU*UHQ]WUDJIlKLJNHLW  
$EOHLWXQJHLQHVYHUEHVVHUWHQ%HUHFKQXQJVPRGHOOVIUGLH7UDJODVWEHUHFKQXQJ  
)OLH‰PXVWHUEHLEUHLWHQ)ODQVFKHQ 
%HJUHQ]XQJGHU7UDJIlKLJNHLWGXUFK(UVFK|SIXQJGHU9HUIRUPXQJVIlKLJNHLW  
(LJHQH9HUVXFKVHUJHEQLVVH  
9HUJOHLFKGHU%HPHVVXQJVZHUWHPLW9HUVXFKVHUJHEQLVVHQDXVGHU/LWHUDWXU  
%HLVSLHO3DUDPHWHUVWXGLH 
(UJHEQLVVH  
7UDJYHUKDOWHQGHVJHVDPWHQ5LQJIODQVFKHV 
%HZHUWXQJGHV6HJPHQWDQVDW]HV]XU(UPLWWOXQJGHU%HDQVSUXFKXQJHQ 
(LQIOX‰HLQHV:LQNHOVSDOWHV  
(LQIOX‰HLQHUJHULQJHUHQ9RUVSDQQNUDIW  
(UJHEQLVGHU0HVVXQJHQÄ,Q6LWX³  
7UDJIlKLJNHLWGHV*HVDPWV\VWHPV  
(UJHEQLVVH  
%HGHXWXQJGHU5LQJIODQVFKYHUELQGXQJIUGHQ%HXOVLFKHUKHLWVQDFKZHLV  
0LQGHVWVWHLILJNHLWIUD[LDOEHDQVSUXFKWH6FKDOHQ 
0LQGHVWVWHLILJNHLWIUELHJHEHDQVSUXFKWH6FKDOHQ  
(LQIOX‰GHV:LQNHOVSDOWHVDXIGLH%HXOVLFKHUKHLW  
(UJHEQLVVH  
 6HLWH,,,

6FKOX‰IROJHUXQJHQXQG(PSIHKOXQJHQ
(PSIHKOXQJHQ]XU$XVELOGXQJ%HUHFKQXQJ0RQWDJHXQG:DUWXQJ
*HRPHWULVFKH$XVELOGXQJ 
%HUHFKQXQJ 
0RQWDJHXQG:DUWXQJ 
(PSIHKOXQJHQIUZHLWHUH9HUVXFKH 
=XVDPPHQIDVVXQJXQG$XVEOLFN
=XVDPPHQIDVVXQJ 
$XVEOLFN

$QKlQJHXQG/LWHUDWXU
$QKlQJH
$QKDQJ$±$EODXIGLDJUDPPH
$QKDQJ%±%HPHVVXQJVEHLVSLHO
$QKDQJ&±3URJUDPPH 
$QKDQJ'±:LFKWLJH6FKUDXEHQNHQQZHUWH
$QKDQJ(±$EPHVVXQJHQGHU9HUVXFKVVFKUDXEHQ
$QKDQJ)±0DWHULDONHQQZHUWH 
/LWHUDWXU 
1RUPHQXQG5LFKWOLQLHQ 
0RQRJUDSKLHQ+DQGEFKHUXQG$XIVlW]H 
:HLWHUH8QWHUODJHQ
(LJHQH9HU|IIHQWOLFKXQJHQ]XP7KHPDGHU$UEHLW
'LSORPDUEHLWHQ 
6HLWH,9
 6HLWH9

(LQOHLWXQJ
$OV 7UDJWXUP IU :LQGHQHUJLHDQODJHQ KDW VLFK XQ
WHUGHQJHJHEHQHQ5DKPHQEHGLQJXQJHQGHUVWlKOHU
QH 9ROOZDQGWXUP DOV ZLUWVFKDIWOLFKVWH %DXZHLVH
HWDEOLHUW 'LH 7UPH ZHUGHQ MH QDFK +|KH LQ ]ZHL
RGHUPHKU6HNWLRQHQDXIGLH%DXVWHOOHJHEUDFKWXQG
GRUW EHU 5LQJIODQVFKYHUELQGXQJHQ PLWHLQDQGHU
YHUVFKUDXEW$EELOGXQJ
0LWGHUYRUOLHJHQGHQ$UEHLWZLUGGDV=LHOYHUIROJW
GLH 9HUIDKUHQ IU GLH %HPHVVXQJ YRQ 5LQJ
IODQVFKYHUELQGXQJHQ ZHLWHU]XHQWZLFNHOQ XP EHL
GHQ JHVWLHJHQHQ $QIRUGHUXQJHQ JUR‰HU :LQGHQHU
JLHDQODJHQ HLQH VLFKHUH DEHU DXFK ZLUWVFKDIWOLFKH
%HPHVVXQJ ]X JHZlKUOHLVWHQ 'LH +HUVWHOOXQJ YRQ
5LQJIODQVFKYHUELQGXQJHQ ZLUG GD]X HLQOHLWHQG LQ
.DSLWHOEHKDQGHOW
9RQ GHU %HPHVVXQJ VLQG YHUVFKLHGHQH 7HLOJHELHWH
EHWURIIHQ GHUHQ 6WDQG GHU 7HFKQLN ]XVDPPHQKlQ
JHQG LQ .DSLWHO  GDUJHVWHOOW ZLUG =XU :HLWHUHQW
ZLFNOXQJ GHU DQJHVSURFKHQHQ 9HUIDKUHQ ZHUGHQ
9HUVXFKH DQ )ODQVFKVHJPHQWHQ LP /DERU VRZLH DQ $EELOGXQJ6WR‰HLQHU:LQGHQHUJLHDQODJH
ODXIHQGHQ :LQGHQHUJLHDQODJHQ XQG ')(
%HUHFKQXQJHQGXUFKJHIKUW'LHVHPHWKRGLVFKHQ+LOIVPLWWHO]XU$EOHLWXQJYHUEHVVHUWHU%HUHFK
QXQJVPHWKRGHQ ZHUGHQ GHVKDOE ]XQlFKVW LQ GHQ .DSLWHOQ  XQG  YRUJHVWHOOW 'LH (UJHEQLVVH
GHU YRUJHVWHOOWHQ 9HUVXFKH XQG %HUHFKQXQJHQ ZHUGHQ LQ GHQ IROJHQGHQ .DSLWHOQ YRU GHQ YHU
VFKLHGHQHQ+LQWHUJUQGHQGHUXQWHUVXFKWHQ7HLODVSHNWHYHUZHQGHW
.DSLWHO  ZLGPHW VLFK GHU )UDJH GHU %HDQVSUXFKXQJ GHU 6FKUDXEH LQ )RUP YRQ =XJNUDIW XQG
%LHJHPRPHQW(VZLUGHLQQHXHV%HUHFKQXQJVPRGHOOYRUJHVFKODJHQPLWGHPVRZRKOGHU1RU
PDONUDIWDOVDXFKGHU%LHJHDQWHLOGHU%HDQVSUXFKXQJHUID‰WZHUGHQN|QQHQ'DV5HFKHQPRGHOO
ZLUGJHJHQEHUGHQYRUKDQGHQHQ9HUIDKUHQLQVHLQHP$QZHQGXQJVEHUHLFKDEJHJUHQ]W
0LWGHUVRHUPLWWHOWHQ%HDQVSUXFKXQJZLUGLQ.DSLWHODXIGHQ(UPGXQJVIHVWLJNHLWVQDFKZHLV
HLQJHJDQJHQ$QKDQGGHUYRUKDQGHQHQ/LWHUDWXUZLUGHLQ%HPHVVXQJVYRUVFKODJIUGLHNRPEL
QLHUWH %HDQVSUXFKXQJ EHJUQGHW XQG LQ VHLQHQ $XVZLUNXQJHQ GHPRQVWULHUW )U JHULQJ EHDQ
VSUXFKWH9HUELQGXQJHQZLUG]XVDPPHQPLWGHP%HUHFKQXQJVYHUIDKUHQDXV.DSLWHOHLQYHUHLQ
IDFKWHU 1DFKZHLV YRUJHVFKODJHQ GHU HLQH VFKQHOOH %HUHFKQXQJ HUODXEW (QJ PLW GHP (UP
GXQJVIHVWLJNHLWVQDFKZHLVYHUEXQGHQLVWGLH)UDJHQDFKGHP]HLWE]ZODVWDEKlQJLJHQ9HUKDOWHQ
GHU9HUELQGXQJ'LH]XGLHVHP7KHPHQNRPSOH[JHZRQQHQHQ(UNHQQWQLVVHZHUGHQLQ.DSLWHO
GDUJHVWHOOW
'HU1DFKZHLVGHU*UHQ]WUDJIlKLJNHLWZLUGLQ.DSLWHOEHKDQGHOW$XVGHQGXUFKJHIKUWHQ)(
%HUHFKQXQJHQZLUGHLQYHUEHVVHUWHV,QJHQLHXUPRGHOODEJHOHLWHWGDVEHLGQQHQELVPLWWHOGLFNHQ
)ODQVFKHQHLQHJHQDXHUH$EVFKlW]XQJGHU7UDJODVWHUP|JOLFKW'DV0RGHOOZLUGDQKDQGIUHPGHU
VRZLHHLJHQHU9HUVXFKHYHULIL]LHUW
,Q.DSLWHOZLUGGLH)UDJHHU|UWHUWZHOFKHQ(LQIOX‰GLH%HUFNVLFKWLJXQJGHV*HVDPWV\VWHPV
DXIGHQ(UPGXQJVXQG7UDJIlKLJNHLWVQDFKZHLVKDW0LW+LOIHHLQHV)(0RGHOOVGHV*HVDPWV\
VWHPVZHUGHQ(LQIOVVHEHZHUWHWGLHDPKHUDXVJHWUHQQWHQ6HJPHQWQLFKWHUID‰WZHUGHQN|QQHQ
6HLWH9,

'LH 5LQJIODQVFKYHUELQGXQJ KDW GXUFK LKUH YHUVWHLIHQGH :LUNXQJ DXFK HLQHQ (LQIOX‰ DXI GHQ
%HXOVLFKHUKHLWVQDFKZHLVGHV7XUPHVGLHVHUZLUGLQ.DSLWHOHUOlXWHUW
'LH(UJHEQLVVHGHU8QWHUVXFKXQJHQZHUGHQVFKOLH‰OLFKLQ.DSLWHO]X(PSIHKOXQJHQEH]J
OLFKGHU*HVWDOWXQJGHU9HUELQGXQJ]XVDPPHQJHID‰W=XVDPPHQPLWGHQYRUJHVWHOOWHQ%HUHFK
QXQJVYHUIDKUHQHUJLEWVLFKGDUDXVHLQ.RQ]HSW]XUVLFKHUHQXQGZLUWVFKDIWOLFKHQ%HPHVVXQJGLH
VHV9HUELQGXQJVW\SV
 6HLWH9,,

%H]HLFKQXQJHQ
'LHKLHUYHUZHQGHWHQ%H]HLFKQXQJHQVLQGZHLWJHKHQGDQGHQ(XURFRGH>@DQJHOHKQW/H
GLJOLFKEHLGHQ$EPHVVXQJHQGHU)ODQVFKYHUELQGXQJZHUGHQZHJHQGHUHLQIDFKHUHQ'DUVWHOOXQJ
GLH%H]HLFKQXQJHQQDFK3(7(56(1>@YHUZHQGHW
1DFKIROJHQG ZHUGHQ GLH ZLFKWLJVWHQ %H]HLFKQXQJHQ ]XVDPPHQJHID‰W )DOOZHLVH ZHUGHQ QRFK
ZHLWHUH%H]HLFKQXQJHQYHUZHQGHWGLHLPMHZHLOLJHQ=XVDPPHQKDQJHUOlXWHUWZHUGHQ
$ENU]XQJHQ
(& (XURFRGH7HLO>@
9', 9',5LFKWOLQLH(QWZXUI>@
:($ :LQGHQHUJLHDQODJH

$OOJHPHLQ
^}` 9HNWRU
>}@ 0DWUL[

/DWHLQLVFKH.OHLQEXFKVWDEHQ
D $EVWDQGYRQ,QQHQNDQWH)ODQVFKELV6FKUDXEHQDFKVH
D UHFKQHULVFKUHGX]LHUWHV0D‰DIUGLH(UPLWWOXQJGHU%HDQVSUXFKXQJLPHODVWLVFKHQ%H
UHLFK
D¶ UHFKQHULVFKUHGX]LHUWHV0D‰DIUGLH%HVWLPPXQJGHU*UHQ]WUDJIlKLJNHLW
DN $EVWDQG ]ZLVFKHQ GHP 5DQG GHU 9RUVSDQQIOlFKH XQG GHP .UDIWHLQOHLWXQJVRUW
%H]HLFKQXQJQDFK9',
E $EVWDQGYRQ6FKUDXEHQDFKVHELV]XU$FKVHGHV.UDIWDQJULIIV
E $EVWDQG YRQ GHU 6FKUDXEHQDFKVH ELV ]XP 5DQG GHV EHUGUFNWHQ %HUHLFKHV LQ GHU
7UHQQIXJHGHU)ODQVFKH  D d E d E  V  
E¶ $EVWDQG]ZLVFKHQ]ZHL)OLH‰JHOHQNHQEHLP1DFKZHLVGHU*UHQ]WUDJIlKLJNHLW
F %UHLWHHLQHV)ODQVFKVHJPHQWHV
G 'XUFKPHVVHURKQH,QGH[6FKDIWGXUFKPHVVHUHLQHU6FKUDXEH
I /LQLHQODVWLQ6FKUDXEHQDFKVHDXIGHQ)ODQVFKÄYHUVFKPLHUWH³6FKUDXEHQNUlIWH
K )ODQVFKGLFNH%H]HLFKQXQJQDFK9',EHLGHU(UPLWWOXQJGHV.UDIWHLQOHLWXQJVIDNWRUV
N .ODIIXQJEHL:LQNHOVSDOWJHVDPWH.ODIIXQJ
N DU ½
°
N GK ¾ %HLZHUWHQDFK9',]XU(UPLWWOXQJGHV.UDIWHLQOHLWXQJVIDNWRUVQ
N GZ °¿
O ÂW.OHPPOlQJHGHU9HUELQGXQJ
P 6FKDOHQELHJHPRPHQW>1PPPP@
Q .UDIWHLQOHLWXQJVIDNWRU$Q]DKOGHU6SDQQXQJVVSLHOHIUGHQ(UPGXQJVIHVWLJNHLWVQDFK
ZHLV%HXOZHOOHQDQ]DKO
T 6FKDOHQTXHUNUDIW>1PP@
U 6FKUDXEHQUDGLXVRKQH,QGH[6FKDIWUDGLXVHLQHU6FKUDXEH
U $EVWDQGGHV$QJULIIVSXQNWHVGHU.RQWDNWNUDIW5YRQGHU6FKUDXEHQDFKVH
V RKQH,QGH['LFNHGHUDQGHQ)ODQVFKDQVFKOLH‰HQGHQ6FKDOH
PLW,QGH[$EVWDQGYRQGHU6FKUDXEHQDFKVH
W )ODQVFKGLFNH
Z 'XUFKELHJXQJ9HUIRUPXQJ
6HLWH9,,,

/DWHLQLVFKH*UR‰EXFKVWDEHQ
$ )OlFKH4XHUVFKQLWWVIOlFKHHLQHU6FKUDXEHRKQH,QGH[6FKDIWTXHUVFKQLWWVIOlFKH
& 'HKQVWHLILJNHLW
' 6FKlGLJXQJ6FKHLEHQGXUFKPHVVHU
( (ODVWL]LWlWVPRGXO
) .UDIWDOOJHPHLQ
, )OlFKHQPRPHQW*UDGHV7UlJKHLWVPRPHQW
. 3ODWWHQVWHLILJNHLW
0 0RPHQW
1 HUWUDJEDUH$Q]DKOYRQ6SDQQXQJVVSLHOHQ
3 *HZLQGHVWHLJXQJ
5 .RQWDNWNUDIWLQGHU%HUKUXQJVHEHQHGHU)ODQVFKH
7 9HUIHVWLJXQJVPRGXOHLQHUWULOLQHDUHQ$UEHLWVOLQLH
= =XJNUDIWDOV%HODVWXQJHLQHV)ODQVFKVHJPHQWHV

*ULHFKLVFKH.OHLQEXFKVWDEHQ
E %LHJHQDFKJLHELJNHLW+LOIVZHUW]XU%HUHFKQXQJGHU.UHLVULQJSODWWH
G 1DFKJLHELJNHLW3DUDPHWHU]XU$EVFKlW]XQJGHU*WHGHV5HFKHQPRGHOOVIUGHQHODVWL
VFKHQ %HUHLFK (UK|KXQJVIDNWRU IU GLH EHUHFKQHWH 6FKUDXEHQEHDQVSUXFKXQJ ]XU %H
UFNVLFKWLJXQJGHV9RUVSDQQNUDIWDEIDOOVQDFK3(7(56(1
K 9HUKlOWQLVZHUWVLHKH$EVFKQLWW
H 'HKQXQJ7ROHUDQ]
J 6LFKHUKHLWVEHLZHUW
M %LHJHZLQNHO
N %HLZHUWGHUGHQ5FNJDQJGHU7RUVLRQVVSDQQXQJHQQDFKGHP(QGHGHV9RUVSDQQYRU
JDQJHVNHQQ]HLFKQHW W UHG N ˜ W PD[

U
6FKDOHQSDUDPHWHU N   ˜   P  ˜


V
O PLW,QGH[9HUGUHKXQJRKQH,QGH[+LOIVZHUW]XU%HUHFKQXQJGHU.UHLVULQJSODWWH
P 4XHUGHKQ]DKOP IU6WDKO
V 6SDQQXQJ

*ULHFKLVFKH*UR‰EXFKVWDEHQ
' 'LIIHUHQ]
G3
) .UDIWYHUKlOWQLV ) Q˜
G6  G 3

,QGL]HV
% %RKUXQJ6FKUDXEHQORFK
G %HPHVVXQJVZHUWHLQHU*U|‰H
' 'UXFNN|USHU
*HZ *HZLQGH
N FKDUDNWHULVWLVFKHU:HUWHLQHU*U|‰H
0 0XWWHU
3 3ODWWH
 6HLWH,;

SO SODVWLVFK
5 :LGHUVWDQG
6 6FKUDXEH6SDQQXQJVTXHUVFKQLWW
6. 6FKUDXEHQNRSI
V\P $EVWDQGEH]RJHQDXIGLH6FKZHUDFKVHGHV)ODQVFKHV
W =XJ
X =XJIHVWLJNHLWXOWLPDWH
9 9RUVSDQQXQJ
Z 6FKHLEHHQJOZDVKHU
\ 6WUHFNJUHQ]H



+LQZHLV,Q',1>@ZLUGDEZHLFKHQGYRQ(XURFRGHXQG(1>@GLH%H]HLFKQXQJ$6FKDQVWDWW
$IUGLH6FKDIWTXHUVFKQLWWVIOlFKHXQG$6SDQVWDWW$6IUGLH6SDQQXQJVTXHUVFKQLWWVIOlFKHYHUZHQGHW
6HLWH;
+HUVWHOOXQJYRQ)ODQVFKYHUELQGXQJHQ 6HLWH

 +HUVWHOOXQJYRQ)ODQVFKYHUELQGXQJHQ
$XVJDQJVSXQNW IU GLH $XVOHJXQJ YRQ )ODQVFKYHUELQGXQJHQ LVW GLH YHUZHQGHWH +HUVWHOOXQJV
WHFKQRORJLH6LHEHVWLPPWPD‰JHEOLFKGLHP|JOLFKHQ$EPHVVXQJHQXQGHLQKDOWEDUHQ7ROHUDQ]HQ
GHU$XVIKUXQJ

 +HUVWHOOXQJVPHWKRGHQ
=XU +HUVWHOOXQJ ZHUGHQ GHU]HLW ]ZHL 0HWKRGHQ YHUZHQGHW *HVFKZHL‰WH XQG QDKWORV JHZDO]WH
)ODQVFKULQJH
'LHJHVFKZHL‰WHQ)ODQVFKHZHUGHQDXVJHUDGHP9RUPDWHULDOJHIHUWLJWGDVLP2IHQJOKHQGHU
KLW]W ZLUG 'HU XPIRUPEDUH 5RKOLQJ ZLUG GDQQ EHU HLQH NUHLVI|UPLJH 6FKDEORQH LQ 5LQJIRUP
JHERJHQ GLH IUHLHQ (QGHQ GHU )ODQVFKH ZHUGHQ VFKOLH‰OLFK PLWWHOV $EEUHQQVWXPSIVFKZHL‰XQJ
YHUEXQGHQ 'LH *UHQ]HQ GLHVHU +HUVWHOOXQJVDUW ZHUGHQ GXUFK GLH .DSD]LWlW GHU %LHJHPDVFKLQH
VRZLHGHU$EEUHQQVWXPSIVFKZHL‰XQJJHVHW]W%HLGHU6FKZHL‰XQJVLQG4XHUVFKQLWWVIOlFKHQYRQ
FDPPðP|JOLFKMHQDFK$XVVWDWWXQJGHV+HUVWHOOHUVVLQGDEHUDXFKJU|‰HUH6FKZHL‰IOl
FKHQHUUHLFKEDU
%HLGHUQDKWORVHQ+HUVWHOOXQJZHUGHQNUHLVI|UPLJH5RKOLQJHLPURWJOKHQGHQ=XVWDQGDXIHLQHP
5LQJZDO]ZHUN DXIJHZDO]W 'HU 5RKOLQJ ZLUG GD]X LQ GHU 0LWWH GXUFKVWRFKHQ XQG PLWWHOV GHU
:DO]HQDXIJHZHLWHW'LHGDEHLHQWVWHKHQGHQ)ODQVFKHGLHDXFKDOV6FKPLHGHVWFNHEH]HLFKQHW
ZHUGHQEHVLW]HQLQGHUXQEHDUEHLWHWHQ5RKIRUPJHJHQEHUGHUJHERJHQHQ9DULDQWHJU|‰HUH7R
OHUDQ]HQ VR GD‰ KLHU PLW JU|‰HUHP $XIPD‰ XQG GDPLW HUK|KWHP 0DWHULDODXIZDQG JHDUEHLWHW
ZLUG'LHP|JOLFKHQ$EPHVVXQJHQKlQJHQYRP0DVFKLQHQSDUNGHV+HUVWHOOHUVDE)HUWLJXQJV
WHFKQLVFKJQVWLJLVWHLQLP4XHUVFKQLWWP|JOLFKVWTXDGUDWLVFKHU)ODQVFKGDGLHVHUGLHEHVWH6WD
ELOLWlWEHLGHU%HDUEHLWXQJDXIZHLVW
'LH1DFKEHDUEHLWXQJDXIGLH1HQQPD‰HGHUIHUWLJHQ5LQJHHUIROJWVSDQDEKHEHQGDXI.DUXVVHOO
RGHU .RSIGUHKElQNHQ 'HU $XIZDQG EHL GLHVHU %HDUEHLWXQJVVWXIH ZLUG GXUFK GLH JHIRUGHUWHQ
7ROHUDQ]HQ EHVWLPPW 'DEHL PX‰ ]ZLVFKHQ YHUVFKLHGHQHQ 7ROHUDQ]HQ XQWHUVFKLHGHQ ZHUGHQ
]%GHUJHIRUGHUWHQ7ROHUDQ]DXIGLH$EPHVVXQJHQXQGGHUMHQLJHQDXIGLH(EHQKHLWGHU.RQWDNW
IOlFKHQ
'LH6FKUDXEHQO|FKHUZHUGHQVFKOLH‰OLFKLQHLQHU&1&JHVWHXHUWHQ0DVFKLQHJHERKUW'XUFKGLH
VHKRFKJHQDXH)HUWLJXQJVZHLVHN|QQHQGLH)ODQVFKHHLQ]HOQJHERKUWZHUGHQXQGPVVHQQLFKW
ZLHPDQFKPDOIlOVFKOLFKHUZHLVHDQJHQRPPHQZLUGSDDUZHLVHJHERKUWZHUGHQGDPLWGLH3D‰
JHQDXLJNHLWGHU6FKUDXEHQO|FKHUJHZlKUOHLVWHWLVW'LHQRUPDOH%RKUWLHIHOLHJWHWZDEHLPGUHLID
FKHQ %RKUHUGXUFKPHVVHU GDUEHU ZLUG GHU )HUWLJXQJVSUR]H‰ ZHJHQ GHU ,QVWDELOLWlW GHU %RKUHU
VFKZLHULJHUXQGGDPLWWHXUHU'LH)ODQVFKHZHUGHQEOLFKHUZHLVHPLWIROJHQGHQ7ROHUDQ]HQQDFK
',1,62>@KHUJHVWHOOW
(OHPHQW 7ROHUDQ]NODVVH QDFK
/lQJHQPD‰H P ',1,627HLO
:LQNHOPD‰H P ',1,627HLO
*HUDGKHLWXQG(EHQKHLW . ',1,627HLO
5HFKWZLQNOLJNHLW . ',1,627HLO
7DEHOOHhEOLFKH7ROHUDQ]NODVVHQIU5LQJIODQVFKYHUELQGXQJHQYRQ:($
)UGLH)ODQVFKYHUELQGXQJYRQ%HGHXWXQJLVWLQVEHVRQGHUHGLH(EHQKHLWGHU.RQWDNWIOlFKHQGD
GLHVH,PSHUIHNWLRQHQGHQJU|‰WHQ(LQIOX‰DXIGLH%HDQVSUXFKXQJGHU6FKUDXEHQKDEHQ%HLEOL
FKHQ )ODQVFKDEPHVVXQJHQ PLW .DQWHQOlQJHQ ]ZLVFKHQ PP XQG PP EHGHXWHW GLH 7ROH
UDQ]NODVVH.HLQH]XOlVVLJH(EHQKHLWVDEZHLFKXQJYRQPPEH]RJHQDXIGLH$EZHLFKXQJIU
6HLWH (PSIHKOXQJHQ]XU$XVIKUXQJQDFK(XURFRGH7HLO

GDV6HJPHQW)UGHQJHVDPWHQ'XUFKPHVVHUEHWUlJWGLH]XOlVVLJH(EHQKHLWVDEZHLFKXQJPP
ELV]XHLQHP'XUFKPHVVHUYRQPPGDUEHUVLQGNHLQH9RUJDEHQJHPDFKW,QVLQQJHPl‰HU
)RUWVHW]XQJGHU7DEHOOHN|QQWHHLQH(EHQKHLWVDEZHLFKXQJYRQPPIUJU|‰HUH'XUFKPHVVHU
DOV]XOlVVLJDQJHVHKHQZHUGHQGLHVHV0D‰ZLUGDXFKLP(XURFRGH7HLO>@DQJHJHEHQ
'LH .RQWUROOH GHU $EPHVVXQJHQ HUIROJW LP :HUN HLQHUVHLWV GXUFK GLH $Q]HLJH GHU 0DVFKLQHQ
]% DXI GHU .RSIGUHKEDQN DQGHUHUVHLWV GXUFK JHHLFKWH 0D‰ElQGHU VRIHUQ GLH JHVHW]WHQ 7ROH
UDQ]HQGDPLWPH‰EDUVLQG
0LW GHU (LQKDOWXQJ GLHVHU 7ROHUDQ]YRUJDEHQ VLQG QXU GLH $EZHLFKXQJHQ GHU )ODQVFKH DQ VLFK
DEJHGHFNWGXUFKGDV$QVFKZHL‰HQGHV)ODQVFKHVDQGLH7XUPVFKDOHN|QQHQZHLWHUH*HRPHWULH
DEZHLFKXQJHQKLQ]XNRPPHQGLHYRQGHUYHUZHQGHWHQ6FKZHL‰WHFKQRORJLH6FKZHL‰IROJHXVZ
DEKlQJLJ VLQG 'LH (EHQKHLWVDQIRUGHUXQJHQ GLH DQ GHQ IHUWLJ DQJHVFKZHL‰WHQ )ODQVFK JHVWHOOW
ZHUGHQZHUGHQYRQGHQ+HUVWHOOHUQGHU:($IHVWJHOHJW%HLGHQ0RQWDJHVW|‰HQ]ZLVFKHQ]ZHL
7XUPVHNWLRQHQ OLHJHQ VLH HWZD EHL HLQHU $EZHLFKXQJ YRQ “PP ELV “PP EHL VHKU JUR‰HQ
'XUFKPHVVHUQ'LHVH$EZHLFKXQJLVWVRPLWGHXWOLFKJU|‰HUDOVGLHLP(XURFRGHDQJHJHEHQH
DXIJUXQGGHUVHKUJUR‰HQ'XUFKPHVVHUELVHWZDPPGUIWHQHQJHUH7ROHUDQ]HQDEHUQXUPLW
+LOIHHLQHUNRVWHQLQWHQVLYHQDEVFKOLH‰HQGHQPHFKDQLVFKHQ%HDUEHLWXQJGHU.RQWDNWIOlFKHQKHU
VWHOOEDUVHLQ

 (PSIHKOXQJHQ]XU$XVIKUXQJQDFK(XURFRGH7HLO
1DFK (&  7HLO  6FKRUQVWHLQH >@ ZHUGHQ
IROJHQGH %HGLQJXQJHQ IU GLH $EPHVVXQJHQ YRQ V
)ODQVFKYHUELQGXQJHQHPSIRKOHQYJO$EELOGXQJ
%H]HLFKQXQJ DQ GLH KLHU YHUZHQGHWH 1RWDWLRQ DQ D EV
JHSD‰W 6FKUDXEHQWHLOXQJLQ
E  V   d G  8PIDQJVULFKWXQJF
(LQIOX‰EUHLWH
D t  ˜ E  V   
F  G d  ˜ G  V d  
W t  ˜ G MHGRFK W t  ˜ V IU U  V d  
W

W t  ˜ V IU U  V 
W t  ˜ V IU U  V t  G
'LHJOHLFKHQ(PSIHKOXQJHQVLQGDXFKLQ',1
>@HQWKDOWHQ
'LH (PSIHKOXQJ QDFK *O  GLH 6FKUDXEHQDFKVH
P|JOLFKVWQDKDQGLH7XUPZDQG]XOHJHQLVWVLQQ U
YROO GD VLH ]X NOHLQHQ 6FKUDXEHQ]XVDW]NUlIWHQ
IKUW 'LH 8QWHUJUHQ]H IU GDV 0D‰ EV QDFK
*O  ZXUGH VHLQHU]HLW VR IHVWJHOHJW GDPLW GHU
+HEHODUPGHU6FKUDXEHQNUDIWIUGHQ*UHQ]]XVWDQG $EELOGXQJ $EPHVVXQJVHPSIHKOXQJHQQDFK
GHU 7UDJIlKLJNHLW P|JOLFKVW JUR‰ ZLUG ,Q GHU 3UD (&7HLO%H]HLFKQXQJHQ
[LV ZLUG GLHVH %HJUHQ]XQJ GHU]HLW VHOWHQ HLQJHKDO DEZHLFKHQGYRP(XURFRGH
WHQ EHL GHQ GHP $XWRU EHNDQQWHQ )ODQVFKHQ OLHJW
GDV 9HUKlOWQLV GLHVHU /lQJHQ PHLVW LP %HUHLFK  ˜ E  V    D   ˜ E  V    XQG GDPLW
WHLOZHLVH VHKU GHXWOLFK DX‰HUKDOE GHU (PSIHKOXQJ GHV (XURFRGH (LQH %HZHUWXQJ GLHVHU .RQ
VWUXNWLRQVHPSIHKOXQJZLUGVSlWHUYRUJHQRPPHQ
+HUVWHOOXQJYRQ)ODQVFKYHUELQGXQJHQ 6HLWH

*ONDQQDXFKLQGHU)RUP
 ˜ G
Fd 
V
JHVFKULHEHQ XQG DXVJHZHUWHW ZHUGHQ hEOLFK LVW EHL JUR‰HQ $QODJHQ GLH 9HUZHQGXQJ YRQ
6FKUDXEHQGHU*U|‰H0%HLQRUPDOHQ:DQGGLFNHQYRQHWZDPPELVPPHUJHEHQVLFK
GDUDXV(LQIOX‰EUHLWHQYRQELVPP'LHXQWHUH*UHQ]HLVWDXIJUXQGGHU$EPHVVXQJHQGHU
6FKUDXEH XQG GHU 0RQWDJHJHUlWH QRFK DXVIKUEDU PLQLPDO VLQG HWZD PP $EVWDQG LQ
6FKUDXEHQDFKVHP|JOLFK%HL:DQGGLFNHQEHUPPNDQQGLHVH(PSIHKOXQJQLFKWPHKUHLQ
JHKDOWHQZHUGHQ
'DV P|JOLFKH 0D‰ EV GK GHU $EVWDQG GHU 6FKUDXEHQDFKVH YRQ GHU 7XUPZDQG ZLUG
GXUFKGLH]XU9HUIJXQJVWHKHQGHQ0RQWDJHJHUlWHEHVWLPPW,Q7DEHOOHVLQG$QKDOWVZHUWHIU
GLH 0LQGHVWDEVWlQGH GHU 6FKUDXEHQ ]XU 7XUPZDQGXQJ VRZLH XQWHUHLQDQGHU ]XVDPPHQJHVWHOOW
'LH0D‰HVLQGDQKDQGDNWXHOOYHUIJEDUHU,QIRUPDWLRQHQEHU$EPHVVXQJHQYRQ1RUP1VVHQ
VRZLH+HUVWHOOHULQIRUPDWLRQHQEHU0RQWDJHJHUlWHDEJHOHLWHW,P(LQ]HOIDOOVLQGGLHVH0D‰HPLW
GHQYRUKDQGHQHQ0RQWDJHJHUlWHQ]XEHUSUIHQ
0 0 0 0 0 0 0 0 0 0 0
PLQE±V           
PLQF           
7DEHOOH0LQGHVWDEVWlQGHGHU6FKUDXEHQ]XU7XUPZDQGXQJVRZLHXQWHUHLQDQGHU$QKDOWVZHUWH

 )ODQVFKYDULDQWHQXQG+HUVWHOOXQJVNRVWHQ
'LH(QWVFKHLGXQJIUHLQHEHVWLPPWH)ODQVFKJHRPHWULHZLUGQHEHQGHQWHFKQLVFKHQ(UIRUGHUQLV
VHQ DXFK YRQ EHWULHEVZLUWVFKDIWOLFKHQ (UZlJXQJHQ EHVWLPPW =XU (U]LHOXQJ HLQHU RSWLPDOHQ
)ODQVFKJHRPHWULH GLH VRZRKO WHFKQLVFK VLQQYROO DOV DXFK NRVWHQJQVWLJ LVW HPSILHKOW VLFK GLH
GLUHNWH5FNVSUDFKHPLWGHP)ODQVFKKHUVWHOOHUGDLQIROJHGHUYRUKDQGHQHQ)HUWLJXQJVP|JOLFK
NHLWHQHYWOVFKRQNOHLQHXQGWHFKQLVFKXQHUKHEOLFKHbQGHUXQJHQGHU)ODQVFKJHRPHWULH]XGHXW
OLFKHQ3UHLVXQWHUVFKLHGHQIKUHQN|QQHQ
)UHLQLJHW\SLVFKH)ODQVFKYDULDQWHQZHUGHQLPIROJHQGHQGLH9RUXQG1DFKWHLOHGHU.RQVWUXN
WLRQNXU]GLVNXWLHUWVRZLHGLH.RVWHQUHODWLRQHQDXIJH]HLJW'LH.RVWHQDQJDEHQZXUGHQIUHXQGOL
FKHUZHLVHYRQGHU)D6LHJWKDOHU*PE+]XU9HUIJXQJJHVWHOOW6LHN|QQHQMHQDFK$XVVWDWWXQJ
GHV+HUVWHOOHUVYDULLHUHQXQGVLQGVRPLWQXUDOVJUREH$QKDOWVZHUWH]XEHWUDFKWHQ
6HLWH )ODQVFKYDULDQWHQXQG+HUVWHOOXQJVNRVWHQ

6FKUDXEHQ0
%DVLV9RUVFKZHL‰IODQVFKRKQH+DOV
 
7ROHUDQ]HQ /lQJHQXQG:LQNHOPD‰H7ROHUDQ]NODVVHP

*HUDGKHLWXQG(EHQKHLW7ROHUDQ]NODVVH.

5HODWLYH.RVWHQ


'HU9RUVFKZHL‰IODQVFKRKQH+DOVVWHOOWGLHNRVWHQJQVWLJVWH
 9DULDQWHGDUKDWGDIUDEHUDXFKGHQ1DFKWHLOGHUGLUHNWDP


)ODQVFK OLHJHQGHQ 6FKZHL‰QDKW GLH GDPLW LP %HUHLFK GHU

%LHJHVW|UXQJ OLHJW XQG ]XVlW]OLFKH %LHJHVSDQQXQJHQ DXI
GL PP GD PP QHKPHQPX‰GHUHQJHQDXH*U|‰HEOLFKHUZHLVH XQEHNDQQW
LVW'LH/DJHGLUHNWDP)ODQVFKEHGLQJWDXFKHLQHVFKOHFKWH
=XJlQJOLFKNHLWIUGLH3UIXQJDXI1DKWIHKOHUZRGXUFKHLQ
0DWHULDO61/ K|KHUHU3UIDXIZDQGHQWVWHKW

6FKUDXEHQ0 9DULDQWH9RUVFKZHL‰IODQVFKPLW+DOV
  7ROHUDQ]HQ /lQJHQXQG:LQNHOPD‰H7ROHUDQ]NODVVHP
 *HUDGKHLWXQG(EHQKHLW7ROHUDQ]NODVVH.
U

5HODWLYH.RVWHQFDGDYRQFDLQIROJH0HKU
YHUEUDXFKDQ0DWHULDO


'LHVH )ODQVFKYDULDQWH LVW ZHJHQ GHV JU|‰HUHQ $XVJDQJVYR

 OXPHQV XQG GHV JUR‰HQ 6SDQYROXPHQV ± GLH JHVDPWH +|KH


GHV +DOVDQVDW]HV ZLUG DEJHGUHKW ± JHJHQEHU GHP )ODQVFK

RKQH +DOV WHXUHU 'DIU ZLUG GLH 6FKZHL‰QDKW HWZDV YRP
%HUHLFKGHUPD[LPDOHQ%LHJHVSDQQXQJHQDP)ODQVFK DEJH
GL PP GD PP
UFNW ZRPLW HLQH 9HUEHVVHUXQJ GHU (UPGXQJVIHVWLJNHLW
YHUEXQGHQ LVW $OV ]XVlW]OLFKHU 9RUWHLO LVW GLH EHVVHUH =X
JlQJOLFKNHLWIUGLH3UIXQJGHU6FKZHL‰QDKW]XQHQQHQ
6FKUDXEHQ0 9DULDQWH 9RUVFKZHL‰IODQVFKPLW+DOVXQGGHILQLHUWHQ
  .RQWDNWIOlFKHQ

7ROHUDQ]HQ /lQJHQXQG:LQNHOPD‰H7ROHUDQ]NODVVHP
U
*HUDGKHLWXQG(EHQKHLW7ROHUDQ]NODVVH.


  5HODWLYH.RVWHQFD


 'HU)ODQVFKPLWGHILQLHUWHQ.RQWDNWIOlFKHQNDQQJHJHQEHU


GHP 9ROOIODQVFK EHL ULFKWLJHU $XVOHJXQJ 9RUWHLOH LP 7UDJ

YHUKDOWHQ DXIZHLVHQ 8P GLH JHZQVFKWH 7UDJZLUNXQJ ]X
GL PP GD PP HU]LHOHQLVWHVGDEHLY|OOLJDXVUHLFKHQGHLQH6HLWHPLWHLQHU
$XVQHKPXQJLQGHU0LWWH]XYHUVHKHQ

$EELOGXQJ%HLVSLHOHIUYHUVFKLHGHQH)ODQVFKIRUPHQ
+HUVWHOOXQJYRQ)ODQVFKYHUELQGXQJHQ 6HLWH

 %HVFKLFKWXQJHQ
'LH.RUURVLRQVVFKXW]EHVFKLFKWXQJGHU)ODQVFKHKDW(LQIOX‰DXIGHQ$EIDOOGHU9RUVSDQQNUDIWLQ
IROJHYRQ6HW]XQJHQVLHKHGD]X.DSLWHO,P',197HLO>@VLQG+LQZHLVHJHJH
EHQ ZHOFKH %HVFKLFKWXQJVV\VWHPH IU YRUJHVSDQQWH 9HUELQGXQJHQ JHHLJQHW VLQG 'LH %H
VFKLFKWXQJHQZHUGHQLQ*UXSSHQHLQJHWHLOWXQGQDFKLKUHU(LJQXQJIU%HDQVSUXFKXQJDXI$E
VFKHUHQ/RFKOHLEXQJXQGRGHU=XJEHZHUWHW)U]XJEHDQVSUXFKWH9HUELQGXQJHQVLQGGHPQDFK
QXU %HVFKLFKWXQJHQ ]XOlVVLJ GLH ZHQLJHU DOV  9RUVSDQQNUDIWYHUOXVW EHZLUNHQ LQ GLHVH
*UXSSHZHUGHQ$ONDOL6LOLNDW=LQNVWDXEIDUEHQ$6,XQG(3=LQNVWDXE%HVFKLFKWXQJHQHLQJH
RUGQHW %HL DQGHUHQ %HVFKLFKWXQJVV\VWHPHQ LVW GLH (LJQXQJ GXUFK 9HUIDKUHQVSUIXQJ QDFK]X
ZHLVHQ
,Q',1>@ZLUGVRZRKO]XU]XOlVVLJHQ*HVDPWVFKLFKWGLFNHDOVDXFK]XU$Q]DKOGHU
.RQWDNWIOlFKHQNHLQH$XVVDJHJHPDFKW

 6FKUDXEHQ
,Q',1>@VLQGQXU6FKUDXEHQPLW'XUFKPHVVHUQELVPPJHQRUPW'LHLQ',1
>@DQJHJHEHQHQ5HJHOQJHOWHQDEHUZLHH[SOL]LWLQGHU$QSDVVXQJVULFKWOLQLH6WDKOEDXEHWRQW
ZLUGDXFKIUJU|‰HUH6FKUDXEHQGXUFKPHVVHU'DEHLVWHLJHQGHU$QODJHQJU|‰HEHUHLWV GHU %H
GDUI IU JU|‰HUH 'XUFKPHVVHU YRUKDQGHQ LVW ZXUGH YRQ GHQ )LUPHQ $XJXVW )ULHGEHUJ *PE+
)XFKV 6FKUDXEHQZHUN *PE+ XQG 3HLQHU 8PIRUPWHFKQLN *PE+ >@ LQ $QOHKQXQJ DQ ',1
HLQH6SH]LILNDWLRQIUJU|‰HUH6FKUDXEHQGXUFKPHVVHUHUVWHOOW'LHIUGLH%HPHVVXQJZH
VHQWOLFKHQ'DWHQVLQGLQGHUIROJHQGHQ7DEHOOHZLHGHUJHJHEHQ
6FKUDXEHQJU|‰H 0 0 0 0
*HZLQGH‡ G PP    
.RSIK|KH N PP    
0XWWHUK|KH P PP    
6FKOVVHOZHLWH V PP    
(FNHQPD‰PLQ H PP    
6FKHLEHQ‡ ' PP    
6FKHLEHQGLFNH W PP    
6FKDIWTXHUVFKQLWW $ PPð    
6SDQQXQJVTXHUVFKQLWW $6 PPð    
9RUVSDQQNUDIW )9 N1    
$Q]LHKPRPHQWIHXHU 09 1P    
YHU]LQNW0XWWHUJHVFKPLHUW
7DEHOOH'DWHQIU6FKUDXEHQJUR‰HU'XUFKPHVVHUEHLVSLHOKDIWDXV>@
'LH6FKUDXEHQZHUGHQDOVIHXHUYHU]LQNWH+9*DUQLWXUHQJHOLHIHUWhEOLFKH6FKLFKWGLFNHQEHLGHU
=LQNDXIODJHVLQG—PIUGLH1RUPDOWHPSHUDWXUYHU]LQNXQJGLHEHLGHQJUR‰HQ$EPHVVXQ
JHQ]XU$QZHQGXQJNRPPW',10HFKDQLVFKH9HUELQGXQJVHOHPHQWH7HFKQLVFKH/LH
IHUEHGLQJXQJHQ)HXHUYHU]LQNWH7HLOHJLEWDOV0LQGHVWZHUWHLQH6FKLFKWGLFNHYRQPPYRU



(3(SR[LGKDU]
6HLWH 6FKUDXEHQ
%HPHVVXQJYRQ5LQJIODQVFKYHUELQGXQJHQ±6WDQGGHV:LVVHQV 6HLWH

 %HPHVVXQJYRQ5LQJIODQVFKYHUELQGXQJHQ±6WDQGGHV:LVVHQV
5LQJIODQVFKYHUELQGXQJHQYRQ:LQGHQHUJLHDQODJHQVLQGVRZRKOLQVWDWLVFKHUDOVDXFKLQG\QDPL
VFKHU+LQVLFKWH[WUHPHQ%HODVWXQJHQDXVJHVHW]W,QGLHVHP.DSLWHOZLUGGHU6WDQGGHU7HFKQLN
IUGHQ(UPGXQJVXQG7UDJIlKLJNHLWVQDFKZHLVGDUJHVWHOOWGHU$XVJDQJVSXQNWIUGLHHLJHQHQ
8QWHUVXFKXQJHQLVW
:LQGHQHUJLHDQODJHQZHUGHQGXUFKKRUL]RQWDOH:LQGODVWHQEHDQVSUXFKW'HUJU|‰WH%HODVWXQJV
DQWHLOUHVXOWLHUWGDEHLDXVGHU$QVWU|PXQJGHV5RWRUVIUGLHVWDWLVFKH%HUHFKQXQJZHUGHQ UH
VXOWLHUHQGH 6FKQLWWJU|‰HQ ± .UlIWH )[ )\ XQG )] VRZLH %LHJHPRPHQWH 0[ 0\ XQG 0] ± DP
7XUPNRSIZLUNHQGDQJHVHW]W'LH*U|‰HGLHVHU6FKQLWWJU|‰HQZLUGGXUFKVSH]LHOOH6LPXODWLRQV
SURJUDPPH HUPLWWHOW GLH GDV $QODJHQYHUKDOWHQ LP =HLWEHUHLFK EHUHFKQHQ 1HEHQ GHQ G\QDPL
VFKHQ(LJHQVFKDIWHQGHU6\VWHPWHLOHZHUGHQDXFKGLH DHURG\QDPLVFK YHUlQGHUOLFKHQ /XIWNUlIWH
XQGGlPSIXQJHQGDV9HUKDOWHQGHU6WHXHUXQJGHU(LQIOX‰GHV*HQHUDWRUVXVZEHUFNVLFKWLJW
(UJHEQLV GHU 6LPXODWLRQVUHFKQXQJHQ VLQG HLQ RGHU PHKUGLPHQVLRQDOH /DVWNROOHNWLYH LQ GHQHQ
GLH+lXILJNHLWHQGHUDXIWUHWHQGHQ%HODVWXQJHQZlKUHQGGHU/HEHQVGDXHUGHU$QODJHDXIJHWUDJHQ
VLQG=XVlW]OLFKZLUNWGLH:LQGODVWDXIGHQ7XUPVRGD‰VLFKDOVVWDWLVFKHV6\VWHPHLQ.UDJDUP
PLW(LQ]HONUlIWHQXQGPRPHQWHQDP7XUPNRSIXQGHLQHUYHUlQGHUOLFKHQ6WUHFNHQODVWEHUGLH
7XUPK|KHHUJLEW
:HJHQGHUJUR‰HQ7XUPK|KHQVLQGGLHPD‰JHEOLFKHQ6FKQLWWJU|‰HQGLH%LHJHPRPHQWHLQ:LQG
ULFKWXQJXQGZHJHQGHUJHULQJHQ'lPSIXQJGHV6\VWHPVRIWPDOVDXFKLQ/DWHUDOULFKWXQJ'LH
ZHLWHUHQ 6FKQLWWJU|‰HQ 1RUPDONUDIW 4XHUNUlIWH XQG 7RUVLRQVPRPHQW VLQG EOLFKHUZHLVH YRQ
XQWHUJHRUGQHWHU*U|‰HQRUGQXQJXQGOHGLJOLFKDP7XUPNRSIUHOHYDQWGDGRUWGLH%LHJHPRPHQWH
NOHLQVLQG$XVGHPUHVXOWLHUHQGHQ%LHJHPRPHQWHQWVWHKHQLQGHU7XUPVFKDOHJH]RJHQHXQGJH
GUFNWH%HUHLFKH,P%HUHLFKGHUJU|‰WHQ'UXFNVSDQQXQJHQVLQGGLH6WDELOLWlWVQDFKZHLVHIUGLH
6FKDOH]XIKUHQIUGLH5LQJIODQVFKYHUELQGXQJHQLVWGLHVHU%HUHLFKYHUKlOWQLVPl‰LJXQNULWLVFK
GDGLH6SDQQXQJKLHUKDXSWVlFKOLFKEHU'UXFNNRQWDNWEHUWUDJHQZLUGXQGGLH9HUELQGXQJDQ
VLFKNDXPEHDQVSUXFKWZLUG,PJH]RJHQHQ%HUHLFKLVWKLQJHJHQHLQHJHQDXHUH%HWUDFKWXQJHU
IRUGHUOLFK
'LH(UPLWWOXQJGHUGHP%HODVWXQJVNROOHNWLY]X 6SDQQXQJHQLQGHU6FKDOH
JHK|ULJHQ 6FKUDXEHQEHDQVSUXFKXQJHQ XQG GHU
1DFKZHLV GHU *UHQ]WUDJIlKLJNHLW HUIROJHQ EOL
FKHUZHLVHDPDXVGHP*HVDPWV\VWHPKHUDXVJH =
VFKQLWWHQHQ 6HJPHQW 'LH LQ GHU 7XUPVFKDOH
YRUKDQGHQH =XJVSDQQXQJ ZLUG ]X HLQHU =XJ
NUDIW LQWHJULHUW GLH DXI GDV 6HJPHQW DQJHVHW]W
ZLUG 'LHVH DOV Ä6HJPHQWDQVDW]³ EH]HLFKQHWH
9RUJHKHQVZHLVH ZLUG LQ $EELOGXQJ  YHUDQ
VFKDXOLFKW
'D HV VLFK XP HLQH YRUJHVSDQQWH 9HUELQGXQJ
KDQGHOWLVWGHU9HUODXIGHU6FKUDXEHQEHDQVSUX 6HJPHQW =
FKXQJ EHU GHU =XJNUDIW LP 0DQWHOEOHFK QLFKW 5LQJIODQVFK
OLQHDU 'HU TXDOLWDWLYH 9HUODXI GHU 6FKUDXEHQ
$EELOGXQJ6HJPHQWDQVDW]
NUDIWLVWLQ$EELOGXQJGDUJHVWHOOWIUGDV%LH
JHPRPHQW HUJLEW VLFK HLQ lKQOLFKHV 9HUKDOWHQ
6HLWH 6FKUDXEHQ

(LQHDXVIKUOLFKHXQGDQVFKDXOLFKH(UOlXWHUXQJGLHVHV7UDJYHUKDOWHQVLVWLQ>@HQWKDOWHQ,Q
.XU]IRUPODVVHQVLFKGLH%HUHLFKHGHV7UDJYHUKDOWHQVZLHIROJWEHVFKUHLEHQ
%HUHLFK )6>N1@
=
1lKHUXQJVZHLVHOLQHDUHU
)W5
9HUODXI$EEDXGHU.OHPP
NUDIW]ZLVFKHQGHQ)ODQVFKHQ
EHLYROOVWlQGLJJHGUFNWHU
)6
.RQWDNW]RQH
')6!')6
%HUHLFK
6XN]HVVLYHV.ODIIHQGHU)XJH
')6
%HUHLFK =
.ODIIHQGH9HUELQGXQJPLWYRQ )9
GHU*HRPHWULHDEKlQJLJHU
YHUlQGHUOLFKHU6WHLJXQJ'HU '= '=
*UHQ]IDOOGHUNODIIHQGHQ
9HUELQGXQJLVWGDV %HUHLFK %HUHLFK %HUHLFK %HUHLFK
³.DQWHQWUDJHQ´ =>N1@

%HUHLFK = = = =8  =
)RUWVFKUHLWHQGH3ODVWL]LHUXQJ
GHU9HUELQGXQJELV]XP%UXFK *HEUDXFKVODVWEHUHLFK =8J)

$EELOGXQJ1LFKWOLQHDUHU9HUODXIGHU6FKUDXEHQNUDIWIXQNWLRQEHUGHUDQJUHLIHQGHQ=XJNUDIWVFKHPDWLVFK

,P%HUHLFKVLQGGLH6FKUDXEHQNUDIWVFKZLQJEUHLWHQ')6XQWHUHLQHU%HODVWXQJ'=VHKUJHULQJ
EHGLQJWGXUFKGLHLQIROJH9RUVSDQQXQJJHULQJH6WHLJXQJGHU6FKUDXEHQNUDIWIXQNWLRQ,P%HUHLFK
VWHLJWGLH%HDQVSUXFKXQJVIXQNWLRQSURJUHVVLYDQELVLP%HUHLFKGLH6WHLJXQJQXUQRFKODQJ
VDP ELV ]XP *UHQ]IDOO GHV .DQWHQWUDJHQV ]XQLPPW 'LH %HUHLFKH  XQG  VLQG IU GHQ (UP
GXQJVIHVWLJNHLWVQDFKZHLVZHQLJE]ZQLFKWUHOHYDQWGDGLH=XVDW]VSDQQXQJHQKLHULP9HUJOHLFK
]XU(UPGXQJVIHVWLJNHLWVNXUYHIU6FKUDXEHQEHUHLWVVHKUKRFKVLQG
'XUFK GHQ QLFKWOLQHDUHQ .XUYHQYHUODXI LVW GLH 6SDQQXQJVVFKZLQJEUHLWH GHU 6FKUDXEH DEKlQJLJ
YRP0LWWHOZHUWGHV=XJNUDIWVFKZLQJVSLHOV,Q$EELOGXQJVLQGH[HPSODULVFK]ZHLJOHLFKH/DVW
VFKZLQJEUHLWHQ '= PLW LKUHQ ]XJHK|ULJHQ 6FKUDXEHQNUDIWVFKZLQJEUHLWHQ ')6 HLQJHWUDJHQ 'LH
6FKUDXEHQNUDIWVFKZLQJEUHLWHVWHLJWPLWJU|‰HUHP0LWWHOZHUWGHV6SDQQXQJVVSLHOVVWDUNDQ'HV
KDOELVWQLFKWQXUGLHDEVROXWH*U|‰HGHUEHUHFKQHWHQ6FKUDXEHQNUDIWHLQ.ULWHULXPIUGLH*WH
HLQHU1lKHUXQJVRQGHUQDXFKGLH6WHLJXQJGHU6FKUDXEHQNUDIWIXQNWLRQ
%HPHVVXQJYRQ5LQJIODQVFKYHUELQGXQJHQ±6WDQGGHV:LVVHQV 6HLWH

 (UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJLP%HUHLFKGHVHODVWLVFKHQ7UDJYHUKDOWHQV
=XU(UPLWWOXQJGHUQLFKWOLQHDUHQ6FKUDXEHQNUDIWIXQNWLRQLPHODVWLVFKHQ%HUHLFKGHV7UDJYHUKDO
WHQVLQ$EKlQJLJNHLWYRQGHUlX‰HUHQ=XJNUDIWZXUGHQLQGHU9HUJDQJHQKHLW]DKOUHLFKH%HUHFK
QXQJVPRGHOOHYRUJHVFKODJHQ,PIROJHQGHQZHUGHQGLHLP%HUHLFK:LQGHQHUJLHDQODJHQZLFKWLJ
VWHQ 9HUIDKUHQ YRUJHVWHOOW HLQH %HZHUWXQJ HUIROJW LQ $EVFKQLWW  'LH %HUHFKQXQJVPRGHOOH
HQWVWDPPHQ]ZHL%HUHLFKHQGHP%DXZHVHQXQGGHP0DVFKLQHQEDX,P%DXZHVHQEHNDQQWXQG
EOLFK VLQG GLH 9HUIDKUHQ GLH DXI 3(7(56(1  ]XUFNJHKHQ ,P 0DVFKLQHQEDX H[LVWLHUHQ DQGHUH
9HUIDKUHQ GLH ]XP 7HLO LQ GHQ YHUVFKLHGHQHQ )DVVXQJHQ GHU 9',5LFKWOLQLH  EHVFKULHEHQ
ZHUGHQXQGDXIHLQH9LHO]DKOYRQ$XWRUHQ]XUFN]XIKUHQVLQG$OOH9HUIDKUHQVLQGQXUJOWLJ
ZHQQGLH%HDQVSUXFKXQJGHU9HUELQGXQJGKGHV)ODQVFKHVXQGGHU6FKUDXEHLPHODVWLVFKHQ
%HUHLFKYHUEOHLEW
1(8(1'25) >@ KDWGLHDXVGHP%HUHLFKGHV0DVFKLQHQEDXVVWDPPHQGHQ0RGHOOHXDQDFK
IROJHQGHQ.DWHJRULHQHLQJHRUGQHW1XPHULHUXQJYRQ>@DEZHLFKHQG
*UXSSH0RGHOOHDXVUHLQHQ=XJ'UXFN)HGHUQ
'LH 0RGHOOH GLHVHU *UXSSH EHWUDFKWHQ QXU GLH )HGHUVWHLILJNHL &' &'
WHQYRQ6FKUDXEHXQG.OHPPSDNHW'DV9HUKDOWHQGHU9HUELQ  
&6
GXQJ XQWHU H[]HQWULVFKHU %HDQVSUXFKXQJ ZLUG QLFKW EHUFN
VLFKWLJW

*UXSSH%DONHQLQ5LFKWXQJGHU7UHQQIXJH
'LH 0RGHOOH GLHVHU *UXSSH EHUFNVLFKWLJHQ GLH %LHJHQDFKJLH
ELJNHLW GHV )ODQVFKHV LQ 5LFKWXQJ GHU 7UHQQIXJH ,Q 5LFKWXQJ
GHU 6FKUDXEHQDFKVH JLOW (EHQEOHLEHQ GHU 4XHUVFKQLWWH 'LHVHV
0RGHOO LVW L D JHPHLQW ZHQQ YRQ HLQHP Ä%DONHQPRGHOO³ JH
VSURFKHQZLUG

*UXSSH6WDUUHU4XHUVFKQLWW
%HL GLHVHU $QQDKPH ZLUG HLQ %DONHQ LQ 5LFKWXQJ GHU 6FKUDX
EHQDFKVH DQJHQRPPHQ 'LH %LHJHYHUIRUPXQJ LQ 5LFKWXQJ GHU
7UHQQIXJHZLUGYHUQDFKOlVVLJW1(8(1'25)EH]HLFKQHWGLH9HU
IRUPXQJDOVÄVlXOHQI|UPLJ³LQDQGHUHQ4XHOOHQLVWYRQHLQHP
ÄSULVPDWLVFKHQ%LHJHN|USHU³GLH5HGH
'LHZHLWHUHQYRQ1(8(1'25)JHQDQQWHQ*UXSSHQVLQGIUGLH%HUHFKQXQJYRQ5LQJIODQVFKYHU
ELQGXQJHQQLFKWUHOHYDQW'LHPHLVWHQGHUYHUZHQGHWHQ0RGHOOHVLQGGHU*UXSSH]X]XRUGQHQ
ZDVGXUFKGLHNRPSDNWHQ$EPHVVXQJHQGHU)ODQVFKHIUGLHGDVDQJHQRPPHQH7UDJYHUKDOWHQ
LQJXWHU1lKHUXQJ]XWULIIWEHJUQGHWLVW
'LHQDFKIROJHQG]XVDPPHQJHVWHOOWHQ9HUIDKUHQEH]LHKHQVLFKDOOHQXUDXIGHQ%HUHLFKGHVHOD
VWLVFKHQ7UDJYHUKDOWHQVGHU9HUELQGXQJHLQH$XVVDJHEHUGHQ7UDJODVWEHUHLFKZLUGYRQNHLQHP
GHU0RGHOOHJHOHLVWHW'LH%HVWLPPXQJGHU7UDJIlKLJNHLWZLUGLQ$EVFKQLWWHUOlXWHUW
6HLWH (UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJLP%HUHLFKGHVHODVWLVFKHQ7UDJYHUKDOWHQV

 9HUIDKUHQQDFK3(7(56(1
'LHQDFKIROJHQGEHVFKULHEHQHQ9HUIDKUHQJHKHQDXI3(7(56(1]XUFNE]ZVLQGPLWVHLQHPHU
VWHQ9RUVFKODJHQJYHUZDQGW(VKDQGHOWVLFKXP9HUIDKUHQGLHLP%DXZHVHQEHNDQQWVLQGXQG
DXFK LQ *HQHKPLJXQJVYHUIDKUHQ IU :LQGHQHUJLHDQODJHQ DQJHZHQGHW ZXUGHQ 6LH KDEHQ GHQ
9RUWHLO HLQHU JXWHQ hEHUVLFKWOLFKNHLW XQG NQDSSHQ IRUPHOPl‰LJHQ 'DUVWHOOXQJ 'LH (LQJDQJV
ZHUWH VLQG JU|‰WHQWHLOV *HRPHWULHGDWHQ HV ZHUGHQ DEHU LQ $QOHKQXQJ DQ GLH 9',5LFKWOLQLH
DXFK)HGHUZHUWHIU6FKUDXEHXQG)ODQVFKEHQ|WLJW
 0RGHOO,±%LOLQHDUHV0RGHOOQDFK3(7(56(1
'LHVHV9HUIDKUHQZXUGHYRQ3(7(56(1LQ>@YRUJHVWHOOW%H]RJHQDXIGLHLPYRUKHULJHQ$E
VFKQLWW EHVFKULHEHQH (LQRUGQXQJ LVW GLHVHV 0RGHOO HLQH 0LVFKXQJ GHU *UXSSHQ  XQG  'LH
6FKUDXEHQNUDIW ZLUG EHU GDV 9HUKlOWQLV GHU )HGHUVWHLILJNHLWHQ YRQ 6FKUDXEH XQG )ODQVFK HU
PLWWHOW VRODQJH GLH 9HUELQGXQJ QLFKW NODIIW ,P %HUHLFK GHU NODIIHQGHQ 9HUELQGXQJ ZLUG GLH
6FKUDXEHQNUDIWVWDWLVFKEHVWLPPWIUGHQ*UHQ]IDOOÄ.DQWHQWUDJHQ³HUPLWWHOW
)6 +LOIVZHUWHXQG6FKUDXEHQNUlIWH
)HGHUZHUWH
&6
)6 )6 S
&6  & '
D E
&'
T
= &6  & '

W )6 +LOIVZHUWH
DE
)9 W O
D
)9
= NULW
%HUHLFK %HUHLFK = O˜T

=
6FKUDXEHQNUlIWH
=NULW )6 )9  S ˜ O ˜ =

$EELOGXQJ%LOLQHDUHV0RGHOOQDFK3(7(56(1 DE
)6  ˜= O˜=
D
$QZHQGXQJVJUHQ]HQZHUGHQIUGLHVHV9HUIDKUHQQLFKWDQJHJHEHQ
%HPHVVXQJYRQ5LQJIODQVFKYHUELQGXQJHQ±6WDQGGHV:LVVHQV 6HLWH

 0RGHOO,,±7ULOLQHDUHV0RGHOOQDFK6&+0,'71(83(5
'DV 9HUIDKUHQ YRQ6&+0,'71(83(5 >@ JUHLIW LQ ZHVHQWOLFKHQ %HVWDQGWHLOHQ DXI GDV ELOL
QHDUH0RGHOO]XUFN'XUFKGLH(UZHLWHUXQJGHU.XUYHDXIGUHL$EVFKQLWWHZLUGLDHLQHEHVVHUH
1lKHUXQJHUUHLFKW
)6 +LOIVZHUWHXQG6FKUDXEHQNUlIWH
)HGHUZHUWHVLHKH0RGHOO,
+LOIVZHUWH
)6 )6 )6
 ˜ D  E
D E O
 ˜ D
=
D   ˜ E
=, ˜ )9
DE

W )6 = ,,
˜ )9
O ˜T
)9 W
6FKUDXEHQNUlIWH
)6 )9  S ˜ =
%HUHLFK %HU %HUHLFK = )6  )9  S ˜ = ,
=  =,
> @
 O ˜ = ,,  )9  S ˜ = ,  ˜
= ,,  = ,
=, =,, =
)6 O ˜ =
$EELOGXQJ7ULOLQHDUHV0RGHOOQDFK6&+0,'71(83(5
$OV$QZHQGXQJVJUHQ]HIUGLHVHV9HUIDKUHQJLOW
DE
d 
W
 0RGHOO,,,±3RO\QRPDQVDW]QDFK3(7(56(1
3(7(56(1>@YHUIROJWPLWGHP3RO\QRPDQVDW]GDV=LHOGLH6FKUDXEHQNUDIWIXQNWLRQGXUFKHL
QHHLQ]LJH)RUPHO]XEHVFKUHLEHQ'LH.RHIIL]LHQWHQGHV3RO\QRPVZHUGHQGXUFKGUHL3DUDPHWHU
EHUHFKQHWGLHGLH6WHLJXQJGHU.XUYHLP$QIDQJVEHUHLFKGHQhEHUJDQJ]XUNODIIHQGHQ9HUELQ
GXQJXQGGLH6WHLJXQJDPhEHUJDQJDQJHEHQ'LH(UPLWWOXQJGHU.RHIIL]LHQWHQHUIROJWGXUFK3D
UDPHWHUVWXGLHQLQ9HUVXFKHQRGHU)(%HUHFKQXQJHQZRPLWGLH*OWLJNHLWDXIGHQXQWHUVXFKWHQ
3DUDPHWHUEHUHLFKHLQJHVFKUlQNWLVW
'HU YRQ 3(7(56(1 LQ GHU JOHLFKHQ 9HU|IIHQWOLFKXQJ YRUJHVFKODJHQH (UK|KXQJVIDNWRU G 
IUGLH 6FKUDXEHQNUDIWVFKZLQJEUHLWHQ ]XU %HUFNVLFKWLJXQJ GHV 9RUVSDQQNUDIWYHUOXVWHV ZLUG LQ
.DSLWHOGLVNXWLHUW'LHPLWGLHVHP)DNWRUHUK|KWHQ6FKUDXEHQNUlIWHZHUGHQLQGHQ%HLVSLHOEH
UHFKQXQJHQDOV0RGHOO,,, EH]HLFKQHW
$QZHQGXQJVJUHQ]HQZHUGHQYRQ3(7(56(1QLFKWDQJHJHEHQ
6HLWH (UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJLP%HUHLFKGHVHODVWLVFKHQ7UDJYHUKDOWHQV

)6 +LOIVZHUWHXQG6FKUDXEHQNUlIWH
+LOIVZHUWHXQG)HGHUZHUWHVLHKH
0RGHOO,

O
6FKUDXEHQNUDIW

JÂ
D E

J
XQ
EÂ=NULW )6 D  E ˜ =  F ˜ =  G ˜ =

HLJ
6W D )9

SÂOÂ=NULW
E D˜S˜O
6WHLJXQJDÂSÂO
)9 O
F >S  E   ˜ D ˜ S ˜ J @ ˜ 
J ˜ = NULW
O
G >S  E  D ˜ S  ˜ J @ ˜  
J ˜ = NULW
= 3DUDPHWHU

D  E  J 

=NULW

$EELOGXQJ3RO\QRPPRGHOOQDFK3(7(56(1

 9HUIDKUHQQDFK9',5LFKWOLQLH
'LH ]ZHLWH *UXSSH YRQ %HUHFKQXQJVYHUIDKUHQ HQWVWDPPW YHUVFKLHGHQHQ $XVJDEHQ GHU 9',
5LFKWOLQLHE]ZHQWVWHKWGXUFK0RGLILNDWLRQGHUGRUWYRUJHVWHOOWHQ$QVlW]H$OOH9HUIDKUHQ
VLQG ZHVHQWOLFK NRPSOL]LHUWHU DXIJHEDXW XQG EHQ|WLJHQ PHKU (LQJDQJVZHUWH DOV GLH 9HUIDKUHQ
QDFK3(7(56(1 6LHVLQGGDPLWIUGLHSUDNWLVFKH$QZHQGXQJ]HLWDXIZHQGLJHUKDEHQGDIUDEHU
GHQ $QVSUXFK JHQDXHUH (UJHEQLVVH OLHIHUQ ]X N|QQHQ )U GLH 1DFKZHLVH LP 5DKPHQ HLQHU
EDXWHFKQLVFKHQ *HQHKPLJXQJVSODQXQJ N|QQHQ GLHVH 9HUIDKUHQ VHOEVWYHUVWlQGOLFK JHQDXVR HLQ
JHVHW]WZHUGHQZLHGLHLP%DXZHVHQEHNDQQWHUHQ0RGHOOHVRIHUQVLHGDV7UDJYHUKDOWHQPHFKD
QLVFK NRUUHNW EHVFKUHLEHQ 'LH 9',5LFKWOLQLH LVW LQWHUQDWLRQDO DQHUNDQQW ]XU %HUHFKQXQJ YRQ
6FKUDXEHQYHUELQGXQJHQZLUGVLHDXFKLQGHUDXVOlQGLVFKHQ/LWHUDWXU]%>@XQG>@KlX
ILJ]LWLHUW
'LH9HUIDKUHQEDXHQDXIGHPVRJ)HGHUPRGHOODXIGDVLQPRGLIL]LHUWHUXQGYHUHLQIDFKWHU)RUP
DXFK GHQ 9HUIDKUHQ QDFK 3(7(56(1  ]XJUXQGH OLHJW $XVJHKHQG YRP YHUVSDQQWHQ .OHPPSDNHW
ZLUGGHUDXIGLH6FKUDXEHHQWIDOOHQGH7HLOGHU%HWULHEVNUDIWEHUGDV9HUKlOWQLVGHU)HGHUVWHLILJ
NHLWHQYRQYHUVSDQQWHQ7HLOHQXQG6FKUDXEHHUPLWWHOW
G3
')6 )˜= Q˜ ˜= 
G 3  G6
PLW Q.UDIWHLQOHLWXQJVIDNWRUdQd
G3G61DFKJLHELJNHLWGHUYHUVSDQQWHQ7HLOHE]ZGHU6FKUDXEH
'HU .UDIWHLQOHLWXQJVIDNWRU Q EHUFNVLFKWLJW GD‰ GLH %HWULHEVNUDIW = QLFKW GLUHNW XQWHU GHP
6FKUDXEHQNRSIHLQJHOHLWHWZLUGVRQGHUQZHJHQGHVUlXPOLFKHQ7UDJYHUKDOWHQVHLQJU|‰HUHU7HLO
GXUFK$EEDXGHU)OlFKHQSUHVVXQJ]ZLVFKHQGHQYHUVSDQQWHQ7HLOHQDXIJHQRPPHQZLUG>@
*UHLIWGLH%HWULHEVNUDIWZLHEHLGHU)ODQVFKYHUELQGXQJH[]HQWULVFKDQVRZHUGHQGLH(LQJDQJV
ZHUWHGLHVHU*UXQGJOHLFKXQJPRGLIL]LHUWXPGHQ(LQIOX‰GHU([]HQWUL]LWlW]XHUIDVVHQ
%HPHVVXQJYRQ5LQJIODQVFKYHUELQGXQJHQ±6WDQGGHV:LVVHQV 6HLWH

'LH 1DFKJLHELJNHLW GHU 6FKUDXEH ZLUG LQ GHU 9',5LFKWOLQLH  YRQ  XQG  LQ QXU
OHLFKW XQWHUVFKLHGOLFKHU )RUP PLW HLQIDFKHQ )RUPHOQ DQJHJHEHQ 'LHVH )RUPHOQ OLHIHUQ ]XWUHI
IHQGH(UJHEQLVVHZLHYRQ./(,1(,'$0 >@GXUFKJHIKUWH9HUJOHLFKVEHUHFKQXQJHQDQKDQGGHU
9HUVXFKHYRQ67(85(5>@JH]HLJWKDEHQ:HQQQlKHUXQJVZHLVHZLHEHL3(7(56(1 >@
QXUGLH6WHLILJNHLWGHV6FKDIWHVEHUFNVLFKWLJWZLUGGDQQOLHJWGDV(UJHEQLVIUGLH6FKUDXEHQ]X
VDW]NUDIWDXIGHUVLFKHUHQ6HLWH'LHIRUPHOPl‰LJH(UPLWWOXQJGHU6FKUDXEHQQDFKJLHELJNHLWZLUG
LP =XVDPPHQKDQJ PLW GHU )(0RGHOOLHUXQJ GHU 6FKUDXEH LQ $EELOGXQJ  6HLWH  ]XVDP
PHQJHVWHOOW
'LH%HUHFKQXQJGHU1DFKJLHELJNHLWGHUYHUVSDQQWHQ7HLOHZDULQGHU9HUJDQJHQKHLW*HJHQVWDQG
]DKOUHLFKHU9HU|IIHQWOLFKXQJHQVLHKH]%>@>@>@'LHQHXHUHQ8QWHUVXFKXQJHQ
YRQ/25,>@>@VLQGLQGLH9',5LFKWOLQLHYRQ>@HLQJHJDQJHQ
 1LFKWOLQHDUHU$QVDW]QDFK$*$72129,&
,QGHU9',5LFKWOLQLH$XVJDEH>@ZLUGHLQ%HUHFKQXQJVDQVDW]YRUJHVWHOOWGHUDXI
GLH$UEHLWYRQ$*$72129,& >@]XUFNJHKW'LH%HUHFKQXQJHUIROJWKLHUDQHLQHP%DONHQPR
GHOOGLH%HUFNVLFKWLJXQJGHUIRUWVFKUHLWHQGHQ.ODIIXQJHUIROJWLWHUDWLY)$8/+$%(57+20$/$
NULWLVLHUHQLQ>@GD‰GHU$QVDW]RIIHQVLFKWOLFKQLFKWDXVJHUHLIWVHLXQGQLFKWLPPHU]XYHUOlV
VLJH(UJHEQLVVHHU]LHOWZHUGHQN|QQHQ'LHVH(UIDKUXQJNDQQDXV6LFKWGHV9HUIDVVHUVEHVWlWLJW
ZHUGHQ(VJHOLQJW]ZDUIUHLQLJH%HLVSLHOHPLW+LOIHGLHVHV$QVDW]HVEHIULHGLJHQGH(UJHEQLVVH
]XHU]LHOHQYLHOIDFKVFKHLWHUWGLH$QZHQGXQJDEHUDQ8Q]XOlQJOLFKNHLWHQLQGHQ%HUHFKQXQJV
IRUPHOQGLH]%]X6SUQJHQLP6FKUDXEHQNUDIWYHUODXIIKUHQ:RKODXVGLHVHQ*UQGHQLVWGDV
0RGHOOLQGHU)DFKZHOWQLFKWDN]HSWLHUWXQGLQGHU$XVJDEHGHU9',5LFKWOLQLHGXUFK
HLQDQGHUHV9HUIDKUHQHUVHW]WZRUGHQ'HU$QVDW]YRQ$*$72129,& ZLUGGHVKDOELQGHQZHLWH
UHQ$XVIKUXQJHQQLFKWEHUFNVLFKWLJW
 .UHLVERJHQDQVDW]QDFK7+20$/$
)6$ +LOIVZHUWHXQG6FKUDXEHQNUlIWH
+LOIVZHUWH XQG 0D‰H VLHKH 9',
)6$ )6$ )6$ 5LFKWOLQLH>@
6FKUDXEHQNUDIW
)$ )6$ IHQ ˜ )$  )9

)9  Q N  UN   )$  P N 

)6$ 
)6$
YD
)6$  ˜ )$
)9 )6$ I HQÂ)$ Y  V V\P

%HUHLFK %HU %HUHLFK )$

)$

)$DE )$.D
)$DE $EKHEHSXQNW%HJLQQGHV.ODIIHQVDXIGHU=XJVHLWH
)$.D%HJLQQGHV.DQWHQWUDJHQV

$EELOGXQJ.UHLVERJHQDQVDW]QDFK7+20$/$
6HLWH (UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJLP%HUHLFKGHVHODVWLVFKHQ7UDJYHUKDOWHQV

:HJHQGHUPHKUIDFKEHNODJWHQ0lQJHOGHVQLFKWOLQHDUHQ$QVDW]HVLQGHU$QZHQGXQJZXUGHYRQ
)$8/+$%(57+20$/$>@HLQ$QVDW]YRUJHVFKODJHQGHUGHQQLFKWOLQHDUHQ9HUODXIGXUFKHL
QHQ .UHLVERJHQ DQQlKHUW 'LHVHU ZXUGH LQ GLH 9',5LFKWOLQLH  $XVJDEH 1RYHPEHU 
>@EHUQRPPHQ
'LH(UPLWWOXQJYRQ%LHJHVSDQQXQJHQLQGHU6FKUDXEHZLUGQXUIUGHQOLQHDUHQ$VWGHU.XUYH
ELV ]XP $EKHEHSXQNW HUOlXWHUW )U GLH NODIIHQGH 9HUELQGXQJ LVW GLH %HUHFKQXQJ YRQ %LHJH
VSDQQXQJHQQDFK9',5LFKWOLQLHQLFKWP|JOLFK
%HLGHU(UPLWWOXQJGHU1DFKJLHELJNHLWGHUH[]HQWULVFKYHUVSDQQWHQ7HLOHZLUGDOV$QZHQGXQJV
JUHQ]HDQJHJHEHQ
* d G :  K PLQ  

PLW * $EPHVVXQJGHU7UHQQIXJHKLHU* DE

G: $X‰HQGXUFKPHVVHUGHU.RSIDXIODJHIOlFKHKLHUG: '6FKHLEHQGXUFKPHVVHU
KPLQ 'LFNHGHUGQQHUHQGHUYHUVSDQQWHQ3ODWWHQKLHUKPLQ W
)UGDVHLJHQWOLFKH1lKHUXQJVYHUIDKUHQZHUGHQNHLQHZHLWHUHQ$QZHQGXQJVJUHQ]HQJHJHEHQ
 3DUDEHODQVDW]QDFK'$/+2))'20%52:6., /(+0$11
'HU3DUDEHODQVDW]HQWVSULFKWLP3ULQ]LSGHP.UHLVERJHQDQVDW]GHUQLFKWOLQHDUH%HUHLFKZLUGOH
GLJOLFKGXUFKHLQ3RO\QRP]ZHLWHQ*UDGHVXQGQLFKWGXUFKHLQHQ.UHLVERJHQDSSUR[LPLHUW'D
GXUFKOLHJWGHU9HUODXIGHU.XUYHLPPLWWOHUHQ%HUHLFKHWZDVK|KHUGHU%HUHLFKGHV.DQWHQWUD
JHQVEHJLQQWEHLJU|‰HUHQ.UlIWHQ)$.D'LHIRUPHOPl‰LJH'DUVWHOOXQJGLHVHV9HUIDKUHQV NDQQ
>@RGHU>@HQWQRPPHQZHUGHQ
 %HUHFKQXQJDPHODVWLVFKJHEHWWHWHQ%DONHQQDFK/(+0$11
/(+0$11  >@ VFKOlJW YRU GLH %HUHFKQXQJ DP HODVWLVFK JHEHWWHWHQ %DONHQ GXUFK]XIKUHQ
'LHVHV 9HUIDKUHQ LVW DOV +DQGUHFKHQPHWKRGH VHKU DXIZHQGLJ XQG VHW]W GLH 9HUZHQGXQJ HLQHV
)(3URJUDPPVYRUDXVPLWGHPGLHQLFKWOLQHDUH%HWWXQJEHUHFKQHWZHUGHQNDQQ*HJHQEHU%H
UHFKQXQJHQ DP '0RGHOO VLQG GLH $QIRUGHUXQJHQ DQ GDV ]XU 9HUIJXQJ VWHKHQGH 3URJUDPP
XQGDQGLH5HFKHQ]HLWJHULQJHU'LH(UPLWWOXQJYRQ%LHJHVSDQQXQJHQNDQQEHUHLQH0RGLILND
WLRQ GHV YRQ /(+0$11  DQJHJHEHQHQ VWDWLVFKHQ 6\VWHPV HUUHLFKW ZHUGHQ LQGHP GLH 6FKUDXEH
QLFKWDOV3HQGHOVWDEVRQGHUQDOVELHJHVWHLIHULQGHU6\PPHWULHHEHQHHLQJHVSDQQWHU6WDELGHDOL
VLHUWZLUG
'LHVHV0RGHOOLVWDOVHLQ]LJHVHLQÄHFKWHV³0RGHOOGHU*UXSSH'LHUlXPOLFKH7UDJZLUNXQJGLH
EHLGHQDQGHUHQ0RGHOOHQEHUGLH)HGHUVWHLILJNHLWHQVRZLHGHQ.UDIWHLQOHLWXQJVIDNWRUEHVFKULH
EHQZLUGZLUGQLFKWEHUFNVLFKWLJW
 (LQIOX‰YRQ,PSHUIHNWLRQHQ
3(7(56(1EHULFKWHWLQ>@EHUVWDWLVFKH9HUVXFKHDQLPSHUIHNWHQ)ODQVFKVHJPHQWHQ(UJH
ODQJWDQKDQGGHU9HUVXFKVHUJHEQLVVH]XGHU6FKOX‰IROJHUXQJGD‰GLHYRQLKPXQWHUVXFKWHQ,P
SHUIHNWLRQHQIUGLH(UPGXQJVEHDQVSUXFKXQJQLFKWNULWLVFKVHLHQ(UEH]LHKWGDVLQVEHVRQGHUH
DXFK DXI GHQ DXVJHIKUWHQ Ä:LQNHOVSDOW³ 'LHVH $XVVDJH LVW VR YHUPXWOLFK QLFKW KDOWEDU GD LQ
GHP 9HUVXFK GHU :LQNHO GXUFK =ZLVFKHQOHJHQ HLQHV 6WDKOSOlWWFKHQV HU]ZXQJHQ ZXUGH LP
ZLUNOLFKHQ6\VWHPHLQ6SDOWDEHU]%GXUFK'LFNHQGLIIHUHQ]HQGHV)ODQVFKHVLQ8PIDQJVRGHU
5DGLDOULFKWXQJRGHUGXUFK6FKZHL‰YHU]XJHQWVWHKWGDV7UDJYHUKDOWHQLVWGDQQJlQ]OLFKDQGHUV
,P9HUVXFKYRQ3(7(56(1ZXUGHHLJHQWOLFKHLQ)ODQVFKPLWGHILQLHUWHQ.RQWDNWIOlFKHQJHSUIW
GHUHLQVHKUJXWPWLJHV9HUKDOWHQE]JOGHU(UPGXQJVEHDQVSUXFKXQJ]HLJW
%HPHVVXQJYRQ5LQJIODQVFKYHUELQGXQJHQ±6WDQGGHV:LVVHQV 6HLWH

%HUHFKQXQJHQDQLPSHUIHNWHQ*HVDPWV\VWHPHQZXUGHQYRQ6&+0,'7(7$/>@YRUJHVWHOOW
'LH 0RGHOOLHUXQJ GHV *HVDPWV\VWHPV PLW )LQLWHQ (OHPHQWHQ YHUGHXWOLFKW GHQ P|JOLFKHUZHLVH
JUR‰HQ(LQIOX‰GHU,PSHUIHNWLRQHQDXIGLH%HDQVSUXFKXQJGHU6FKUDXEH
8PIDQJUHLFKH %HLVSLHOUHFKQXQJHQ PLW
)$>N1@
VWRFKDVWLVFK JHQHULHUWHQ ,PSHUIHNWLR 7UDJODVWEHUHLFKDX‰HUKDOEGHV
QHQPLW$PSOLWXGHQYRQPD[“PP *OWLJNHLWVEHUHLFKHVGHV5HFKHQPRGHOOV
YRQ(%(57%8&+(5>@GHXWHQGDU
DXI KLQ GD‰ GLH 6FKUDXEHQNUlIWH GHU LPSHUIHNWH
LPSHUIHNWHQ 9HUELQGXQJ VLFK LQVEH 9HUELQGXQJ =
VRQGHUHGXUFKHLQHYRQ$QIDQJDQJU| %HLVSLHOH
‰HUH6WHLJXQJGHU6FKUDXEHQNUDIWIXQN
WLRQYRQGHUSHUIHNWHQ9HUELQGXQJXQ
WHUVFKHLGHQ 0LW VWHLJHQGHU %HODVWXQJ )$
QlKHUW VLFK GLH 6WHLJXQJ DEHU GHUMHQL
)'
JHQ GHU SHUIHNWHQ 9HUELQGXQJ DQ ZR SHUIHNWH
EHLGLH6FKUDXEHQNUlIWHDEVROXWDXIHL 9HUELQGXQJ
QHP K|KHUHQ 1LYHDX OLHJHQ
$EELOGXQJ  'LHVHV 9HUKDOWHQ HQW
=
VSULFKW GHU $QVFKDXXQJ ,P $QIDQJV
=>N1@
EHUHLFK LVW GLH 6FKUDXEHQNUDIW VWlUNHU
GXUFK ,PSHUIHNWLRQHQ EHHLQIOX‰W EHL
KRKHQ =XJNUlIWHQ QlKHUW VLFK GDV $EELOGXQJ 4XDOLWDWLYHU6FKUDXEHQNUDIWYHUODXIGHULP
7UDJYHUKDOWHQ HLQHP VWDWLVFK EH SHUIHNWHQ9HUELQGXQJLPHODVWLVFKHQ%HUHLFK
%HLVSLHOH
VWLPPWHQ6\VWHPDQVRGD‰GHU,PSHU
IHNWLRQVHLQIOX‰ DEQLPPW ,P 7UDJODVWEHUHLFK LVW GLH ,PSHUIHNWLRQ GDQQ RKQH %HGHXWXQJ GLHVHU
%HUHLFKLVWLQ$EELOGXQJQLFKWGDUJHVWHOOW$XVVDJHQEHUGLH%LHJHPRPHQWHLQGHQ6FKUDX
EHQZXUGHQLQNHLQHUGHU8QWHUVXFKXQJHQJHPDFKW

 (UPGXQJVIHVWLJNHLWVQDFKZHLV
,QIROJHGHUKRKHQ.HUEZLUNXQJLP*HZLQGHOLHJWGLH'DXHUIHVWLJNHLWYRQ6FKUDXEHQVHKUQLHG
ULJGHP1DFKZHLVGHU(UPGXQJVIHVWLJNHLWNRPPWGHVKDOEHLQHEHVRQGHUH%HGHXWXQJ ]X %H
ULFKWHEHU6FKDGHQVIlOOHEHLGHQHQRIIHQVLFKWOLFKHLQ(UPGXQJVEUXFKGHU6FKUDXEHQYRUJHOH
JHQKDW>@>@]HLJHQGLH5HOHYDQ]GLHVHU)UDJHVWHOOXQJIU:LQGHQHUJLHDQODJHQ
$EELOGXQJ  ]HLJW GDV %UXFK
ELOGHLQHU6FKUDXEHDXVHLQHUKD
YDULHUWHQ :($ $QKDQG GHU
%UXFKIOlFKHQ LVW HLQ W\SLVFKHU
(UPGXQJVEUXFK LGHQWLIL]LHUEDU
,P%HUHLFKVLQGGLH5DVWVWXIHQ
GHU IRUWVFKUHLWHQGHQ %UXFKIOlFKH
JXW HUNHQQEDU GLH VLFK ]XQlFKVW
EHU HLQHQ OlQJHUHQ =HLWUDXP
HQWZLFNHOWKDEHQPVVHQ,P%H
UHLFKVFKOLH‰WVLFKHLQHVFKQHO
OHU IRUWVFKUHLWHQGH %UXFKIOlFKH
DQ 'HU %HUHLFK  NHQQ]HLFKQHW
VFKOLH‰OLFKGHQ*HZDOWEUXFKGHU
]XP 9HUVDJHQ GHU 6FKUDXEH JH $EELOGXQJ %UXFKELOGHLQHU6FKUDXEHDXVHLQHP6FKDGHQVIDOODQ
IKUW KDW 'LH $EELOGXQJ PDFKW HLQHU:($>@
6HLWH (UPGXQJVIHVWLJNHLWVQDFKZHLV

GDEHL QLFKW QXU GHXWOLFK GD‰ (UPGXQJVYHUVDJHQ KLHU HLQH 5ROOH VSLHOWH ± DQKDQG GHU NOHLQHQ
5HVWEUXFKIOlFKHLVWDXFKDEOHVEDUGD‰GLH9RUVSDQQNUDIWRIIHQVLFKWOLFKQLFKWDXIGHPJHIRUGHU
WHQ 1LYHDX JHOHJHQ KDW GD EHL HLQHU QRUPJHPl‰HQ 9RUVSDQQNUDIW GLH 5HVWEUXFKIOlFKH KlWWH
GHXWOLFKJU|‰HUDXVIDOOHQPVVHQ
$OOJHPHLQH %HWUDFKWXQJHQ ]XU (UPGXQJVIHVWLJNHLW YRQ 6FKUDXEHQ VLQG ]% LQ >@ XQG
>@]XILQGHQ
 1DFKZHLVGHU(UPGXQJVIHVWLJNHLW
'HU1DFKZHLVGHU(UPGXQJVIHVWLJNHLWHUIROJWQDFK(XURFRGH>@IUQLFKWSHULRGL
VFKH%HDQVSUXFKXQJPLW+LOIHGHU6FKDGHQVVXPPHLQGHU)RUP
QL
' ¦1 d  
L

'LH]XHLQHU6SDQQXQJVVFKZLQJEUHLWH'VJHK|ULJHHUWUDJEDUH6SDQQXQJVVSLHO]DKO1LLVWPLWGHU
J)IÂJ0IIDFKHQ6SDQQXQJVVFKZLQJEUHLWH]XHUPLWWHOQ'LH$Q]DKOGHU6SDQQXQJVVSLHOHLQQHUKDOE
GHU /HEHQVGDXHU YRQ  -DKUHQ OLHJW EHL $QODJHQ GHU 0:.ODVVH LQ GHU *U|‰HQRUGQXQJ YRQ
6QL 
,P (XURFRGH  7HLO  ZHUGHQ ]HQWULVFK
'V
]XJEHDQVSUXFKWH 6FKUDXEHQ GHU .HUE ORJ1 ORJDPÂORJ'V5
JUXSSH   ]XJHRUGQHW > 7DEHOOH 
@ 'DYRQ DEZHLFKHQG ZLUG LP (XUR
FRGH7HLOGLH'HWDLONDWHJRULH   DQ 
JHJHEHQ > 7DEOH 1@ ,Q .DSLWHO   'V'

ZLUG HLQH HLJHQH $XVZHUWXQJ YRQ 9HU P
VXFKVHUJHEQLVVHQ ]XU (LQRUGQXQJ LQ HLQH
.HUEJUXSSHGXUFKJHIKUW 
 
,Q GHU 5LFKWOLQLH IU :LQGHQHUJLHDQODJHQ
>@ ZLUG DEZHLFKHQG YRQ GHU 5HJHOXQJ 
GHV (XURFRGH GDV &XW2II/LPLW EHL  1
/DVWVSLHOHQDX‰HU.UDIWJHVHW]W'DVKHL‰W
GD‰DXFKIU/DVWVSLHO]DKOHQEHUQ      
GLH (UPGXQJVIHVWLJNHLWVNXUYH PLW GHU
 
6WHLJXQJP ZHLWHUDEIlOOW
$EELOGXQJ(UPGXQJVIHVWLJNHLWVNXUYHQQDFK(XURFRGH
,P (QWZXUI ]XP (XURFRGH  7HLO 
>@ ZLUG IU JUR‰H 6FKUDXEHQGXUFKPHVVHU HLQH 5HGXNWLRQ GHU (UPGXQJVIHVWLJNHLW PLW IRO
JHQGHP)DNWRUYRUJHVFKULHEHQ
  
§  ·
D UHG ¨ ¸ IUG!PP 
© G ¹
)UGLH6FKUDXEH0ZUGHGDVHLQH5HGXNWLRQDXIHLQHQRPLQHOOQLFKWYRUKDQGHQH.HUEJUXS
SH   JHJHQEHU   EHGHXWHQ 'LH $EQDKPH GHU (UPGXQJVIHVWLJNHLW LQ GLHVHP *U|‰HQEH
UHLFKZLUGGHP]XIROJHDOVJHULQJHLQJHVWXIW
%HPHVVXQJYRQ5LQJIODQVFKYHUELQGXQJHQ±6WDQGGHV:LVVHQV 6HLWH

'LH $EQDKPH GHU (UPGXQJVIHVWLJNHLW

EHLVWHLJHQGHQ 'XUFKPHVVHUQ ZLUG DXFK
YRQ 3(7(56(1 $EELOGXQJ  DQJHJH
EHQ 6HLQH (PSIHKOXQJ 'V' 
1PPðHQWVSUHFKHQG'V& 1PPð
IU IHXHUYHU]LQNWH 6FKUDXEHQ PLW HLQHP
'XUFKPHVVHU G PP VWLPPW PLW GHU
$QJDEH LP (XURFRGH  7HLO  >@
E]Z7HLO>@EHUHLQ=XEHDFK
WHQ LVW GD‰ GLH $QJDEH YRQ 3(7(56(1
ZHJHQGHU $XVZHUWXQJ IU HLQH hEHUOH
EHQVZDKUVFKHLQOLFKNHLW YRQ 3h 
JHJHQEHU3h QDFK(XURFRGH
HLQHU HWZDV NOHLQHUHQ (UPGXQJVIHVWLJ
NHLWHQWVSULFKWZDVDOOHUGLQJVGXUFKGHQ
$EELOGXQJ (UPGXQJVIHVWLJNHLWYRUJHVSDQQWHU6FKUDXEHQ 5HGXNWLRQVIDNWRU QDFK (XURFRGH  7HLO
QDFK3(7(56(1 >@
 DXVJHJOLFKHQ ZLUG ,P 9HUJOHLFK ]X
(UPGXQJVIHVWLJNHLWVNHQQZHUWHQGLHLP
0DVFKLQHQEDXYHUZHQGHWZHUGHQVLQGGLHJHQDQQWHQ:HUWHVHKUQLHGULJ$XIGLHVH'LVNUHSDQ]
ZLUGLQ.DSLWHONXU]HLQJHJDQJHQ
)UGLH(UPGXQJVIHVWLJNHLW XQWHU %LHJHEHDQVSUXFKXQJ E]Z NRPELQLHUWHU %HDQVSUXFKXQJ JLEW
HV NHLQH $QJDEHQ 1DFK (XURFRGH  7HLO  VLQG GLH %LHJHVSDQQXQJHQ JHQDX ZLH GLH 1RU
PDOVSDQQXQJHQ ]X EHZHUWHQ 'LHV HQWVSULFKW GHU 9RUJHKHQVZHLVH QDFK 9',5LFKWOLQLH 
>@GLHHUWUDJEDUHQ6SDQQXQJVDPSOLWXGHQV$ Â'V'ZHUGHQGRUWZLHIROJWDQJHJHEHQ
6FKUDXEHQW\S *OWLJNHLWVEHUHLFK 'DXHUKDOWEDUNHLW =HLWIHVWLJNHLW
1' Â

VFKOX‰YHUJWHWH )0 §1 ·
 d d  V $69  ˜   G   V $=69 V $69 ˜  ¨¨ ' ¸¸
6FKUDXEH69 )  PLQ © 1= ¹
VFKOX‰JHZDO]WH )0 § ) · §1 ·
 d d  V $6* ¨   0 PD[ ¸ ˜ V $69 V $=6* V $6* ˜  ¨¨ ' ¸¸
6FKUDXEHQ6* )  PLQ ¨ ¸
© )  ¹ © 1= ¹
7DEHOOH(UWUDJEDUH6SDQQXQJVDPSOLWXGHQQDFK9',5LFKWOLQLH(QWZXUI>@
PLW )0 0RQWDJHYRUVSDQQNUDIW
) 6FKUDXEHQNUDIWDQGHU0LQGHVWVWUHFNJUHQ]HE]Z'HKQJUHQ]H
1' 6FKZLQJVSLHO]DKOEHL'DXHUEHODVWXQJ
1= 6FKZLQJVSLHO]DKOEHL%HODVWXQJLP=HLWIHVWLJNHLWVEHUHLFK
6FKOX‰YHUJWHWH 6FKUDXEHQ ZHUGHQ ]XQlFKVW JHUROOW GK NDOWYHUIRUPW XQG GDQQ YHUJWHW
6FKOX‰JHZDO]WH VFKOX‰JHUROOWH 6FKUDXEHQ ZHUGHQ HUVW QDFK GHP 9HUJWXQJVSUR]H‰ YHUIRUPW
GLH GDGXUFK DXIJHEDXWHQ 'UXFNHLJHQVSDQQXQJHQ ZLUNHQ JQVWLJ DXI GLH (UPGXQJVIHVWLJNHLW
+96FKUDXEHQ QDFK ',1  VLQG LD VFKOX‰YHUJWHW ZREHL ]XP 7HLO QDFKJHUROOW ZLUG XP
8QUHJHOPl‰LJNHLWHQGHU=LQNVFKLFKWDXV]XJOHLFKHQ
(VLVW]XEHDFKWHQGD‰HVVLFKEHLGLHVHQ:HUWHQXPGLHHUWUDJEDUH6SDQQXQJVDPSOLWXGHV$KDQ
GHOW GLH ]X  GHU )UDNWLOH GHU DXVJHZHUWHWHQ 9HUVXFKH IHVWJHOHJW ZXUGH ZRPLW QDFK
>@GLH)UDNWLOHDEJHGHFNWVHLQVROO
6HLWH =HLWXQGODVWDEKlQJLJHV9HUKDOWHQ

 7HLOVLFKHUKHLWVEHLZHUWHIUGHQ(UPGXQJVIHVWLJNHLWVQDFKZHLV
1DFK (& VLQG GLH 6SDQQXQJVVFKZLQJEUHLWHQ IU GHQ (UPGXQJVIHVWLJNHLWVQDFKZHLV XQWHU %H
UFNVLFKWLJXQJGHV7HLOVLFKHUKHLWVEHLZHUWHVJ)IXQGGLH(UPGXQJVIHVWLJNHLWPLWGHP%HLZHUWJ0I
]XEHVWLPPHQ'HU7HLOVLFKHUKHLWVEHLZHUWJ0IIUGLH(UPGXQJVIHVWLJNHLWZLUGGDEHLLQ$EKlQ
JLJNHLWGHUhEHUSUIXQJVKlXILJNHLWXQGGHU%HGHXWXQJGHV%DXWHLOVZLHIROJWDQJHJHEHQ
hEHUSUIXQJXQG=XJlQJOLFKNHLW 6FKDGHQVWROHUDQWH QLFKWVFKDGHQVWROHUDQWH
%DXWHLOH %DXWHLOH
5HJHOPl‰LJHhEHUSUIXQJXQG8QWHUKDOWXQJ
 
=XJlQJOLFKH.HUEVWHOOH
5HJHOPl‰LJHhEHUSUIXQJXQG8QWHUKDOWXQJ
 
6FKOHFKWH=XJlQJOLFKNHLW
7DEHOOH7HLOVLFKHUKHLWVEHLZHUWHIUGLH(UPGXQJVIHVWLJNHLWJ0IQDFK(&>@
:($ ZHUGHQ ]ZDU UHJHOPl‰LJ JHZDUWHW EHL GLHVHU hEHUSUIXQJ ZHUGHQ GLH 6FKUDXEHQ DEHU
QLFKWDXIP|JOLFKH$QULVVHXQWHUVXFKW'LHVZlUHDXFKQLFKWHPSIHKOHQVZHUWGDEHLPHUQHXWHQ
$QVSDQQHQ QLFKW VLFKHU JHZlKUOHLVWHW ZHUGHQ NDQQ GD‰ ZLHGHU GLH 1HQQYRUVSDQQXQJ HUUHLFKW
ZLUG$XVGLHVHP*UXQGHLVWGLH5LQJIODQVFKYHUELQGXQJDOVÄVFKOHFKW]XJlQJOLFK³HLQ]XVWXIHQ
'D]XGHPGHU%UXFKHLQHU6FKUDXEHVFKQHOO]XHLQHPÄ5HL‰YHUVFKOX‰HIIHNW³IKUHQNDQQLVWGLH
9HUELQGXQJ DX‰HUGHP QLFKW VFKDGHQVWROHUDQW 1DFK 0HLQXQJ GHV 9HUIDVVHUV VROOWH GHVKDOE PLW
J0I EHPHVVHQZHUGHQ,QGHU',%W5LFKWOLQLHIU:($>@ZLUGDEZHLFKHQGJ0I 
YRUJHVFKULHEHQ
'HU7HLOVLFKHUKHLWVEHLZHUWJ)IGHFNW8QVLFKHUKHLWHQEHLGHU(UPLWWOXQJGHU/DVWHQXQGGHUGDUDXV
UHVXOWLHUHQGHQ%HDQVSUXFKXQJDE,PYRUOLHJHQGHQ)DOOPVVHQGXUFKJ)IDOVRLQVEHVRQGHUHJU|
‰HUH 6FKUDXEHQNUlIWH XQG PRPHQWH GXUFK GLH ,PSHUIHNWLRQHQ GHU 9HUELQGXQJ DEJHGHFNW ZHU
GHQ:LHLQ$EVFKQLWWEHVFKULHEHQZXUGHN|QQHQGLHGDGXUFKHQWVWHKHQGHQ$EZHLFKXQJHQ
YRQGHQDPSHUIHNWHQ)ODQVFKHUPLWWHOWHQ%HDQVSUXFKXQJHQHUKHEOLFKVHLQ'HU7HLOVLFKHUKHLWV
EHLZHUWP‰WHLQ$EKlQJLJNHLWYRQGHU*U|‰HXQG$UWGHU,PSHUIHNWLRQHQIHVWJHOHJWZHUGHQGLH
9HUZHQGXQJYRQJ)I VHW]WGLHSHUIHNWH9HUELQGXQJYRUDXV

 =HLWXQGODVWDEKlQJLJHV9HUKDOWHQ
'LHYRUKDQGHQH9RUVSDQQNUDIWLVWPD‰JHEHQGIUGLHYRQGHU6FKUDXEHDXI]XQHKPHQGHQ%HDQ
VSUXFKXQJHQGDGHUQLFKWOLQHDUH6FKUDXEHQNUDIWYHUODXIEHLQLHGULJHU9RUVSDQQXQJVFKQHOOHUDQ
VWHLJW 9RQ 6DFKYHUVWlQGLJHQ ZLUG DEHU JHUDGH GLH QXU XQ]XUHLFKHQG YRUKDQGHQH 9RUVSDQQXQJ
EHL ZLHGHUNHKUHQGHQ 3UIXQJHQ KlXILJ DOV 0DQJHO HUNDQQW >@ 1HEHQ HLQHU IHKOHUKDIWHQ
0RQWDJH VLQG 9RUVSDQQNUDIWYHUOXVWH HLQH P|JOLFKH (UNOlUXQJ (V LVW GDUXP ZLFKWLJ GLH 8UVD
FKHQIUP|JOLFKH9RUVSDQQNUDIWYHUOXVWH]XNHQQHQXQGGLH9HUOXVWH]XTXDQWLIL]LHUHQXPGLHVH
]XYHUPHLGHQRGHUGXUFK1DFKVSDQQHQGHU9HUELQGXQJDXVJOHLFKHQ]XN|QQHQ
 1HQQZHUWGHU9RUVSDQQNUDIW
1DFK',17HLO>@OLHJWGLHHUIRUGHUOLFKH9RUVSDQQNUDIW)9EHL
)9  ˜ I \ EN ˜ $ 6 

'LH 6FKUDXEHQKHUVWHOOHU JDUDQWLHUHQ GD‰ GLH YRQ LKQHQ JHOLHIHUWHQ *DUQLWXUHQ GLH 1HQQYRU
VSDQQNUDIWHUUHLFKHQZHQQVLHPLWGHQ]XJHK|ULJHQ'UHKPRPHQWHQQDFK',17HLODQ
JH]RJHQ ZHUGHQ 'LH 6FKPLHUXQJ GHU *DUQLWXUHQ ZLUG GDEHL YRQ GHQ +HUVWHOOHUQ VR DXVJHOHJW
GD‰LQ$Q]XJVYHUVXFKHQGLH1HQQYRUVSDQQNUDIWDOV0LQGHVWZHUWDQ]XVHKHQLVW
%HPHVVXQJYRQ5LQJIODQVFKYHUELQGXQJHQ±6WDQGGHV:LVVHQV 6HLWH

'LH WDWVlFKOLFK UHDOLVLHUWHQ 9RUVSDQQNUlIWH ZHLFKHQ LQIROJH YRQ 6WUHXXQJHQ GHU 5HLEEHLZHUWH
XQWHU.RSIE]Z0XWWHUXQGLP*HZLQGHYRP1HQQZHUWQDFK',17HLODE
'LH hEHUSUIXQJ GHU 9RUVSDQQNUDIW HUIROJW QDFK ',1  7HLO  GXUFK HUQHXWHV $QVSDQQHQ
PLWWHOV 'UHKPRPHQWHQYHUIDKUHQ PLW GHP IDFKHQ 1HQQGUHKPRPHQW QDFK 7DEHOOH  DXV
>@%HWUlJWGHU:HLWHUGUHKZLQNHOGHU0XWWHUE]ZGHU6FKUDXEHZHQLJHUDOVƒGDQQJLOWGLH
9RUVSDQQXQJ DOV DXVUHLFKHQG 'LH 3UIXQJ XQG JJI DXFK GDV 1DFKVSDQQHQ HUIRUGHUW GDV 
IDFKH'UHKPRPHQWGD]XQlFKVWGLH+DIWUHLEXQJLP*HZLQGHEHUZXQGHQZHUGHQPX‰GLHJU|
‰HULVWDOVGLH*OHLWUHLEXQJEHLPHUVWPDOLJHQ9RUVSDQQYRUJDQJ
 $Q]LHKGUHKPRPHQWXQG9RUVSDQQNUDIW
%HLP GUHKPRPHQWHQJHVWHXHUWHQ 9RUVSDQQHQ YRQ +99HUELQGXQJHQ ZLUG GLH 9RUVSDQQNUDIW
EHU GLH 'UHKXQJ GHU 0XWWHU LQ GLH 6FKUDXEH HLQJHEUDFKW %HL GHU 0RQWDJH VHW]W VLFK GDV $Q
]LHKPRPHQWDXVGHQ$QWHLOHQ
 *HZLQGHVWHLJXQJGHU6FKUDXEH 0*6
 5HLEXQJLQGHQ*HZLQGHIOlFKHQ 0*5
 5HLEXQJDQGHU0XWWHUDXIODJH 0.5
]XVDPPHQ+HUOHLWXQJVLHKH>@
§ ·
¨ ' .P ¸
0$ )9 ˜ ¨ 



 ˜ 3
   ˜ G ˜ P  ˜ P .¸ 
¨ 0 *6 
 
 *
 ¸
0 *5 
 
© 0 .5 ¹
PLW 3 6WHLJXQJGHV6FKUDXEHQJHZLQGHV 3 S ˜ G  ˜ WDQ M YJO',1>@
M *HZLQGHVWHLJXQJVZLQNHO
G )ODQNHQGXUFKPHVVHUGHV6FKUDXEHQJHZLQGHV
P*P. *OHLWUHLEXQJVEHLZHUWGHV*HZLQGHVE]ZGHU0XWWHUDXIODJH
'.P ZLUNVDPHU5HLEXQJVGXUFKPHVVHUGHU0XWWHUDXIODJH ' .P  '  G K   
' $X‰HQGXUFKPHVVHUGHU0XWWHUDXIODJHIOlFKH
GK %RKUXQJVGXUFKPHVVHU
'LHVH*OHLFKXQJZLUGLQDXIGHQ'XUFKPHVVHUEH]RJHQHU)RUPDXFKZLHIROJWJHVFKULHEHQ
§ ' ·
0$ . ˜ )9 ˜ G PLW . ¨  ˜ 3   ˜ G  ˜ P *  .P ˜ P . ¸  G 
©  ¹
)U+96FKUDXEHQQDFK',1JLOWEHLGHQYRQGHQ+HUVWHOOHUQJDUDQWLHUWHQ5HLEEHLZHUWHQLQ
HWZD.d'LH$QWHLOHGHV$Q]LHKPRPHQWHVGLHDXIGDV*HZLQGHHLQZLUNHQEHZLUNHQHLQ
7RUVLRQVPRPHQW LP 6FKUDXEHQVFKDIW GDV PLW GHP XQWHU GHP 6FKUDXEHQNRSI GXUFK 5HLEXQJ
EHUWUDJHQHQ0RPHQWLP*OHLFKJHZLFKWVWHKW
$XVGHPLP6FKUDXEHQVFKDIWZLUNHQGHQ7RUVLRQVPRPHQWNDQQ GDKHU DXI GLH 5HLEXQJV]DKOP*
LP*HZLQGHJHVFKORVVHQZHUGHQ
07
  ˜ 3
)9
07 )9 ˜  ˜ 3   ˜ G  ˜ P *  Ÿ P * 
 ˜ G 
'LHVH%H]LHKXQJJLOWQXUZlKUHQGGHV0RQWDJHYRUJDQJHVGKZlKUHQGGDV$Q]LHKGUHKPRPHQW
DXIJHEUDFKWZLUGXQGGLH0XWWHULQ%HZHJXQJLVW1DFK%HHQGLJXQJGHV0RQWDJHYRUJDQJHVIlOOW
6HLWH =HLWXQGODVWDEKlQJLJHV9HUKDOWHQ

GLH 7RUVLRQVVSDQQXQJ VFKQHOO DE VR GD‰ DXV 0H‰ZHUWHQ GLH HUVW QDFK $EVFKOX‰ GHU 0RQWDJH
JHZRQQHQZXUGHQNHLQ5FNVFKOX‰PHKUDXI5HLEXQJV]DKOHQP|JOLFKLVW
:HQQGDV$Q]LHKPRPHQWEHNDQQWLVWGDQQHUJLEWVLFKIUGHQ5HLEXQJVEHLZHUWGHU0XWWHUDXIOD
JHGDUDXV
0$  07 
P. ˜ 
)9 ' .P

 9RUVSDQQNUDIWYHUOXVWHLQIROJH6HW]XQJXQG5HOD[DWLRQ
(LQ9RUVSDQQNUDIWYHUOXVWNDQQGXUFKIROJHQGH8UVDFKHQHQWVWHKHQ>@
 6HW]HQGXUFK(LQHEQHQYRQ2EHUIOlFKHQXQHEHQKHLWHQLQGHQ.RQWDNWIOlFKHQ
 5HOD[DWLRQGKGXUFK]HLWXQGRIWDXFKWHPSHUDWXUDEKlQJLJHV3ODVWLIL]LHUHQGHULP.UDIW
IOX‰OLHJHQGHQ7HLOH
 3ODVWL]LHUXQJHQ GK hEHUVFKUHLWXQJ GHU 6WUHFNJUHQ]H YRQ )ODQVFK XQGRGHU 6FKUDXEH
GXUFKhEHUODVWXQJHQ
 VHOEVWWlWLJHV/|VHQ/RVGUHKHQGHU9HUELQGXQJ
'LHUHLQHQ6HW]YHUOXVWHN|QQHQDQGHUXQEHODVWHWHQ9HUELQGXQJHUPLWWHOWZHUGHQ%HL%HODVWXQJ
N|QQHQGXUFKGLHJU|‰HUHQVHW]XQJVHU]HXJHQGHQ.UlIWHZHLWHUH6HW]XQJHQRGHU3ODVWL]LHUXQJHQ
HLQWUHWHQ
,Q GHU 9',5LFKWOLQLH  >@ ZLUG IU GHQ 9HUOXVW DQ 9RUVSDQQNUDIW LQ $EKlQJLJNHLW YRP
6HW]EHWUDJLQGHQ.RQWDNWIXJHQIUXQEHVFKLFKWHWH%DXWHLOHDQJHJHEHQ
I=
)= 
G 3  G6

*HPLWWHOWH5DXKWLHIH %HODVWXQJ 5LFKWZHUWHIU6HW]EHWUlJHLQPP

5=QDFK',1 LP*HZLQGH MH.RSIRGHU MHLQQHUH
0XWWHUQDXIODJH 7UHQQIXJH
PP =XJ'UXFN   
PPELVPP =XJ'UXFN   
PPELVPP =XJ'UXFN   
7DEHOOH5LFKWZHUWHIU6HW]EHWUlJHI=EHL6FKUDXEHQ0XWWHUQXQGNRPSDNWHQYHUVSDQQWHQ7HLOHQDXV6WDKO
)UGLH5LQJIODQVFKYHUELQGXQJEHGHXWHWGLHVHLQHQ0LQGHVWVHW]EHWUDJYRQ
I=PLQ ÂÂ PP
$OVREHUH$EVFKlW]XQJHUJLEWVLFK
I=PD[ ÂÂ PP
'LH *U|‰HQRUGQXQJ GHU 6HW]YHUOXVWH LVW LQ YHUVFKLHGHQHQ 8QWHUVXFKXQJHQ HUIRUVFKW ZRUGHQ
.$7=81*  >@ XQWHUVXFKWH YHUVFKLHGHQH %HVFKLFKWXQJVV\VWHPH DXI GHUHQ (LJQXQJ LQ YRU
JHVSDQQWHQ6/6FKUDXEHQYHUELQGXQJHQ-HQDFK%HVFKLFKWXQJZXUGHQ9RUVSDQQNUDIWYHUOXVWHELV
]XIHVWJHVWHOOW'LH9HUELQGXQJPLWJHVWUDKOWHUXQEHVFKLFKWHWHU2EHUIOlFKHZLHVKLQJHJHQ
HLQHQ9RUVSDQQNUDIWYHUOXVWYRQ·DXI
<$1* XQG '(:2/) >@ XQWHUVXFKWHQ IHXHUYHU]LQNWH 6FKHUYHUELQGXQJHQ YRQ %UFNHQ )U
6FKLFKWGLFNHQ]ZLVFKHQPPXQGPPVWHOOWHQVLH9RUVSDQQNUDIWYHUOXVWH]ZLVFKHQ
%HPHVVXQJYRQ5LQJIODQVFKYHUELQGXQJHQ±6WDQGGHV:LVVHQV 6HLWH

XQGIHVWJHJHQEHUNQDSSEHLGHUXQEHKDQGHOWHQ9HUELQGXQJ9RUVSDQQNUDIWYHUOXVWHLQ
GHU*U|‰HQRUGQXQJYRQPD[ZHUGHQDXFKYRQ+$66(/0$11>@DXV9HUVXFKHQDQXQEH
VFKLFKWHWHQ)ODQVFKHQDXV66WXQG66WDQJHJHEHQ
9RUVSDQQNUDIWYHUOXVWHLQIROJH5HOD[DWLRQGKGXUFKGLH8PVHW]XQJYRQHODVWLVFKHU'HKQXQJLQ
SODVWLVFKH 'HKQXQJ LQIROJH YRQ .ULHFKYRUJlQJHQ LVW EHLP YRUOLHJHQGHQ $QZHQGXQJVIDOO EH
GHXWXQJVORV 'LH *U|‰HQRUGQXQJ P|JOLFKHU 9HUOXVWH LVW ZHJHQ GHU (LJHQVFKDIWHQ GHU YHUZHQ
GHWHQ%DXVWlKOHVRZLHGHUKHUUVFKHQGHQ7HPSHUDWXUHQYHUQDFKOlVVLJEDUNOHLQ
9RUVSDQQNUDIWYHUOXVWHLQIROJHORNDOHU3ODVWL]LHUXQJYRQ6FKUDXEHXQGRGHU)ODQVFKZXUGHQELV
KHU QLFKW XPIDVVHQG XQWHUVXFKW GD GLH hEHUVFKUHLWXQJ GHU 6WUHFNJUHQ]H LP *HEUDXFKV]XVWDQG
EOLFKHUZHLVHYHUPLHGHQZLUG%HLGHQ YRQ 3(7(56(1 >@ GXUFKJHIKUWHQ 9HUVXFKHQ ZXUGH
GLH %HODVWXQJVK|KH LP SODVWLVFKHQ %HUHLFK JHZlKOW VR GD‰ JU|‰HUH 9RUVSDQQNUDIWYHUOXVWH ELV
QDKHGHU$QIDQJVYRUVSDQQNUDIWGLH)ROJHZDUHQ$XIGLHVHV9HUKDOWHQVRZLHGLH]X]LHKHQ
GHQ6FKOX‰IROJHUXQJHQZLUGLQ.DSLWHOHLQJHJDQJHQ
(LQ YROOVWlQGLJHV RGHU SDUWLHOOHV /RVGUHKHQ GHU 6FKUDXEHQYHUELQGXQJ LQIROJH HLQHU 9HUPLQGH
UXQJGHV5HLEVFKOXVVHVGXUFKUDGLDOH*OHLWEHZHJXQJHQ]ZLVFKHQGHQ*HZLQGHIODQNHQXQGLQGHU
.RSIRGHU0XWWHUDXIODJHIOlFKHNDQQHEHQIDOOV]XWHLOZHLVHPRGHUYROOVWlQGLJHP9RUVSDQQNUDIW
YHUOXVWIKUHQ>@

 1DFKZHLVGHU*UHQ]WUDJIlKLJNHLW
1HEHQ GHP (UPGXQJVIHVWLJNHLWVQDFKZHLV PX‰ DXFK GHU 1DFKZHLV GHU *UHQ]WUDJIlKLJNHLW JH
IKUWZHUGHQ'LH%HUHFKQXQJHUIROJWZLHGHUXPDPDXVGHP*HVDPWV\VWHPKHUDXVJHVFKQLWWHQHQ
6HJPHQWGLH7UDJIlKLJNHLWKlQJWMHQDFKGHQYRUOLHJHQGHQ$EPHVVXQJHQYRQGHU7UDJIlKLJNHLW
GHV)ODQVFKHVXQGRGHUGHU7UDJIlKLJNHLWGHU6FKUDXEHDE(LQHhEHUVLFKWEHUGLH*UXQGODJHQ
GHV 7UDJ XQG 9HUIRUPXQJVYHUKDOWHQV YRQ +96FKUDXEHQ ILQGHW VLFK EHL 67(85(5 >@ HV
ZHUGHQGRUWDXFKXPIDQJUHLFKH(UJHEQLVVHYRQ=XJYHUVXFKHQDQ6FKUDXEHQPLWJHWHLOW
 7UDJXQG9HUIRUPXQJVIlKLJNHLWGHU6FKUDXEH
)UGDV9HUVDJHQGHU9HUELQGXQJLVWXDGLH=XJWUDJIlKLJNHLWGHU6FKUDXEHPD‰JHEHQGGLHVH
LVWLQGHU6WDKOEDXQRUP ',1 >@ JHUHJHOW 'LH *UHQ]]XJNUDIW LVW GDQDFK ZLH IROJW ]X
HUPLWWHOQ
­ I \ E N
°$ 6FK ˜ V5 G $ 6FK ˜
 ˜ J 0 
°
1 5 G PLQ ®
°$ ˜ V I X E N
$ 6S ˜ 
°¯ 6S 5 G  ˜ J 0

PLW $6S 6SDQQXQJVTXHUVFKQLWWGHU6FKUDXEH

+LQZHLV'LH%H]HLFKQXQJVZHLVHLQ',1ZHLFKWKLHUYRQDQGHUHQ1RUPHQ
]%(&(1DE'RUWZLUGZLHLQGLHVHU$UEHLWDXFKGLH%H]HLFKQXQJ
$6IUGHQ6SDQQXQJVTXHUVFKQLWWVRZLH$IUGHQ6FKDIWTXHUVFKQLWWYHUZHQGHW
$6FK 6FKDIWTXHUVFKQLWWGHU6FKUDXEH
I\EN FKDUDNWHULVWLVFKHU:HUWGHU6WUHFNJUHQ]HGHV6FKUDXEHQZHUNVWRIIV
IXEN FKDUDNWHULVWLVFKHU:HUWGHU=XJIHVWLJNHLWGHV6FKUDXEHQZHUNVWRIIV
J0 7HLOVLFKHUKHLWVEHLZHUWDXIGHU0DWHULDOVHLWHJ0 
6HLWH 1DFKZHLVGHU*UHQ]WUDJIlKLJNHLW

1DFK(XURFRGHLVWGLH*UHQ]]XJNUDIWZLHIROJW]XHUPLWWHOQ
 ˜ I XE ˜ $ 6 § I XE ·
)W 5G ¨ # $6 ˜ ¸ 
J 0E ©  ˜  ¹
PLW $6 6SDQQXQJVTXHUVFKQLWWGHU6FKUDXEH
IXE FKDUDNWHULVWLVFKHU:HUWGHU=XJIHVWLJNHLWGHV6FKUDXEHQZHUNVWRIIV
J0E 7HLOVLFKHUKHLWVEHLZHUWIUGLH%HDQVSUXFKEDUNHLWGHU6FKUDXEHJ0E 
'DIU6FKUDXEHQQDFK',1LPPHU*OPD‰JHEHQGZLUGVWLPPHQGLH*UHQ]WUDJIlKLJ
NHLWHQQDFK',1XQGQDFK(XURFRGHTXDVLEHUHLQ
,P *UHQ]]XVWDQG GHU 7UDJIlKLJNHLW *=7 ZLUG GLH 6FKUDXEH GXUFK GLH .ODIIXQJ GHU )ODQVFKH
QLFKWPHKU]HQWULVFKJH]RJHQ9HUVXFKHYRQ3(7(56(1 >@KDEHQDEHUJH]HLJWGD‰VHOEVWVHKU
JUR‰H6FKLHIVWHOOXQJHQELV]Xƒ1HLJXQJGHU6FKUDXEHQNRSIE]Z0XWWHUQDXIODJHGLH7UDJ
IlKLJNHLWGHU6FKUDXEHQLFKWZHVHQWOLFKEHHLQIOXVVHQ(VNDQQGHP]XIROJHIUDOOH9HUVDJHQVDU
WHQEHLGHQHQ6FKUDXEHQYHUVDJHQEHWHLOLJWLVWGDYRQDXVJHJDQJHQZHUGHQGD‰GLH6FKUDXEHLKUH
UHFKQHULVFKH*UHQ]]XJNUDIWHUUHLFKW(LQ]XVlW]OLFKHV%LHJHPRPHQWPX‰GLH6FKUDXEHLP*=7
QLFKW DXIQHKPHQ ,P HODVWLVFKHQ %HUHLFK ZLUG ]ZDU GXUFK GLH 9HUIRUPXQJ HLQ %LHJHPRPHQW
KHUYRUJHUXIHQ GLHVHV LVW DEHU DXV *OHLFKJHZLFKWVJUQGHQ LP *=7 QLFKW HUIRUGHUOLFK XQG NDQQ
ÄKHUDXVSODVWL]LHUHQ³
'LH EHLP GUHKPRPHQWHQJHVWHXHUWHQ $Q]LHKHQ HLQJHEUDFKWH 7RUVLRQ ZLUG QLFKW GXUFK HLQH $E
PLQGHUXQJGHU7UDJIlKLJNHLW EHUFNVLFKWLJW ,Q GHU 9',5LFKWOLQLH  ZLUG IU GHQ )DOO GD‰
XQWHU%HWULHEVODVWGLH6WUHFNJUHQ]HQLFKWEHUVFKULWWHQZHUGHQVROOHLQH%HPHVVXQJDXIGLH9HU
JOHLFKVVSDQQXQJ XQWHU %HUFNVLFKWLJXQJ YRQ  GHU EHLP 9RUVSDQQHQ HLQJHEUDFKWHQ 6FKXE
VSDQQXQJHQHPSIRKOHQ>@
+RFKIHVWH6WDKOEDXVFKUDXEHQQDFK',1>@]HLFKQHQVLFKGXUFKKRKH7UDJIlKLJNHLWDXV
EHVLW]HQ GDEHL DEHU ZHJHQ GHV NXU]HQ *HZLQGHV QXU HLQH EHJUHQ]WH SODVWLVFKH 9HUIRUPXQJVIl
KLJNHLW'LHDXIWUHWHQGH/lQJXQJLVWGDEHLYRQGHU1HQQOlQJHGHU6FKUDXEHUHODWLYXQDEKlQJLJ
GDGLHSODVWLVFKH'HKQXQJKDXSWVlFKOLFKLP*HZLQGHEHUHLFKVWDWWILQGHWGKGD‰QXUGLH/lQJH
GHVIUHLHQEHODVWHWHQ *HZLQGHV GLH SODVWLVFKH 9HUIRUPXQJVIlKLJNHLW ZHVHQWOLFK EHHLQIOX‰W 'DV
9HUVDJHQGHU6FKUDXEHHUIROJWGXUFK7UHQQEUXFKLP*HZLQGHRGHUGXUFK*HZLQGHDEVWUHLIHQ
 %HPHVVXQJVPRGHOOQDFK3(7(56(1
'HU1DFKZHLVLP*UHQ]]XVWDQGGHU7UDJIlKLJNHLWHUIROJWPHLVWQDFKGHUHODVWRSODVWLVFKHQ7KHR
ULHYRQ3(7(56(1 >@'HU)ODQVFKZLUGGDEHLLGHDOLVLHUWDOV%DONHQEHWUDFKWHWXQGGLH*UHQ]
WUDJIlKLJNHLWPLW+LOIHGHU)OLH‰JHOHQNWKHRULHHUPLWWHOW'LH]XXQWHUVXFKHQGHQ)OLH‰JHOHQNNHWWHQ
9HUVDJHQV]XVWlQGHE]Z9HUVDJHQVPHFKDQLVPHQVLQGLQ$EELOGXQJ]XVDPPHQJHID‰W
%HPHVVXQJYRQ5LQJIODQVFKYHUELQGXQJHQ±6WDQGGHV:LVVHQV 6HLWH

9HUVDJHQV]XVWDQG$ 9HUVDJHQV]XVWDQG% 9HUVDJHQV]XVWDQG&

V 6FKUDXEHQYHUVDJHQ 6FKUDXEHQYHUVDJHQXQG )OLH‰JHOHQNHLQ
D E )OLH‰JHOHQNLP%OHFK %OHFKXQG)ODQVFK

= )X = )X
= )X 0¶3O
03O
03O
W

)6 )W5 )6 )W5 5 )6)W5

5
5ÂD

03O 0¶3O 03O

0 )XÂE

D E D E¶ D E¶

9HUVDJHQV $ % &
PHFKDQLVPXV
%HGLQJXQJ )8 ˜ E d 0 SO   5 ˜ D d 0 cSO   )6 = d )W 5
*UHQ]WUDJIlKLJNHLW )8 )W 5 )W 5 ˜ D  0 SO   0 cSO    0 SO 
/)ODQVFK )8 )8
$ 6 ˜ I X EN D  Ec Ec
*UHQ]WUDJIlKLJNHLW )8 ¦) W 5 ¦) W 5 ˜ D   ˜ 0 SO   ˜ 0 cSO   0 SO  
7)ODQVFK )8 )8
D  Ec Ec
$EELOGXQJ9HUVDJHQVPHFKDQLVPHQXQG*UHQ]WUDJIlKLJNHLWHQQDFK3(7(56(1
PLW E¶ $EVWDQGGHU)OLH‰JHOHQNHVLHKHXQWHQ
0 cSO   SODVWLVFKHU0RPHQWHQZLGHUVWDQGGHV)ODQVFKHVXQWHU%HUFNVLFKWLJXQJGHV
/RFKDE]XJHV
0SO SODVWLVFKHU 0RPHQWHQZLGHUVWDQG GHV %OHFKHV XQWHU %HUFNVLFKWLJXQJ GHU
01,QWHUDNWLRQE]ZSODVWLVFKHU0RPHQWHQZLGHUVWDQGGHV)ODQVFKHVXQWHU
%HUFNVLFKWLJXQJGHU09,QWHUDNWLRQ

­ ª § 1 · º ª § ) 
º F ˜ V ½
°0 · °
«  ¨ ¸ » ˜ 0 SO %O «  ¨ 8 ¸ »˜ ˜ I \ %O
° 3O  1 %O « ¨© 1 SO %O ¸¹ » ¨ ¸
« © F ˜ V ˜ I \ %O ¹ »  °
° ¬ ¼ ¬ ¼ °
0 SO  PLQ ® ¾ 
° ª º ª § ·
º
°
§ 9 · )8 
° 0 3O 9)O «  ¨ ¸ » 0 «  ¨ ¸ » ˜ F ˜ W ˜ I \ )O °
° « ¨ 9 ¸ » ˜ SO )O « ¨F˜W ˜I   ¸ »  °
¬« © SO )O ¹ ¼» «¬ © \ )O ¹ »¼
¯ ¿
'LH,QWHUDNWLRQHQEHGLQJHQMHZHLOVHLQHLWHUDWLYH9RUJHKHQVZHLVH
6HLWH 7UDJYHUKDOWHQGHV*HVDPWV\VWHPV

'LH /DJH GHU P|JOLFKHQ )OLH‰JHOHQNH LP E)

)ODQVFK LVW LQ $EELOGXQJ  GDUJHVWHOOW P|JOLFKH)*LP
3ULQ]LSLHOO PX‰ XQWHUVFKLHGHQ ZHUGHQ ]ZL )ODQVFK0SO E¶)
VFKHQ GHP $XIWUHWHQ GHV )OLH‰JHOHQNHV LP
)ODQVFK XQG GHP $XIWUHWHQ GHV )OLH‰JHOHQ
NHVLP%OHFK/HW]WHUHVLVWQXUEHLPHLQVHL
WLJHQ )ODQVFK /)ODQVFK P|JOLFK GD EHL
GHU V\PPHWULVFKHQ 9HUELQGXQJ NHLQ 0R V
P|JOLFKH)*DQ
PHQW YRP %OHFK DXIJHQRPPHQ ZHUGHQ GHU%OHFKVHLWH0SO
PX‰'LHUHFKQHULVFKH/DJHGHV)OLH‰JHOHQ E¶%
NHV YHUVFKLHEW VLFK GDGXUFK XP GLH KDOEH
%OHFKGLFNH D E%
'LH/DJH GHV VFKUDXEHQVHLWLJHQ )OLH‰JHOHQ
NHV ZLUG LQ 6FKUDXEHQDFKVH DQJHQRPPHQ $EELOGXQJ /DJHP|JOLFKHU)OLH‰JHOHQNHEHLPHLQ
VHLWLJHQ)ODQVFK
7DWVlFKOLFKNDQQGDV )OLH‰JHOHQN DXFK YHU
VHW]W]XU6FKUDXEHQDFKVHOLHJHQGLHVHU9HUVDW]NDQQDOOHUGLQJVUHFKQHULVFKQLFKWHLQIDFKHUPLW
WHOWZHUGHQ'DHLQ]XJUR‰HVE¶DXINOHLQHUH7UDJODVWHQIKUWOLHJWGLHVH$QQDKPHDXIGHUVLFKH
UHQ6HLWH
:HQQGHU)ODQVFKHLQH$XVUXQGXQJPLWGHP5DGLXVUEHVLW]WGDQQZLUGGHU$EVWDQG]ZLVFKHQ
GHQ)OLH‰JHOHQNHQQDFK(XURFRGHXPÂUUHGX]LHUW

 7UDJYHUKDOWHQGHV*HVDPWV\VWHPV
=XU 8QWHUVXFKXQJ GHV 6\VWHPWUDJYHUKDOWHQV YHUZHQGHQ (%(57%8&+(5 >@ HLQ )(0RGHOO
PLWQLFKWOLQHDUHQ)HGHUQDQVWDWWHLQHUUlXPOLFKHQ'LVNUHWLVLHUXQJPLW9ROXPHQHOHPHQWHQ'XUFK
GLH1LFKWEHUFNVLFKWLJXQJGHUDQVFKOLH‰HQGHQ6FKDOHHUPLWWHOWHUVHKUJUR‰H8PODJHUXQJHQLQ
QHUKDOEGHV*HVDPWV\VWHPVGLHGXUFKVSlWHUH8QWHUVXFKXQJHQYRQ6&+0,'7(7$/>@QLFKW
EHVWlWLJW ZHUGHQ NRQQWHQ ,QVEHVRQGHUH LP +LQEOLFN DXI GHQ ,PSHUIHNWLRQVHLQIOX‰ ZHUGHQ *H
VDPWV\VWHPPRGHOOHEHQ|WLJWGDHLQH8QWHUVXFKXQJGHVLVROLHUWHQ6HJPHQWHVKLHUZHQLJVLQQYROO
LVW'LH%HUHFKQXQJHQYRQ(%(57%8&+(5 >@XQG6&+0,'7(7$/ >@KDEHQMHZHLOVHL
QHQ EHGHXWHQGHQ (LQIOX‰ GHU ,PSHUIHNWLRQHQ DP *HVDPWPRGHOO KHUDXVJHVWHOOW 'LH H[SHULPHQ
WHOOH9HULILNDWLRQZLUGGHU]HLWPLWJUR‰PD‰VWlEOLFKHQ9HUVXFKVN|USHUQDQGHU8QLYHUVLWlW(VVHQ
GXUFKJHIKUW>@
([SHULPHQWHOOH8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQ 6HLWH

 ([SHULPHQWHOOH8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQ
=XU H[SHULPHQWHOOHQ 9HULILNDWLRQ GHU )(%HUHFKQXQJHQ XQG GHU GDUDXV HQWZLFNHOWHQ HLQIDFKHQ
%HUHFKQXQJVDQVlW]H ZXUGHQ 9HUVXFKH DQ )ODQVFKVHJPHQWHQ LP /DERU XQG Ä,Q 6LWX³ GXUFKJH
IKUW0LWGHQ9HUVXFKHQZXUGHQYHUVFKLHGHQH=LHOVHW]XQJHQYHUIROJW
(UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJLPHODVWLVFKHQ%HUHLFK
(UPLWWOXQJGHU9RUVSDQQNUDIWYHUOXVWHGXUFK6HW]XQJ
%HVWLPPXQJGHU*UHQ]WUDJIlKLJNHLWHQGHU)ODQVFKVHJPHQWH
,QGLHVHP.DSLWHOZLUG]XQlFKVWGLHGD]XHQWZLFNHOWH0H‰XQG$XVZHUWHPHWKRGLNEHVFKULHEHQ
'LH 9HUVXFKVHUJHEQLVVH VHOEHU ZHUGHQ LQ GHQ QDFKIROJHQGHQ .DSLWHOQ XQWHU GHQ YHUVFKLHGHQHQ
XQWHUVXFKWHQ*HVLFKWVSXQNWHQGDUJHVWHOOWXQGJHZHUWHW

 0H‰PHWKRGLN]XU(UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJ
'LH 9HUVXFKH ZXUGHQ PLW 6FKUDXEHQJDUQLWXUHQ 0 XQG 0 QDFK ',1 II GXUFKJHIKUW
GLHYRQGHU)LUPD$XJXVW)ULHGEHUJ*PE+]XU9HUIJXQJJHVWHOOWZXUGHQ$XIGHP6FKUDXEHQ
VFKDIW ZXUGHQ 'HKQXQJVPH‰VWUHLIHQ '06 DSSOL]LHUW XP DXV GHQ 'HKQXQJHQ GLH %HDQVSUX
FKXQJHQ HUPLWWHOQ ]X N|QQHQ 8P HLQH %HUKUXQJ ]ZLVFKHQ GHQ LQVWDOOLHUWHQ '06 XQG GHP
)ODQVFK]XYHUPHLGHQZXUGHQGLH6FKUDXEHQLPPLWWOHUHQ%HUHLFKDXIHLQHQUHGX]LHUWHQ'XUFK
PHVVHU DEJHGUHKW =XU )KUXQJ GHU .DEHO ZXUGH HLQH VFKUlJH %RKUXQJ G PP YRP 6FKUDX
EHQNRSI]XPUHGX]LHUWHQ4XHUVFKQLWWJHVHW]W$OWHUQDWLYH.DEHOIKUXQJHQ]%GXUFKHLQH1XWLQ
GHU%HUKUXQJVHEHQHGHU)ODQVFKHNRQQWHQQLFKWJHZlKOWZHUGHQGDGLH9HUVXFKVEHGLQJXQJHQ
LP/DERUP|JOLFKVWXQYHUlQGHUWDXFKEHLGHQ9HUVXFKHQDQODXIHQGHQ:LQGHQHUJLHDQODJHQEHU
QRPPHQZHUGHQVROOWHQ'RUWLVWZHJHQGHV0RQWDJHYRUJDQJHVQXUHLQH.DEHOIKUXQJGXUFKGHQ
6FKUDXEHQNRSIP|JOLFK'LH%HHLQIOXVVXQJGHU0H‰HUJHEQLVVHGXUFKGLHYHUULQJHUWH6WHLILJNHLW
LQIROJHGHVUHGX]LHUWHQ0H‰TXHUVFKQLWWVGHU6FKUDXEHLVWJHULQJ,P/DERUYHUVXFKNDQQGLHVHGL
UHNWLQGHU9HUJOHLFKVUHFKQXQJEHUFNVLFKWLJWZHUGHQLP)HOGYHUVXFKHUKlOWGLH6FKUDXEHHLQH
LP9HUKlOWQLVGHU6WHLILJNHLWHQJHULQJH%HDQVSUXFKXQJLP9HUJOHLFK]XGHQ1DFKEDUVFKUDXEHQ
 $XVZDKOXQG$QRUGQXQJGHU'06
)U GLH :DKO GHU $QRUGQXQJ GHU 'HKQXQJVPH‰VWUHLIHQ '06 ZDUHQ IROJHQGH .ULWHULHQ DXV
VFKODJJHEHQG
'HU6SDQQXQJV]XVWDQGLP6FKUDXEHQVFKDIWVROOWHHLQGHXWLJEHVWLPPWZHUGHQN|QQHQ+LHU]X
LVWGLH%HVFKUHLEXQJHLQHUDXVGUHL3XQNWHQEHVWHKHQGHQ0H‰HEHQHHUIRUGHUOLFKVRGD‰GUHL
0H‰VWHOOHQLP$EVWDQGYRQƒDXIGHP8PIDQJDQRUGQHWZXUGHQ
'LH0HVVXQJVROOWHWHPSHUDWXUNRPSHQVLHUWHUIROJHQXPHLQH9HUIlOVFKXQJGHU0H‰HUJHEQLV
VH GXUFK 7HPSHUDWXUVFKZDQNXQJHQ LP )HOGYHUVXFK ]X YHUPHLGHQ 'LHVH %HGLQJXQJ ZXUGH
GXUFKGLH:DKOYRQ9ROOEUFNHQHUIOOW
=XVlW]OLFK]XGHQGUHL0H‰VWHOOHQPLWGHQHQGLH/lQJVGHKQXQJHQJHPHVVHQZXUGHQZXUGHHLQH
9ROOEUFNH ]XU (UPLWWOXQJ GHU 7RUVLRQVGHKQXQJHQ HLQJHVHW]W 'LH '06$QRUGQXQJ VRZLH GLH
=XRUGQXQJ ]XU :KHDWVWRQHVFKHQ %UFNHQVFKDOWXQJ LVW LQ $EELOGXQJ  GDUJHVWHOOW $EELOGXQJ
]HLJWHLQHIHUWLJH6FKUDXEH0
'LHVH$XVVWDWWXQJGHU6FKUDXEHQLVW]ZDUVHKUWHXHUGDIUGLH9ROOEUFNHQHLQKRKHU9HUNDEH
OXQJVDXIZDQGHQWVWHKWXQGDOOHLQHGLH0DWHULDONRVWHQIUGLH'06HWZD'0SUR6FKUDXEH
EHWUDJHQHVLVWDEHUQXUVRGLHYROOVWlQGLJH,QIRUPDWLRQEHUGLH%HDQVSUXFKXQJGHU6FKUDXEH]X
HUKDOWHQ
6HLWH 0H‰PHWKRGLN]XU(UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJ

0H‰JLWWHUDQRUGQXQJ]XU(UPLWWOXQJGHU
8$ N /lQJVGHKQXQJHQ 7RUVLRQVGHKQXQJHQ
˜ H  H   H   H  
8% 

5 5
 

8% ? 


?


@

 @
 
 

 
 

A
B A


 

5 5 B   

  

8$

$EELOGXQJ:KHDWVWRQHVFKH%UFNHQVFKDOWXQJXQG0H‰JLWWHUDQRUGQXQJLP9HUVXFK

$EELOGXQJ6FKUDXEH0PLWDEJHGUHKWHP0H‰TXHUVFKQLWWXQGDSSOL]LHUWHQ'06
'XUFKGLH:DKOGHU9ROOEUFNHQVFKDOWXQJILQGHWNHLQHJHJHQVHLWLJH%HHLQIOXVVXQJGHU0HVVXQ
JHQYRQ1RUPDOVSDQQXQJHQLQIROJH=XJXQG%LHJXQJVRZLH6FKXEVSDQQXQJHQLQIROJH7RUVLRQ
VWDWW 'LHV NDQQ ZLH IROJW JH]HLJW ZHUGHQ ,QIROJH GHU hEHUODJHUXQJ YRQ 1RUPDOVSDQQXQJ XQG
6FKXEVSDQQXQJ OLHJW HLQ HEHQHU 6SDQQXQJV]XVWDQG PLW XQEHNDQQWHQ +DXSWULFKWXQJHQ YRU 'LH
6SDQQXQJV]XVWlQGH VLQG PLW GHQ ]XJHK|ULJHQ 0RKUVFKHQ 6SDQQXQJVNUHLVHQ LQ $EELOGXQJ 
GDUJHVWHOOW $XV GHQ 6SDQQXQJHQ UHVXOWLHUHQ GLH ]X PHVVHQGHQ 'HKQXQJHQ %HL EHNDQQWHQ
+DXSWVSDQQXQJVULFKWXQJHQ HUJHEHQ VLFK QDFK >@ GLH 'HKQXQJHQ XQWHU HLQHP EHOLHELJHQ
:LQNHOM]X
 
H M M q ˜ H  H   r ˜ H  H   ˜ FRVM  
 
'LH6SDQQXQJHQVLQG
V  V  V  V 
V[  ˜ FRV M  
 
V  V  V  V 
V\  ˜ FRVM  
 
V  V 
W [\ ˜ VLQM  

([SHULPHQWHOOH8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQ 6HLWH

W J
W7 M q
V V M q

V
H 6RQGHUIDOO
M V H H 5HLQH7RUVLRQ
  V
V V

W J
W7 JM
V V M

M V H
$OOJHPHLQHU)DOO
M V H
 
V V1 H HM 7RUVLRQXQG
V V /lQJVNUDIW
XQGRGHU%LHJXQJ
W J

JM
V  V1 V
M H
V 
V 6RQGHUIDOO
V H H /lQJVNUDIW
V
 

PÂH XQGRGHU%LHJXQJ
V 

$EELOGXQJ +DXSWVSDQQXQJHQLQIROJH/lQJVNUDIW%LHJXQJXQG7RUVLRQVRZLH]XJHK|ULJH0RKUVFKH
6SDQQXQJVXQG9HUIRUPXQJVNUHLVH
$QKDQG GHU LQ $EELOGXQJ  GDUJHVWHOOWHQ 6SDQQXQJV XQG 9HUIRUPXQJVNUHLVH IU GHQ HEHQHQ
6SDQQXQJV]XVWDQGZLUGGHXWOLFK
 %HL7RUVLRQVEHDQVSUXFKXQJLVWGLH'HKQXQJLQ5LFKWXQJGHU/lQJVDFKVH:LQNHOM ƒ
EH]RJHQDXIGLH+DXSWGHKQXQJVULFKWXQJJOHLFK1XOO
 %HL 1RUPDONUDIW RGHU %LHJHEHDQVSUXFKXQJ OLHJW LQ 5LFKWXQJ GHU 7RUVLRQVPH‰VWUHLIHQ
]ZDUHLQH'HKQXQJYRUGLHVHLVWDEHUIUDOOHYLHU0H‰JLWWHUYRQJOHLFKHU*U|‰HVRGD‰
NHLQ$XVJDQJVVLJQDOHU]HXJWZLUG
%HL NRPELQLHUWHU %HDQVSUXFKXQJ HUIROJW GHPQDFK DXFK NHLQH JHJHQVHLWLJH %HHLQIOXVVXQJ GHU
0H‰ULFKWXQJHQVRGD‰GLH6SDQQXQJHQGLUHNWDXVGHQ'HKQXQJHQEHVWLPPWZHUGHQN|QQHQ
 =XJYHUVXFKHPLWGHQ6FKUDXEHQÄ+\VWHUHVH9HUVXFKH³
'HKQXQJVPH‰VWUHLIHQ]HLJHQLQLKUHQHUVWHQ%HODVWXQJV]\NOHQHLQOHLFKWK\VWHUHWLVFKHV9HUKDOWHQ
VLHKHGD]X>@68PHLQH%HHLQIOXVVXQJGHU0H‰ZHUWHGXUFKGLHVHQ(IIHNW]XYHUPHL
GHQZXUGHQGLH6FKUDXEHQLQ9RUYHUVXFKHQELVFDN10E]ZFDN10YRU
EHODVWHWGDGLH+\VWHUHVHQDFKGHQHUVWHQ/DVWZHFKVHOQDENOLQJW'LH+\VWHUHVH9HUVXFKHGLHQ
WHQDX‰HUGHPGD]XGHQ(ODVWL]LWlWVPRGXOGHU6FKUDXEHQ]XEHVWLPPHQ
6HLWH /DERUYHUVXFKH

6FKUDXEHQ/DERU 6FKUDXEHQ,Q6LWX $QPHUNXQJ

6FKUDXEH (0RGXO 6FKUDXEH (0RGXO 'LH6FKUDXEHQ01UXQG01U
01U  01U  ]HLJWHQ QDFK GHU (QWODVWXQJ JU|‰HUH
5HVWZHUWH YHUPXWOLFK ODJ KLHU HLQH QLFKW
01U  01U  NRUUHNWH.OHEXQJYRU'LH6FKUDXEH0
01U  01U  1UZXUGHGHVKDOEQLFKWYHUZHQGHWGLH
01U  01U  6FKUDXEH 0 1U  ZXUGH KLQJHJHQ
QRUPDOHLQJHVHW]WVLHKHXQWHQ
01U  01U 
01U 
01U 
7DEHOOH(0RGXOQGHU0H‰VFKUDXEHQ>1PPð@
*HOHJHQWOLFKNRPPWHVYRUGD‰'HKQXQJVPH‰VWUHLIHQLQIROJHPDQJHOKDIWHU.OHEXQJQDFK5FN
IKUXQJGHU%HODVWXQJJU|‰HUH5HVWZHUWHDQ]HLJHQ'LH(UJHEQLVVHVROFKHU0H‰VWUHLIHQVLQGQXU
HLQJHVFKUlQNWYHUZHUWEDUVRGD‰JJIQDFKGHQ=XJYHUVXFKHQQRFKHLQ$XVWDXVFKHUIROJHQNDQQ
VROOWHVLFKHLQ'06DOVGHIHNWKHUDXVVWHOOHQ%HLGHU0H‰VFKUDXEH01UODJHLQVROFKHU)DOO
YRUGDGLH'06DEHUEHUHLWVNRPSOHWWDEJHGHFNWZDUHQZDUHLQ$XVWDXVFKQLFKWPHKUP|JOLFK
'DGLH5HVWZHUWHQRFKLPWROHULHUEDUHQ%HUHLFKZDUHQN1EH]RJHQDXI6FKUDXEHQNUDIWZXU
GHGLH6FKUDXEHWURW]GHPYHUZHQGHW
'LH 9HUVXFKH ZXUGHQ PHKUIDFK PLW YHUlQGHUWHQ 6FKUDXEHQSRVLWLRQHQ GXUFKJHIKUW =XU XQDE
KlQJLJHQ.RQWUROOHZXUGHQGLH9HUVXFKHGXUFKHLQHQZHLWHUHQ9HUVXFKLQHLQHUDQGHUHQ3UIPD
VFKLQH7\S50,QVWLWXWIU0DVVLYEDXGHU8QLYHUVLWlW+DQQRYHUHUJlQ]W

 /DERUYHUVXFKH
'LH +DXSWYHUVXFKH EHVWDQGHQ DXV =XJYHUVXFKHQ PLW )ODQVFKVHJPHQWHQ )ROJHQGH 0H‰GDWHQ
ZXUGHQDXIJH]HLFKQHW
 'HKQXQJHQGHU6FKUDXEHYLHU0H‰VWHOOHQ
 .ODIIXQJDQGHU)ODQVFKDX‰HQVHLWHPLWWHOV:HJDXIQHKPHU
 ]7'HKQXQJHQLP)ODQVFKYLHU0H‰VWHOOHQ
 3UIPDVFKLQHQZHJXQGDXIJHEUDFKWH=XJNUDIW
'HU3UIPDVFKLQHQZHJLVWEHLGHQKLHUGXUFKJHIKUWHQ9HUVXFKHQZHQLJDXVVDJHNUlIWLJGDGLH
6WHLILJNHLW GHU JH]RJHQHQ 7HLOH VR JUR‰ LVW GD‰ GLH 9HUIRUPXQJHQ GHU 3UIPDVFKLQH LP 9HU
JOHLFKGD]XQLFKWYHUQDFKOlVVLJEDUVLQG
'LH%HODVWXQJGHU6HJPHQWHHUIROJWHPHKUVWXILJ'LH%HODVWXQJVK|KHQXQG]\NOHQZXUGHQGDEHL
MHQDFK9HUVXFKDQJHSD‰W
([SHULPHQWHOOH8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQ 6HLWH

)UGLH/DERUYHUVXFKHZXUGHQGLHLQ$EELOGXQJGDUJHVWHOOWHQ9HUVXFKVIODQVFKHYHUZHQGHW
9HUVXFKVIODQVFK 9HUVXFKVIODQVFK 9HUVXFKVIODQVFK 9HUVXFKVIODQVFK

     

           

   

0 0 0 0

F PP F PP F PP F PP

1XPPHUQGHU0H‰VFKUDXEHQ
01U 01U 01U 01U
01U 01U
01U
$EELOGXQJ0D‰VWlEOLFKHhEHUVLFKWEHUGLH9HUVXFKVIODQVFKHXQGVFKUDXEHQLP/DERU
'LH/FNHQLQGHU1XPHULHUXQJUHVXOWLHUHQGDUDXVGD‰MHZHLOVPHKU6FKUDXEHQDOVEHQ|WLJWJH
IHUWLJWZXUGHQ'LH(UVDW]VFKUDXEHQZXUGHQDEHUPHLVWQLFKWYHUZHQGHW
$EELOGXQJ]HLJWGHQSULQ]LSLHOOHQ9HUVXFKVDXIEDX=XU.RQWUROOHGHUDXIJHEUDFKWHQ=XJNUDIW
VLQGKLHU]XVlW]OLFK'06DXIGHP )ODQVFK DQJHEUDFKW (V EHILQGHQ VLFK ]ZHL 9ROOEUFNHQ DXI
GHU9RUGHUVHLWHDOVVROFKHZLUGGLHGHU6FKUDXEH]XJHZDQGWH6HLWHEH]HLFKQHWXQG]ZHL9ROO
EUFNHQDXIGHU5FNVHLWHGHV%OHFKHV(LQ9ROOEUFNHQSDDUOLHJWGLUHNWEHUGHU6FKZHL‰QDKW
HLQ3DDUHWZDLQGHU0LWWHGHV%OHFKHV=XU0HVVXQJGHUDXIWUHWHQGHQ9HUIRUPXQJHQZXUGHHLQ
:HJDXIQHKPHU DQ GHU 5FNVHLWH GHV )ODQVFKHV PRQWLHUW PLW GHVVHQ +LOIH GLH .ODIIXQJ DXI
PPJHQDXJHPHVVHQZHUGHQNDQQ

$EELOGXQJ6HJPHQWYHUVXFKLQGHU
3UIPDVFKLQH+86*HVDPWDQVLFKW
YRQYRUQHOLQNVXQG'HWDLODQVLFKWPLW
:HJDXIQHKPHUYRQKLQWHQUHFKWV
6HLWH /DERUYHUVXFKH

=X%HJLQQGHV9HUVXFKVSURJUDPPVZXUGHPLW9HUVXFKVIODQVFKHLQHJU|‰HUH9HUVXFKVUHLKHJH
IDKUHQEHLGHUYHUVFKLHGHQH6FKUDXEHQXQG6HJPHQWHYHUZHQGHWZXUGHQ,QVJHVDPWZXUGHQ]X
QlFKVWHOI9HUVXFKHPLW]ZHL0H‰VFKUDXEHQXQG]ZHL6HJPHQWSDDUHQGXUFKJHIKUW0LWGLHVHU
5HLKH VROOWH IHVWJHVWHOOW ZHUGHQ ZLH JXW GLH (UJHEQLVVH EHL QRPLQDO LGHQWLVFKHQ $EPHVVXQJHQ
YRQ )ODQVFK XQG 6FKUDXEH UHSURGX]LHUEDU VLQG 'LH QDFKIROJHQGHQ 9HUVXFKH ZXUGHQ GDQQ QXU
QRFKPLWHLQHURGHU]ZHL:LHGHUKROXQJHQGXUFKJHIKUW
)6>N1@ ')6>N1@
 
=
 
 
 
 
)6
 
06
 
 
 
 
  =
        
=XJNUDIW=>N1@

$EELOGXQJ'DUVWHOOXQJGHU9HUVXFKVHUJHEQLVVH9HUVXFK01UB9
$EELOGXQJ  ]HLJW GLH JHZlKOWH 'DUVWHOOXQJVZHLVH GHU 9HUVXFKVHUJHEQLVVH (QWVSUHFKHQG GHU
9HUVXFKVDQRUGQXQJ$EELOGXQJZLUGDXIGHU$EV]LVVHGLH=XJNUDIWGHU3UIPDVFKLQHE]Z
EHLGHQ)HOGYHUVXFKHQGLHDXVGHU6SDQQXQJLP7XUPEOHFKLQWHJULHUWH=XJNUDIWMH6HJPHQWDXI
JHWUDJHQ $XI GHU 2UGLQDWH ZLUG GLH 6FKUDXEHQVFKQLWWJU|‰H DXIJHWUDJHQ LQ GLHVHP )DOO GLH
6FKUDXEHQNUDIW'HU$EVROXWZHUWGHU6FKUDXEHQNUDIWZLUGPLW)6GLH(UK|KXQJE]Z9HUULQJH
UXQJGHU6FKUDXEHQNUDIWJHJHQEHUGHU9RUVSDQQNUDIWPLW')6EH]HLFKQHW,Q$EELOGXQJ  LVW
GLH6FKUDXEHQNUDIW)6DXIGHUOLQNHQ2UGLQDWHGLH6FKUDXEHQ]XVDW]NUDIW')6DXIGHUUHFKWHQ2U
GLQDWHDXIJHWUDJHQ'LH9RUVSDQQNUDIWEHL%HJLQQGHV9HUVXFKHVEHWUXJ)9 N1VRGD‰
]% HLQH 6FKUDXEHQNUDIW )6  N1 HLQHU (UK|KXQJ JHJHQEHU GHP 9RUVSDQQLYHDX XP
')6 )6 ± )9  N1 HQWVSULFKW $QDORJ ZLUG IU GDV 6FKUDXEHQELHJHPRPHQW 06 E]Z GDV
=XVDW]PRPHQW'06YRUJHJDQJHQ
$EELOGXQJ]HLJWGLHhEHUVLFKWGHU(UJHEQLVVHGHUPLWGHU 6FKUDXEH 0 1U  LQ 9ROOIODQ
VFKHQGXUFKJHIKUWHQ9HUVXFKH'LH9HUVXFKHZXUGHQQXUELV]XUHODWLYJHULQJHQ=XJNUlIWHQELV
= N1JHIDKUHQHQWVSUHFKHQGHWZD V  1PPð LP JH]RJHQHQ %OHFK 'LH %HDQVSUX
FKXQJODJGDPLWHWZDLQGHP%HUHLFKGHUEHL:($DXI*HEUDXFKVODVWQLYHDXPD[LPDOHUUHLFKW
ZLUG
,QGHQ'DUVWHOOXQJHQVLQGGLHHLQ]HOQHQ9HUVXFKVHUJHEQLVVHQLFKWYRQHLQDQGHU]XXQWHUVFKHLGHQ
'LHVLVWDQGLHVHU6WHOOHLP'HWDLODXFKQLFKWYRUJHVHKHQGDOHGLJOLFKGLHVHKUJXWH:LHGHUKRO
EDUNHLW GHU 9HUVXFKH XQG HLQLJH JUXQGVlW]OLFKH 3KlQRPHQH DXIJH]HLJW ZHUGHQ VROOHQ $QKDQG
YRQ$EELOGXQJZLUGGHXWOLFKGD‰GLHhEHUHLQVWLPPXQJ]ZLVFKHQGHQYHUVFKLHGHQHQ9HUVX
FKHQ KHUYRUUDJHQG LVW 'LH HLQ]HOQHQ 9HUVXFKVHUJHEQLVVH OLHJHQ WHLOV VR GLFKW EHLHLQDQGHU GD‰
GLH8QWHUVFKLHGHLP5DKPHQGHU6WULFKVWlUNHOLHJHQ
([SHULPHQWHOOH8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQ 6HLWH

 
01UB9 01UB9
 
01UB9 01UB9
 

6FKUDXEHQ]XVDW]NUDIW>N1@
01UB9 01UB9
6FKUDXEHQNUDIW>N1@

 
01UB9 01UB9

01UB9  01UB9







 

 
                  
=XJNUDIW=>N1@ =XJNUDIW=>N1@
 
6FKUDXEHQ]XVDW]ELHJHPRPHQW0[>1P@ 01UB9
 
6FKUDXEHQELHJHPRPHQW0[>1P@

01UB9

 01UB9
 01UB9

 01UB9
 
01UB9
 01UB9 
 01UB9

01UB9

01UB9 



        
         
=XJNUDIW=>N1@ =XJNUDIW=>N1@
$EELOGXQJhEHUVLFKW9HUVXFKVHUJHEQLVVHPLW6FKUDXEH01U
)ROJHQGH(UNHQQWQLVVHN|QQHQIHVWJHKDOWHQZHUGHQ
 'LH6FKUDXEHQNUlIWH)6VLQGEHLDOOHQ9HUVXFKHQREHUKDOEYRQ= N1IDVWLGHQWLVFK
'LH6FKUDXEHQ]XVDW]NUlIWH')6YDULLHUHQGHPQDFKLQ$EKlQJLJNHLWYRQGHU9RUVSDQQNUDIW
 'LH9RUVSDQQNUDIWQLPPWQDFK%HODVWXQJJHULQJIJLJDE*OHLFKHVJLOW]XP7HLOIUGLHLP
9RUVSDQQ]XVWDQG YRUKDQGHQHQ %LHJHPRPHQWH *UXQG IU GLHVHV 9HUKDOWHQ VLQG 6HW]YRU
JlQJHGLH]XHLQHU9HUULQJHUXQJGHU6FKUDXEHQGHKQXQJIKUHQ%HLXQJOHLFKPl‰LJHU6HW
]XQJEHUGHQ8PIDQJHUJLEWVLFKQHEHQHLQHUYHUlQGHUWHQ6FKUDXEHQNUDIWDXFKHLQYHUlQ
GHUWHV%LHJHPRPHQW
 'LH6FKUDXEHQELHJHPRPHQWHXQWHUVFKHLGHQVLFKLP9RUVSDQQ]XVWDQGGHXWOLFK'LHIUGLH
(UPGXQJPD‰JHEHQGHQ=XVDW]PRPHQWHVLQGKLQJHJHQEHLDOOHQ9HUVXFKHQLQVHKUJXWHU
hEHUHLQVWLPPXQJ
6HLWH /DERUYHUVXFKH

 'HU $QWHLO GHU %LHJHPRPHQWH DQ GHU DXI GHQ 6SDQQXQJVTXHUVFKQLWW EH]RJHQHQ 1RU
PDOVSDQQXQJLVWHUKHEOLFK%HL= N1EHWUDJHQGLH6SDQQXQJHQ
 ')6 N1 Ÿ'V1 1PPð
 '06 1P Ÿ'V0 1PPð%LHJHDQWHLOGHU*HVDPWVSDQQXQJHQ
'LH*HJHQEHUVWHOOXQJGHU9HUVXFKHIU6FKUDXEH01ULQ$EELOGXQJGLHELV= 
N1HQWVSUHFKHQGV 1PPðLPJH]RJHQHQ%OHFKJHIDKUHQZXUGHQ]HLJHQIUGLH.UlIWH
GDVJOHLFKH9HUKDOWHQ%HGLQJWGXUFKGLHK|KHUHQ6FKUDXEHQ]XVDW]NUlIWH')6IlOOWKLHUOHGLJOLFK
GLH9HUULQJHUXQJGHU9RUVSDQQNUDIWVWlUNHUDXV%HLGHQ%LHJHPRPHQWHQLVWDEHWZD= N1
HLQHÄ$XIIlFKHUXQJ³]XHUNHQQHQGLHVLFKDXFKLQGHQ9HUIRUPXQJHQZLGHUVSLHJHOWKLHUQLFKW
DEJHELOGHW 'LHV LVW YHUPXWOLFK DXI HLQVHLWLJ YHUVWlUNWH 6HW] XQG 3ODVWL]LHUXQJVYRUJlQJH LP
6FKUDXEHQJHZLQGHE]ZGHU0XWWHU]XUFN]XIKUHQGLH]XHLQHUVWlUNHUHQ.UPPXQJIKUHQ
)6>N1@ ')6>N1@
 
01UB9  01UB9

01UB9 01UB9
 
01UB9 01UB9

 01UB9
 01UB9
 01UB9 01UB9





 
 
           
          
=XJNUDIW=>N1@ =XJNUDIW=>N1@

0[ >1P@ '0[>1P@
 
01UB9  01UB9
 
01UB9 01UB9
 
01UB9  01UB9

01UB9  01UB9
 01UB9  01UB9
 



 
 



 
                   
=XJNUDIW=>N1@ =XJNUDIW=>N1@

$EELOGXQJhEHUVLFKW9HUVXFKVHUJHEQLVVHPLW6FKUDXEH01U
([SHULPHQWHOOH8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQ 6HLWH

 )HOGYHUVXFKH
=XU hEHUSUIXQJ GHU hEHUWUDJEDUNHLW GHU 
9HUVXFKH LP /DERU ZXUGHQ 0HVVXQJHQ DQ
HLQHU ODXIHQGHQ :($ YRUJHQRPPHQ PLW  6FKUDXEHQ
GHQHQIROJHQGH=LHOHYHUIROJWZXUGHQ   0
hEHUSUIXQJGHUDPUHDOHQ%DXZHUNDXI 0DWHULDO)ODQVFK
WUHWHQGHQ %HDQVSUXFKXQJHQ LP 9HUJOHLFK 6-*=
]XP/DERUYHUVXFK
4XDQWLIL]LHUXQJ GHU DXIWUHWHQGHQ 9RU 0DWHULDO
VSDQQNUDIWYHUOXVWHLQIROJH6HW]XQJ 7XUP 6-


'LH $QRUGQXQJ GHU 'HKQXQJVPH‰VWUHLIHQ
DXI GHQ 6FKUDXEHQ HUIROJW ZLH EHL GHQ 9HU

9ROOEUFNHQDXI
VXFKHQ LP /DERU =XVlW]OLFK ZHUGHQ ]ZHL

GHU7XUPVFKDOH
3RVLWLRQGHU
9ROOEUFNHQ MHZHLOV HLQH LQQHQ XQG DX‰HQ
DQ GHU 7XUPVFKDOH XQWHUKDOE GHV )ODQVFKHV UL 


]XU 0HVVXQJ GHU 'HKQXQJHQ LP 7XUP YHU
ZHQGHW'HU)ODQVFKLVWPLWVHLQHQ1HQQPD U6 
‰HQ VRZLH GHU /DJH GHU 0H‰VWHOOHQ LQ
$EELOGXQJ  GDUJHVWHOOW 'HU .RUURVLRQV U60) 
VFKXW] GHU )ODQVFKH ZLUG GXUFK HLQ PHKUOD
JLJHV %HVFKLFKWXQJVV\VWHP DXV *UXQG XQG $EELOGXQJ 6NL]]HGHV0H‰IODQVFKHVPLW/DJHGHU
'HFNEHVFKLFKWXQJ VLFKHUJHVWHOOW LQ GHU %H 7XUPPH‰VWHOOHQ
UKUXQJVHEHQHGHU)ODQVFKHZLUGQXUPLWHL
QHU*UXQGEHVFKLFKWXQJNRQVHUYLHUW
=XU %HVWLPPXQJ GHU 6FKUDXEHQEHDQVSUXFKXQJ ZXUGHQ LQ GHQ HUVWHQ 0RQWDJHIODQVFK GHU YHU
PHVVHQHQ$QODJHYRP7\S(QURQ7:VP1DEHQK|KHYLHU0H‰VFKUDXEHQHLQJHVHW]WGLH
$QRUGQXQJXQG1XPHULHUXQJJHKWDXV$EELOGXQJKHUYRU

,9
03
030H‰SXQNW
0H‰VFKUDXEHXQG
06 06 06 '067XUPVFKDOH
'HI$]LPXW 06
ZLQNHO
060H‰VWHOOHDXV
03 )ODQVFKYHUPHVVXQJ
06 06
03
,,, D , )ODQVFK
6FKUDXEHQ0
06 06
03
$]LPXW]XRUGQXQJ
06 06
03D ƒ
1

03D ƒ 06 06

03D ƒ
03D ƒ 03 ,,
$EELOGXQJ$QRUGQXQJGHU0H‰SXQNWH'UDXIVLFKWDXIGHQ)ODQVFK$FKVHQEH]HLFKQXQJHQQDFK>@
6HLWH )HOGYHUVXFKH

7DEHOOH  JLEW DQ ZLH 0H‰SXQNWH XQG 0H‰VFKUDXEHQ ]XJH 0H‰SXQNW 0H‰VFKUDXEH
RUGQHW ZXUGHQ 'LH 0H‰VFKUDXEH PLW GHU OIG 1XPPHU 
VROOWH ]XQlFKVW ZHJHQ OHLFKWHU .ULHFKHIIHNWH HLQHV 0H‰VWUHL  $XVIDOO
IHQV QLFKW YHUZHQGHW ZHUGHQ VWDWW GHVVHQ ZXUGH GLH QHXH  
6FKUDXEHDP0H‰SXQNWHLQJHEUDFKW1DFK$XVIDOOHLQHV  
0H‰VWUHLIHQVEHLP$Q]LHKHQGHU6FKUDXEHZXUGH1XPPHU
 
DOV(UVDW]QHEHQ0H‰SXQNWHLQJHVHW]W
 
=XVlW]OLFK ]X GHQ 'HKQXQJHQ DQ 6FKUDXEH XQG 7XUPZDQG
ZXUGHQIROJHQGH0H‰GDWHQDXIJH]HLFKQHW 7DEHOOH=XRUGQXQJGHU0H‰
VFKUDXEHQ]XGHQ0H‰SXQNWHQ
 7HPSHUDWXUDQGHU$X‰HQVHLWHGHU7XUPZDQG
 $QODJHQGDWHQ*HQHUDWRUGUHK]DKO:LQGJHVFKZLQGLJNHLW$]LPXWZLQNHO/HLVWXQJ
'D GLH 0HVVXQJ DOV /DQJ]HLWPHVVXQJ EHU
DFKW0RQDWHGXUFKJHIKUWZXUGHZXUGHHL :LQGJHVFKZLQGLJNHLW 0H‰WDNW
QH VSH]LHOOH 6WHXHUXQJ GHU (UIDVVXQJVUDWH ±PV +]
EHU GLH :LQGJHVFKZLQGLJNHLW YRUJHQRP DE+]
PHQ-HQDFK YRUOLHJHQGHQ :LQGYHUKlOWQLV ±PV +]
VHQZXUGHGLH0H‰UDWHDXWRPDWLVFKXQGG\
QDPLVFK HQWVSUHFKHQG GHU QHEHQVWHKHQGHQ !PV +]
7DEHOOHYDULLHUW 7DEHOOH:LQGJHVFKZLQGLJNHLWVDEKlQJLJH0H‰UDWHQ

6RNRQQWHJHZlKUOHLVWHWZHUGHQGD‰JUR‰H%HDQVSUXFKXQJHQPLWJXWHU$XIO|VXQJDXIJH]HLFKQHW
ZXUGHQRKQHGD‰LQ=HLWHQJHULQJHU%HDQVSUXFKXQJXQQ|WLJ0H‰GDWHQDQILHOHQ$QJHVLFKWVGHU
ULHVLJHQ'DWHQPHQJHQYRQEHU0%GLHYRUGHU$XIVFKDOWXQJGHU$QODJHQGDWHQLQQHUKDOE
HLQHV 0RQDWV NRQVWDQW PLW  +] DXIJH]HLFKQHW ZXUGHQ ZLUG GLH :LFKWLJNHLW HLQHU VROFKHQ
6WHXHUXQJ GHXWOLFK ,P *HJHQVDW] ]X DQGHUHQ )UDJHVWHOOXQJHQ ]% GHU (UPLWWOXQJ YRQ (UP
GXQJVODVWHQ ZDU KLHU HLQH 2QOLQH5HGXNWLRQ GHU 0H‰GDWHQ QLFKW P|JOLFK GD MHZHLOV ]XJHRUG
QHWH 0H‰VLJQDOH DOOHU 0H‰VWHOOHQ HUIRUGHUOLFK ZDUHQ 'LH 0H‰GDWHQ ODJHQ VRPLW DOV =HLWUHLKHQ
YRU$EELOGXQJ]HLJWGD]XEHLVSLHOKDIWHLQHQ$XVVFKQLWWDXVGHU0HVVXQJ'DUJHVWHOOWLVWGLH
DXVGHQ'HKQXQJVZHUWHQDQGHU7XUPZDQGEHUHFKQHWH=XJNUDIWSUR6HJPHQWVRZLHGLHDXVGHQ
'HKQXQJVZHUWHQDP6FKUDXEHQVFKDIWHUPLWWHOWH6FKUDXEHQNUDIWDQGHUJOHLFKHQ0H‰VWHOOH
=>N1@ )6>N1@
 

  =





)6




 =XJNUDIW0DQWHOEOHFK

6FKUDXEHQNUDIW =
 
        
=HLW>V@

$EELOGXQJ %HLVSLHOIUHLQH=HLWUHLKHGHUDXVGHQ0H‰GDWHQHUPLWWHOWHQ=XJNUDIWSUR)ODQVFKVHJPHQWOLQNH

2UGLQDWHVRZLHGHU6FKUDXEHQNUDIWUHFKWH2UGLQDWH
([SHULPHQWHOOH8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQ 6HLWH

'LH.RQWDNWIOlFKHQGHU)ODQVFKHVRZLHGLH,QQHQVHLWHGHV7XUPVVLQGHQWVSUHFKHQGGHU)LUPHQ
VSH]LILNDWLRQGHU)LUPD(QURQ:LQG*PE+>@JHJHQ.RUURVLRQJHVFKW]W'LH1HQQVFKLFKW
GLFNHQLPWURFNHQHQ=XVWDQGVLQGLQ7DEHOOH]XVDPPHQJHVWHOOW
2EHUIOlFKH %HVFKLFKWXQJVDXIEDX
,QQHQVHLWHGHV7XUPV PP*UXQGEHVFKLFKWXQJ=LQN
PP'HFNEHVFKLFKWXQJ
.RQWDNWIOlFKHQGHU)ODQVFKH PP*UXQGEHVFKLFKWXQJ
7DEHOOH1HQQVFKLFKWGLFNHQGHV.RUURVLRQVVFKXW]HV
'XUFKGLH$SSOLNDWLRQGHU0H‰VWHOOHQDP7XUPLP:HUNZXUGHHLQHWHLOZHLVH1DFKODFNLHUXQJ
GHU%HVFKLFKWXQJYRUJHQRPPHQVRGD‰VLFKJHJHQEHUGHQ1HQQZHUWHQJU|‰HUH6FKLFKWGLFNHQ
HUJHEHQ 'LHV KDW DXI GLH ]X HUZDUWHQGH 6FKUDXEHQEHDQVSUXFKXQJ NHLQHQ (LQIOX‰ GLH ]X 9RU
VSDQQNUDIWYHUOXVWHQIKUHQGHQ6HW]EHWUlJHLQGHU9HUELQGXQJIDOOHQDEHUJU|‰HUDXVDOVEHL(LQ
KDOWXQJGHU1HQQZHUWH
8QWHUH7XUPVHNWLRQ 2EHUH7XUPVHNWLRQ
0H‰SXQNW , ,, ,,, ,9 , ,, ,,, ,9 6
6ROOZHUW         
         
         
         
         
0LWWHOZHUW         
7DEHOOH*HPHVVHQH7URFNHQVFKLFKWGLFNHQ76'LQ>PP@DQGHQ0H‰VWHOOHQ
'LH JHPHVVHQHQ 7URFNHQVFKLFKWGLFNHQ VLQG LQ 7DEHOOH  ]XVDP ,,, ,9
PHQJHVWHOOW GLH %H]HLFKQXQJ GHU 0H‰SXQNWH LVW LQ $EELOGXQJ 
YHUGHXWOLFKW 'LH 6FKLFKWGLFNHQ GHU XQWHUHQ 7XUPVHNWLRQ DQ GHU
GLH'06DSSOL]LHUWZXUGHQVLQGGHXWOLFKJU|‰HUDOVGLHGHUREHUHQ
6HNWLRQ GLH QXU GHQ EOLFKHQ .RQVHUYLHUXQJVSUR]H‰ GXUFKODXIHQ
KDW'LHJHPHVVHQHQ:HUWHVLQGQRUPJHPl‰GDQDFK',1(1,62
>@DOV+|FKVWVFKLFKWGLFNHGLHGUHLIDFKH6ROOVFKLFKWGLFNH , ,,
]XOlVVLJLVW,QGHU6SDOWHÄ6³LVWMHZHLOVGLH6XPPHGHULP.UDIW $EELOGXQJ0H‰SXQNWH
IOX‰OLHJHQGHQ%HVFKLFKWXQJVGLFNHQ DXIJHIKUW GLH 6FKLFKWGLFNHQ 6FKLFKWGLFNHQPHVVXQJ
GHU0H‰VWHOOHQ,XQG,,VRZLH,,,XQG,9ZXUGHQGDEHLJHPLWWHOW
8PHLQHQ(LQGUXFNGHU)HUWLJXQJVXQJHQDXLJNHLWHQ]XHUKDOWHQZXUGHQGLH)ODQVFKHDX‰HUGHP
LP :HUN YHUPHVVHQ GHU SODQPl‰LJH ,QQHQVSDOW ZXUGH DXI GHU %DXVWHOOH NRQWUROOLHUW %HL GHU
(EHQKHLWVYHUPHVVXQJLP:HUNHUJDEHQVLFKGDEHLPD[LPDOH:HOOLJNHLWHQYRQ“PPREHUH
7XUPVHNWLRQE]Z“PPXQWHUH7XUPVHNWLRQ'LHYRU2UWDQGHQ0H‰VWHOOHQJHPHVVHQHQ
.ODIIXQJHQDXIGHU,QQHQVHLWHVLQGLQ7DEHOOH]XVDPPHQJHVWHOOW
0H‰SXQNW    
.ODIIXQJ,QQHQVHLWH PP PP PP PP
7DEHOOH:LQNHONODIIXQJHQGHU)HOGPHVVXQJ%H]HLFKQXQJGHU0H‰SXQNWHVLHKH$EELOGXQJ
6HLWH )HOGYHUVXFKH

=XP 6FKXW] JHJHQ HLQGULQJHQGHV :DVVHU ZLUG ]XU

$X‰HQVHLWH KLQ HLQH $EGLFKWXQJ JHOHJW $EELOGXQJ
'LHYHUZHQGHWH'LFKWPDVVHLVWHLQ.RPSRQHQ
WHQ3RO\XUHWKDQNOHEVWRII GHU PLW /XIWIHXFKWLJNHLW ]X
HLQHP (ODVWRPHU DXVKlUWHW 'LH (LJHQVFKDIWHQ GLHVHU
$EGLFKWXQJ VLQG QXU VFKZHU DEVFKlW]EDU XD ZHJHQ
GHU YRU GHP $XIVHW]HQ GHV QlFKVWHQ 7XUPVHJPHQWV
]XIlOOLJHQ $XVKlUWH]HLW ,P YRUOLHJHQGHQ )DOO ZXUGH
GDV QlFKVWH 7XUPVHJPHQW FD HLQH 6WXQGH QDFK $XI
EULQJHQ GHU 'LFKWXQJ DXIJHVHW]W %LV GDKLQ ZDU DOVR
$EELOGXQJ$EGLFKWXQJGHU)ODQVFKH
HLQH JHZLVVH +lUWXQJ EHUHLWV HUIROJW QDFK +HUVWHO
OHUDQJDEHKlUWHWHLQH6FKLFKWYRQPP'LFNHLQFD6WXQGHQYROOVWlQGLJDXV1DFK$QJDEHQ
YRQ 6&+:$5= >@ YDULLHUW GHU (ODVWL]LWlWVPRGXO YRQ 385(ODVWRPHUHQ LP %HUHLFK YRQ 
1PPðYRP+HUVWHOOHUZDUHQNHLQHJHQDXHUHQ$QJDEHQ]XHUKDOWHQ
 &KURQRORJLHGHU0HVVXQJHQ
=XU%HXUWHLOXQJGHU(UJHEQLVVHLVWGLH&KURQRORJLHGHV$XIEDXVXQGGHU0HVVXQJZLFKWLJ)RO
JHQGH'DWHQVLQGIHVW]XKDOWHQ
'DWXP (UHLJQLV
 $XIVWHOOHQGHV7XUPVLQNO0HVVXQJGHU9RUVSDQQYRUJlQJH
 (UQHXWH0HVVXQJGHU9RUVSDQQNUlIWH
 0RQWDJHGHV5RWRUV
 =ZLVFKHQPHVVXQJGHU9RUVSDQQNUlIWHFDV6WDQG]HLW
 1HW]DQVFKOX‰GHU$QODJH%LV]XGLHVHP=HLWSXQNWNRQQWHQPLW$XVQDKPHGHU=ZL
VFKHQPHVVXQJDPZHJHQGHVIHKOHQGHQ6WURPDQVFKOXVVHVNHLQH0HVVXQJHQ
YRUJHQRPPHQZHUGHQ'DGLH$QODJHLQGLHVHU=HLWDXFKQLFKWLP3URGXNWLRQVEHWULHE
ZDUZDUHQDQGHUHUVHLWVDXFKNHLQHQHQQHQVZHUWHQ/DVWHUHLJQLVVH]XHUZDUWHQ
 %HJLQQGHUNRQWLQXLHUOLFKHQ0HVVXQJHQ
 $XIVFKDOWXQJGHU$QODJHQGDWHQDXIGLH0H‰HLQULFKWXQJ
 (LQULFKWXQJGHUHQGJOWLJHQ0H‰VWHXHUXQJLQNOG\QDPLVFKHU$QSDVVXQJGHU0H‰UDWH
LQ$EKlQJLJNHLWYRQGHU:LQGJHVFKZLQGLJNHLW
 %HJLQQGHV3URGXNWLRQVEHWULHEHVPLW1HQQOHLVWXQJ%LV]XGLHVHP=HLWSXQNWZXUGH
GLH$QODJHZHJHQXQYROOVWlQGLJHQ1HW]DQVFKOXVVHVQLFKWPLWYROOHU/HLVWXQJJHIDK
UHQZRGXUFKGLH/DVWHQJHULQJHUDXVJHIDOOHQVLQGDOVEHL1RUPDOEHWULHE
:LFKWLJ LVW LQVEHVRQGHUH GD‰ EHU GHQ 9HUODXI GHU 9RUVSDQQNUlIWH XQG EHU UHOHYDQWH /DVW
HUHLJQLVVHELV]XPDOVRNQDSSYLHU:RFKHQQDFK$XIVWHOOXQJQXUHLQJHVFKUlQNWHLQH
$XVVDJH JHWURIIHQ ZHUGHQ NDQQ 'HU DEVROXWH 9HUOXVW DQ 9RUVSDQQNUDIW NDQQ DEHU ]XYHUOlVVLJ
TXDQWLIL]LHUWZHUGHQ
 (LQIOX‰GHU6FKDOHQWUDJZLUNXQJDXIGLH0H‰HUJHEQLVVH
,QGHU6FKDOHNDQQYRQHLQHPHEHQHQ6SDQQXQJV]XVWDQGDXVJHJDQJHQZHUGHQIUGHQJLOW

H[ ˜ V [  P ˜ V M  
(

HM ˜ V M  P ˜ V [  
(
([SHULPHQWHOOH8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQ 6HLWH

'DV$XVJDQJVVLJQDOGHU9ROOEUFNHLVW
8$ N
˜  ˜ H [   ˜ H M  
8% 
%HLGHU$XVZHUWXQJHLQDFKVLJHU6SDQQXQJV]XVWlQGHHUJLEWVLFKGDV0H‰VLJQDOGDPLW]X
8$ N N
˜  ˜ H [   ˜ P ˜ H [  ˜  ˜ H [ 4XHUGHKQ]DKOP ± 
8%  
'LHVHU =XVDPPHQKDQJ JLOW EHLP ]ZHLDFKVLJHQ 6SDQQXQJV]XVWDQG QLFKW PHKU GLH JHPHVVHQHQ
'HKQXQJHQZHUGHQGXUFKGLH8PIDQJVVSDQQXQJHQEHHLQIOX‰W'LH6SDQQXQJHQZHUGHQKHUYRU
JHUXIHQGXUFKGLH6FKQLWWJU|‰HQ1MXQG0MGHUHQ(LQIOX‰LPIROJHQGHQDEJHVFKlW]WZLUG
D(LQIOX‰YRQ8PIDQJVQRUPDONUlIWHQ
8PIDQJVQRUPDONUlIWH HQWVWHKHQ DXV GHP :LQGGUXFN VRZLH GHU 6W|UXQJ GHV 0HPEUDQVSDQ
QXQJV]XVWDQGHVGXUFKGHQ5LQJIODQVFK
'LH GXUFK GLH %LHJHVW|UXQJ KHUYRUJHUXIHQHQ 6FKQLWWJU|‰HQ NOLQJHQ LQ 6FKDOHQOlQJVULFKWXQJ
VFKQHOODE$XVJHKHQGYRP0D[LPDOZHUWIROJWGLH6FKQLWWJU|‰HGHU)XQNWLRQ>@
1M 1 MPD[ ˜ Q ˜ N ˜ H  Q˜[ >FRV Q ˜ [   VLQ Q ˜ [ @ 

§U ·
PLW N   ˜   P  ˜ ¨¨ M ¸¸

 P UM PPV PP
©V¹
N 
Q  ˜   V6FKDOHQGLFNH[/DXINRRUGLQDWHLQ6FKDOHQOlQJVULFKWXQJ
UM PP

)UGHQYRUOLHJHQGHQ)DOOHUJLEWVLFKGDUDXVPLW[ PP
1M 1 M PD[ ˜ Q ˜ N ˜ H  Q˜[ ˜ >FRV Q ˜ [   VLQ Q ˜ [ @ )


 ˜  ˜ 1 M PD[
V PP
PP

=XU $EVFKlW]XQJ GHU GXUFK GLH %LHJHVW|UXQJ

HQWVWHKHQGHQ 6FKQLWWJU|‰HQ ZLUG HLQ (UVDW]V\ 
VWHPQDFK$EELOGXQJEHUHFKQHW UM PP
%HL HLQHU %HODVWXQJ YRQ 1- ) ±
1PP HQWVSUHFKHQG V-  1PPð LQ 5LQJVWHLIH
PP

/lQJVULFKWXQJ HUJLEW VLFK DOV 5LQJQRUPDONUDIW EK 

DP)ODQVFK
6\VWHPXQG/DVW
1M  1  PP URWDWLRQV\PPHWULVFK

$QGHU0H‰VWHOOHHUJLEWVLFKGHP]XIROJH
$EELOGXQJ (UVDW]V\VWHP]XU$EVFKlW]XQJGHV
1M  ˜   ˜ 1 M PD[  1  PP (LQIOXVVHVGHU%LHJHVW|UXQJ

E]ZDOV8PIDQJVVSDQQXQJVM 1PPð
'LHVH*U|‰HQRUGQXQJLVWJHJHQEHUGHUHLQZLUNHQGHQ/DVWYHUQDFKOlVVLJEDUXQGIKUW]XNHLQHU
%HHLQIOXVVXQJGHU(UJHEQLVVH


%HUHFKQXQJPLW5RW$VV,QVWLWXWIU6WDWLNGHU8QLYHUVLWlW+DQQRYHUKWWSZZZVWDWLNXQLKDQQRYHUGH
6HLWH )HOGYHUVXFKH

'LHPD[LPDOHQ'HKQXQJHQLQIROJH:LQGEHDQVSUXFKXQJZHUGHQHEHQIDOOVEHUHLQH%HWUDFKWXQJ
DPURWDWLRQVV\PPHWULVFKHQ(UVDW]]\OLQGHUDEJHVFKlW]W1DFK*,5.0$11>@NDQQGLH:LQG
ODVW XP HLQHQ .UHLV]\OLQGHU GXUFK IROJHQGH 5HLKHQHQWZLFNOXQJ PLW IQI *OLHGHUQ DQJHQlKHUW
ZHUGHQ
ª º
«  »
« »
S M  ¦S Q ˜ FRV Q ˜ M  PLW S Q «  » ˜ S SJU|‰HU6WDXGUXFN 
« »
«  »
«¬   »¼

'LH]XJHK|ULJH5LQJQRUPDONUDIWLVW

1M  U ˜ ¦ S Q ˜ FRV Q ˜ M  
Q 

'DV0LQLPXPGHU5HLKHQHQWZLFNOXQJOLHJWEHLM ƒPLW SM   ˜ S 

)UHLQH:LQGJHVFKZLQGLJNHLWYRQPVEHWUlJWGHU6WDXGUXFN
 
§ Y · §  ·
S ¨ ¸ ¨ ¸  N1  P 
©  ¹ ©  ¹
'DUDXVIROJW 1 M | PP ˜  ˜     1PPEHLV PPHUJLEWVLFKGDUDXVHL
QH8PIDQJVVSDQQXQJYRQVM 1PPð±GLHVH*U|‰HQRUGQXQJLVWHEHQIDOOVYHUQDFKOlVVLJ
EDU'LHVH$EVFKlW]XQJGHFNWVLFKPLW%HUHFKQXQJHQDQZLQGEHDQVSUXFKWHQ6WDKOVFKRUQVWHLQHQ
GLHYRQ6&+1(,'(5>@GXUFKJHIKUWZXUGHQ
E(LQIOX‰YRQ%LHJHPRPHQWHQ
%LHJHPRPHQWHLQ8PIDQJVULFKWXQJHQWVWHKHQ GXUFK GLH XQJOHLFKI|UPLJH 9HUWHLOXQJ GHV :LQG
GUXFNVDXIGLH6FKDOHVLHVLQGYRQGHU*U|‰HQRUGQXQJKHUEHGHXWHQGHUDOVGLH8PIDQJVQRUPDO
NUlIWH YJO >@ 'LH UHVXOWLHUHQGHQ 8PIDQJVVSDQQXQJHQ EHZLUNHQ 'HKQXQJVlQGHUXQJHQ
GLHQDFK*OELVGDV%UFNHQVLJQDOEHHLQIOXVVHQ'DGLH6SDQQXQJHQDXVGHP%LHJH
PRPHQWVLFKLQJOHLFKHU*U|‰HDEHUPLWXPJHNHKUWHP9RU]HLFKHQDXIGLH'HKQXQJVlQGHUXQJHQ
LQQHQXQGDX‰HQDXVZLUNHQHQWVWHKWEHLGHU0LWWHOXQJGHU%UFNHQVLJQDOHYRQ,QQHQXQG$X
‰HQVHLWH]XU(UPLWWOXQJGHU1RUPDOVSDQQXQJNHLQ)HKOHU
$OV)D]LWNDQQGLH0H‰DQRUGQXQJZLHIROJWEHZHUWHWZHUGHQ
 'LHJHZlKOWH$QRUGQXQJXQG9HUVFKDOWXQJGHU'06LVWJHHLJQHWGLH1RUPDOVSDQQXQJHQ
NRUUHNW ]X EHVWLPPHQ VRZRKO GXUFK 8PIDQJVQRUPDONUlIWH DOV DXFK GXUFK 6FKDOHQELHJH
PRPHQWH LVW NHLQH %HHLQIOXVVXQJ GHU 0H‰JU|‰H ]X HUZDUWHQ (LQH %HHLQIOXVVXQJ GXUFK
8PIDQJVELHJHPRPHQWH GHUHQ *U|‰H VFKZHU DE]XVFKlW]HQ LVW ZlUH JHJHEHQ ZHQQ GLH
'06LQ9ROOEUFNHQVFKDOWXQJQXUHLQVHLWLJDSSOL]LHUWZHUGHQ
 'LH0H‰DQRUGQXQJLVWQXUHLQJHVFKUlQNWYHUZHQGEDUZHQQHLQH$XVVDJHEHUGLHLQGHU
6FKDOHZLUNHQGHQ%LHJHPRPHQWHJHWURIIHQZHUGHQVROO
([SHULPHQWHOOH8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQ 6HLWH

 'DWHQUHGXNWLRQ
,QVEHVRQGHUHEHLGHU,Q6LWX0HVVXQJIDOOHQWURW]GHUYRQGHU:LQGJHVFKZLQGLJNHLWDEKlQJLJHQ
0H‰UDWHQVWHXHUXQJVHKUJUR‰H'DWHQPHQJHQDQ'LH'DWHQZHUGHQMHQDFK$QIDOOLQQHUKDOEZH
QLJHU7DJHELVPHKUHUHU:RFKHQDXVJHOHVHQLQQHUKDOEGLHVHU=HLWUlXPHIDOOHQMHZHLOVELV]X
0LOOLRQHQ'DWHQVlW]HLQMHGHPGHU0H‰NDQlOHDQ'LHVH'DWHQVLQGQLFKWPHKUHLQ]HOQDXV
ZHUWEDU VWDWW GHVVHQ ZHUGHQ PLW GHP DP ,QVWLWXW IU 6WDKOEDX HQWZLFNHOWHQ 3URJUDPP
'HKQB5)6VLHKH$EVFKQLWW8PKOOHQGHDOOHU0H‰ZHUWHH[WUDKLHUW=XU%HLEHKDOWXQJGHU
EOLFKHQ'DUVWHOOXQJVZHLVHYJO$EELOGXQJZLUGDXVGHQJHPHVVHQHQ'HKQXQJHQGHU7XUP
ZDQGXQJDXIGLHUHFKQHULVFKH=XJNUDIWMH6HJPHQWXPJHUHFKQHW
= H LQQHQ  H DX‰HQ    ˜ ( ˜ F ˜ V 
PLW F(LQIOX‰EUHLWHLQ6FKDOHQPLWWHOIOlFKHV:DQGGLFNH
)UDOOH0H‰GDWHQVlW]HGLHDXVGHQ]HLWJOHLFKDXIJHQRPPHQHQ'060H‰VWHOOHQDQGHQ6FKUDX
EHQVRZLHGHU7XUPZDQGGHQ7HPSHUDWXUPH‰VWHOOHQXQGGHQ$QODJHQGDWHQEHVWHKHQZLUGGLH
=XJNUDIW=VRZLHGLH6FKUDXEHQNUDIW)6HUPLWWHOW)U,QWHUYDOOHYRQ'= N1ZHUGHQGDQQ
QXUGLHMHQLJHQ'DWHQVlW]HDEJHVSHLFKHUWIUGLHQLHGULJVWHE]ZK|FKVWH6FKUDXEHQNUDIWDXIJH
WUHWHQLVW$XIGLHVH:HLVHZHUGHQPHKUHUH0LOOLRQHQ'DWHQVlW]H]XHLQHU8PKOOHQGHQPLWZH
QLJHQ+XQGHUW'DWHQVlW]HQUHGX]LHUW

 0H‰XQVLFKHUKHLW
'LH*HQDXLJNHLWGHU(UJHEQLVVHKlQJWYRQGHQVWHWVYRUKDQGHQHQ0H‰XQVLFKHUKHLWHQDE%HLGHU
YRUKDQGHQHQ0H‰DXIJDEHWUHWHQLQ%H]XJDXIGDVJHVXFKWH(UJHEQLV]ZHL)HKOHUULFKWXQJHQDXI
QlPOLFK EHL GHU 0HVVXQJ GHU %HODVWXQJ XQG EHL GHU GDUDXV UHVXOWLHUHQGHQ %HDQVSUXFKXQJ GHU
6FKUDXEH'LHP|JOLFKHQ0H‰IHKOHUVLQGPLWLKUHU$XVZLUNXQJVULFKWXQJLQ$EELOGXQJGDUJH
VWHOOW
N:HUWGHU'06
(0RGXOGHU6FKUDXEH <
NRPSHQVLHUWEHU9RUYHUVXFK
*HQDXLJNHLWGHU3UIPDVFKLQH“
)6 $XIO|VXQJXQG*HQDXLJNHLW0H‰YHUVWlUNHU“
06 .ULHFKHQGHU'06
+OONXUYHEHLXQJQVWLJHU
hEHUODJHUXQJGHU0H‰IHKOHU

$OOJHPHLQ
$XIO|VXQJXQG*HQDXLJNHLW
“I[ 0H‰YHUVWlUNHU “

/DERUYHUVXFK
“I\ *HQDXLJNHLW3UIPDVFKLQH “

)HOGYHUVXFK
(0RGXO7XUPVFKDOH “
N:HUW'06 “
%OHFKGLFNH “
=
$EELOGXQJ$XVZLUNXQJGHUP|JOLFKHQ0H‰IHKOHU
6HLWH (UJHEQLVVH

'HUV\VWHPDWLVFKH0H‰IHKOHUHUJLEWVLFKQDFK*(,*(5>@DXVGHU6XPPHGHU(LQ]HOIHKOHU

I JHV ¦I L



'LHZDKUVFKHLQOLFKHQV\VWHPDWLVFKHQ)HKOHUEHWUDJHQVRPLW
 0HVVXQJGHU6FKUDXEHQEHDQVSUXFKXQJ I\JHV “
 0HVVXQJGHU%HODVWXQJ/DERUYHUVXFK I[JHV “
 0HVVXQJGHU%HODVWXQJ)HOGYHUVXFK I[JHV “
'HU*HVDPWIHKOHULQ[RGHU\5LFKWXQJHUJLEWVLFKDXVGHUXQJQVWLJHQ$GGLWLRQGHU7HLOIHKOHU
XQGLVWGDPLWYRQGHU6WHLJXQJGHU)XQNWLRQDEKlQJLJ:HJHQGHUJHULQJHQ*U|‰HQRUGQXQJZLUG
DXIHLQHJHQDXHUH%HWUDFKWXQJYHU]LFKWHW
%HL/DQJ]HLWPHVVXQJNRPPWDOVQLFKWTXDQWLIL]LHUEDUHU(LQIOX‰GDV.ULHFKHQGHU'06XQGJJI
DXFKGHVEHODVWHWHQ3UIN|USHUVKLQ]X

 (UJHEQLVVH
¾ 'LHJHZlKOWH$QRUGQXQJDQ'06DXIGHPUHGX]LHUWHQ6FKUDXEHQVFKDIWPLWGUHL9ROOEUFNHQ
LQD[LDOHU5LFKWXQJVRZLHHLQHU9ROOEUFNH]XU(UPLWWOXQJGHU6FKXEVSDQQXQJHQKDWVLFKEH
ZlKUW'XUFKGLH%HVFKUHLEXQJGHUNRPSOHWWHQ6SDQQXQJVHEHQHZLUGLQVEHVRQGHUHHLQH3ODX
VLELOLWlWVNRQWUROOHEHUGLH5LFKWXQJGHUJHPHVVHQHQ%LHJHPRPHQWHHUP|JOLFKW'LH:DKOGHU
9ROOEUFNHDOV0H‰VFKDOWXQJKDWQHEHQGHU7HPSHUDWXUNRPSHQVDWLRQGHQ9RUWHLOGHVJUR‰HQ
$XVJDQJVVLJQDOV
¾
'LH5HSURGX]LHUEDUNHLWGHU(UJHEQLVVHLVWEHLYHUVFKLHGHQHQ9HUVXFKHQKHUYRUUDJHQG
¾
)UGLH0HVVXQJLP)HOGYHUVXFKVLQG]XU(UPLWWOXQJGHU%HDQVSUXFKXQJGHU7XUPZDQG]ZHL
9ROOEUFNHQHUIRUGHUOLFK'HU(LQIOX‰GHU6FKDOHQWUDJZLUNXQJZLUGDXIGLHVH:HLVHPH‰WHFK
QLVFKHOLPLQLHUW
¾
'DEHLGHUYRUOLHJHQGHQ0H‰DXIJDEH]HLWJOHLFKDXIJHQRPPHQH0H‰ZHUWHDOOHU0H‰VWHOOHQHU
IRUGHUOLFKVLQGPVVHQGLH'DWHQLQ)RUPYRQ=HLWUHLKHQJHVSHLFKHUWZHUGHQ=XU5HGXNWLRQ
GHU'DWHQPHQJHLVWGDKHUHLQHG\QDPLVFKH6WHXHUXQJGHU0H‰UDWH]%LQ$EKlQJLJNHLWYRQ
GHU:LQGJHVFKZLQGLJNHLWHPSIHKOHQVZHUW
8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQPLW+LOIHGHU)(0HWKRGH 6HLWH

 8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQPLW+LOIHGHU)(0HWKRGH
'LH V\VWHPDWLVFKH 8QWHUVXFKXQJ GHV 7UDJYHUKDOWHQV YRQ )ODQVFKYHUELQGXQJHQ NDQQ ZHJHQ GHU
GDPLW YHUEXQGHQHQ KRKHQ .RVWHQ QLFKW DXVVFKOLH‰OLFK H[SHULPHQWHOO HUIROJHQ =XU (UJlQ]XQJ
GHV LP 9HUVXFK DEJHGHFNWHQ 3DUDPHWHUEHUHLFKHV ZHUGHQ LQ GLHVHU $UEHLW GHVKDOE YHUVFKLHGHQH
GUHLGLPHQVLRQDOH )LQLWH(OHPHQW0RGHOOH HLQJHVHW]W (LQ 0RGHOO GDV DQDORJ ]X GHQ %HUHFK
QXQJVYHUIDKUHQ HLQ 6HJPHQW GHV 5LQJIODQVFKHV XPID‰W XQG HLQ ZHLWHUHV 0RGHOO PLW GHP GDV
*HVDPWV\VWHP DEJHELOGHW ZLUG 'LH 0RGHOOH ZHUGHQ VRZHLW P|JOLFK H[SHULPHQWHOO YHULIL]LHUW
GDPLW VLH DOV JOHLFKZHUWLJH $OWHUQDWLYH QHEHQ GHP 9HUVXFK VWHKHQ N|QQHQ ,P IROJHQGHQ ZLUG
]XQlFKVWDXI%HVRQGHUKHLWHQE]JOGHU.RQWDNWPRGHOOLHUXQJXQGGHU0RGHOOLHUXQJLPHODVWLVFKHQ
E]ZLPSODVWLVFKHQ%HUHLFKHLQJHJDQJHQ
(LQ)(0RGHOOGHU)ODQVFKYHUELQGXQJLVWLQPHKUHUHU+LQVLFKWQLFKWOLQHDU'LH%HUKUXQJVHEH
QHQ]ZLVFKHQ)ODQVFK6FKHLEHXQG6FKUDXEHHUIRUGHUQGHQ(LQVDW]YRQ.RQWDNWDOJRULWKPHQEHL
7UDJODVWXQWHUVXFKXQJHQ LVW GDV QLFKWHODVWLVFKH 0DWHULDOYHUKDOWHQ ]X EHUFNVLFKWLJHQ =XGHP
VWHOOWGLH6FKUDXEHPLWLKUHP*HZLQGHHLQNRPSOH[HVGUHLGLPHQVLRQDOHV*HELOGHGDUGDVIUGLH
%HUHFKQXQJXQWHU:DKUXQJGHUZLFKWLJVWHQ(LJHQVFKDIWHQYHUHLQIDFKWDEJHELOGHWZHUGHQPX‰
'LHYHUVFKLHGHQHQ$VSHNWHGHU0RGHOOLHUXQJZHUGHQLPIROJHQGHQ]XVDPPHQJHID‰W'HQMHZHL
OLJHQ $EVFKQLWWHQ OLHJHQ XPIDQJUHLFKH 9HUJOHLFKVEHUHFKQXQJHQ ]XJUXQGH (LQLJH GHU ZLFKWLJ
VWHQ3DUDPHWHUGHV)(0RGHOOVVLQGLQGHUIROJHQGHQ7DEHOOH]XVDPPHQJHVWHOOW
$16<6Š %H]HLFKQXQJ 6WDQGDUGZHUW
3DUDPHWHU
>RKQH@ .RQYHUJHQ]QRUP /ELVGHU0D[LPDOODVW/GDQDFK
E]Z/ELV0D[LPDOODVWEHL*HVDPWV\VWHP
H .RQYHUJHQ]PXOWLSOLNDWRU 
).1 .RQWDNWVWHLILJNHLW 
)72/1 .RQWDNWWROHUDQ] 
1/*(20 JHRPHWULVFKH1LFKWOLQHDULWlW 21EHL9HUVXFKVQDFKUHFKQXQJHQ
2))EHL5HFKQXQJHQPLWELOLQHDUHUVH/LQLH
667,) 6WUHVV6WLIIHQLQJ 2))
7DEHOOH3DUDPHWHUGHV)(0RGHOOVPLW6WDQGDUGHLQVWHOOXQJHQ

 0RGHOOLHUXQJGHU.RQWDNW]RQHQ
'HU )ODQVFK ZLUG XQWHU $XVQXW]XQJ YRQ 6\PPHWULHEHGLQJXQJHQ PLW 9ROXPHQHOHPHQWHQ JHQH
ULHUW :HVHQWOLFK IU GLH 0RGHOOELOGXQJ VLQG GLH .RQWDNW]RQHQ ]ZLVFKHQ 6FKUDXEHQNRSI XQG
6FKHLEH6FKHLEHXQG)ODQVFKVRZLHLQGHU6\PPHWULHHEHQHGHU)ODQVFKH
$16<6Š YHUZHQGHW IU GLH .RQWDNWHOHPHQWH HLQH (UZHLWHUWH /DJUDQJH)RUPXOLHUXQJ DXFK DOV
$XJPHQWHG/DJUDQJH0HWKRGHEH]HLFKQHWQDFK6,02/$856(1 >@'LHVH0HWKRGHNRPEL
QLHUWNODVVLVFKH/DJUDQJH9HUIDKUHQPLWGHU3HQDOW\0HWKRGH]XU%HVFKUlQNXQJGHU(LQGULQJWLH
IH 'LH (LQGULQJXQJ ZLUG GDEHL LQQHUKDOE YRUJHJHEHQHU 7ROHUDQ]JUHQ]HQ DXVJHJOLFKHQ LQGHP
UFNVWHOOHQGH.RQWDNWNUlIWHJHZHFNWZHUGHQGLH*U|‰HGHU.RQWDNWNUDIWHUJLEWVLFKDXVHLQHP
YRU]XJHEHQGHP0XOWLSOLNDWRU).1XQGGHU(LQGULQJXQJ3HQHWUDWLRQ
V G ˜ ).1 PLWG3HQHWUDWLRQ 
'HU DEVROXWH :HUW GHU (LQGULQJXQJ LQ GHQ =LHON|USHU NDQQ ]ZDU GXUFK 9RUJDEH HLQHV KRKHQ
:HUWHV IU GLH .RQWDNWVWHLILJNHLW ).1 NOHLQ JHKDOWHQ ZHUGHQ DEVROXW YHUPLHGHQ ZHUGHQ NDQQ
VLHYHUIDKUHQVEHGLQJWDEHUQLFKW
6HLWH 0RGHOOLHUXQJGHU.RQWDNW]RQHQ

.RQWDNW]RQH
)ODQVFK6FKHLEH

D.RQWDNWHOHPHQWH
EIHVWH9HUELQGXQJ

D.RQWDNWHOHPHQWH $EELOGXQJ)(
'LVNUHWLVLHUXQJGHV)ODQ
6\PPHWULHHEHQH E/LQNHOHPHQWH VFKHVPLW.RQWDNWHEHQHQ
F$XIODJHUO|VFKDOJRULWKPXV 'DUVWHOOXQJRKQH6FKUDXEH

1DFK :$1=(. >@ LVW GHU (LQIOX‰ GHU .RQWDNW]RQH ]ZLVFKHQ 6FKUDXEHQNRSI XQG 6FKHLEH
VHOEVWEHLVHKUGQQHQ)ODQVFKHQJHULQJGLH.QRWHQGLHVHU.RQWDNWIXJHZHUGHQGHVKDOEVWDUUJH
NRSSHOW'HU(LQIOX‰GHU.RQWDNW]RQH]ZLVFKHQ6FKHLEHXQG)ODQVFKLVWEHGHXWHQGHUKLHUZXU
GHQGHVKDOE]ZHL0RGHOOYDULDQWHQPLW.RQWDNWHOHPHQWHQE]ZPLWVWDUUHU.RSSOXQJGHU.QRWHQ
XQWHUVXFKW
)UGLH6\PPHWULHHEHQHLQGHU%HUKUXQJVHEHQHGHU)ODQVFKHZHUGHQGUHLYHUVFKLHGHQH9DULDQ
WHQ YHUZHQGHW $EELOGXQJ  1HEHQ GHU 0RGHOOLHUXQJ PLW .RQWDNWHOHPHQWHQ ZLH ]ZLVFKHQ
6FKHLEHXQG)ODQVFKZLUGHLQH0RGHOOLHUXQJPLW/LQNHOHPHQWHQXQWHUVXFKW/LQNHOHPHQWHKDEHQ
JHJHQEHU GHQ .RQWDNWHOHPHQWHQ GHQ 9RUWHLO GHU HLQIDFKHUHQ QXPHULVFKHQ )RUPXOLHUXQJ GD
GXUFK YHUNU]HQ VLFK GLH 5HFKHQ]HLWHQ XQG QXPHULVFKH 3UREOHPH GLH GXUFK GHQ .RQWDNWDOJR
ULWKPXVHQWVWHKHQN|QQHQZHUGHQZHLWJHKHQGXPJDQJHQ'DDXFKEHLGHQ/LQNHOHPHQWHQHLQH
HODVWLVFKH (LQGUFNXQJ HQWVWHKW GLH ]X HLQHU 9HUIlOVFKXQJ GHU (UJHEQLVVH IKUHQ N|QQWH ZLUG
QRFKHLQGULWWHU:HJEHVFKULWWHQEHLGHPEHUHLQHSHU0DNURJHVWHXHUWH,WHUDWLRQIHVWH$XIOD
JHUEHGLQJXQJHQIUGLH6\PPHWULHHEHQHYHUZHQGHWZHUGHQ'LH$XIODJHUZHUGHQHQWIHUQWZHQQ
GLH $XIODJHUUHDNWLRQ HLQH =XJNUDIW LVW XQG ZLHGHU HLQJHIKUW ZHQQ HLQ YHUVFKREHQHU .QRWHQ
XQWHUKDOEGHU6\PPHWULHHEHQHOLHJW'LH%HUHFKQXQJZLUGVRGHXWOLFKDXIZHQGLJHUXQGHVNDQQ
DXFK NHLQH DXWRPDWLVFKH 6FKULWWZHLWHQVWHXHUXQJ YHUZHQGHW ZHUGHQ H[HPSODULVFK ZLUG GLHVHV
9HUIDKUHQMHGRFK]X9HUJOHLFKV]ZHFNHQYHUZHQGHWXP)HKOHUGXUFKGLH.RQWDNWHOHPHQWHDXV
VFKOLH‰HQ]XN|QQHQ
'HU (LQIOX‰ GHU .RQWDNWGLVNUHWLVLHUXQJ LVW EHL YHUVFKLHGHQHQ *HRPHWULHQ XQG )UDJHVWHOOXQJHQ
XQWHUVFKLHGOLFK DXVJHSUlJW 8PIDQJUHLFKH 8QWHUVXFKXQJHQ XQG 9HUJOHLFKVEHUHFKQXQJHQ KDEHQ
]XIROJHQGHQ(UJHEQLVVHQJHIKUW
'LH6FKUDXEHQNUlIWHZHUGHQXQDEKlQJLJYRQGHU.RQWDNWGLVNUHWLVLHUXQJLQGHU 6\PPHWULHH
EHQHGHU)ODQVFKHLP*HVDPWYHUODXIJXWHUID‰W8QWHUVFKLHGH HUJHEHQ VLFK EHL NOHLQHQ =XJ
NUlIWHQGLH]XVHKUNOHLQHQ6FKUDXEHQ]XVDW]NUlIWHQIKUHQ,QGLHVHP$QIDQJVEHUHLFKLVWGLH
(LQVWHOOXQJGHU.RQWDNWHOHPHQWHVHKUVRUJIlOWLJ]XZlKOHQEHLGHQXQWHUVXFKWHQ*HRPHWULHQ
KDWVLFKHLQH.RQWDNWVWHLILJNHLWYRQ).1 ELVDOV]ZHFNPl‰LJHUZLHVHQ:HJHQGHU
VFKQHOOHUHQ.RQYHUJHQ]LVWGHU:DKOYRQ).1 GHU9RU]XJ]XJHEHQ=XU(UIDVVXQJGHU
6WHLJXQJLP$QIDQJVEHUHLFKVLQGDXFK/LQNHOHPHQWHVHKUJXWJHHLJQHW
8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQPLW+LOIHGHU)(0HWKRGH 6HLWH

)ODQVFKW PP )ODQVFKW PP

 
PLW.RQWDNWHOHPHQWHQ PLW.RQWDNWHOHPHQWHQ
 RKQH.RQWDNWHOHPHQWH  RKQH.RQWDNWHOHPHQWH
=
= ==

6SDOW>PP@

6SDOW>PP@

 6SDOW
*DS
6SDOW
*DS

 7HQVLRQ
=XJNUDIW=
)RUFH=

=XJNUDIW
7HQVLRQ 
)RUFH=
 
             
=XJNUDIW>N1@ =XJNUDIW>N1@

$EELOGXQJ 9HUJOHLFKGHV9HUIRUPXQJVYHUKDOWHQVEHLXQWHUVFKLHGOLFKHU0RGHOOLHUXQJGHU.RQWDNW]RQH]ZLVFKHQ
)ODQVFKXQG6FKHLEH
%HL GLFNHQ )ODQVFKHQ NDQQ GLH .RQWDNW]RQH ]ZLVFKHQ 6FKHLEH XQG )ODQVFK IHVW JHNRSSHOW
ZHUGHQRKQHGD‰VLFKHLQH9HUIlOVFKXQJGHU(UJHEQLVVHHUJLEW%HLGQQHUHQ)ODQVFKHQKLQ
JHJHQZLUGGDV9HUIRUPXQJVYHUKDOWHQEHLHLQHUVWDUUHQ.RSSOXQJQLFKWNRUUHNWHUID‰WGXUFK
GLH VWDUUH .RSSOXQJ YHUKlOW VLFK GLH 9HUELQGXQJ UHFKQHULVFK ]X VWHLI ,Q $EELOGXQJ  VLQG
GD]X ]ZHL %HLVSLHOUHFKQXQJHQ JHJHQEHUJHVWHOOW )U 9HUVXFKVIODQVFK  PLW HLQHU 'LFNH
W PP LVW GHU EHUHFKQHWH 6SDOW DXI GHU JH]RJHQHQ 6HLWH GHU 9HUELQGXQJ PLW XQG RKQH
.RQWDNWHOHPHQWH LGHQWLVFK %HL 9HUULQJHUXQJ GHU )ODQVFKGLFNH DXI W PP 9HUVXFKV
IODQVFKZLUGGLH9HUIRUPXQJRKQH.RQWDNWHOHPHQWHKLQJHJHQGHXWOLFK]XJHULQJHUPLWWHOW
'LHVLVWEHGHXWHQGIUGLH0RGHOOLHUXQJGHV*HVDPWV\VWHPVYJO$EVFKQLWW±ZHQQGLH
.RQWDNWHOHPHQWH]ZLVFKHQ)ODQVFKXQG6FKHLEHHQWIDOOHQN|QQHQEHGHXWHWGLHVHLQHHUKHEOL
FKH(UOHLFKWHUXQJLP+LQEOLFNDXIGLHEHQ|WLJWHQ5HVVRXUFHQ*HQHUHOON|QQHQEHL)ODQVFKHQ
GLH EHL 9HUZHQGXQJ GHU FKDUDNWHULVWLVFKHQ 7UDJIlKLJNHLWHQ QDFK 9HUVDJHQVPRGXV % VLHKH
$EVFKQLWW  YHUVDJHQ )ODQVFK XQG 6FKHLEH JHNRSSHOW ZHUGHQ RKQH GD‰ GDGXUFK QLFKW
YHUQDFKOlVVLJEDUH)HKOHUHQWVWHKHQ
'HU5HLEXQJVEHLZHUWIUGLH.RQWDNW]RQH]ZLVFKHQ6FKHLEHXQG)ODQVFKZLUNWVLFKHEHQIDOOV
QXU LP $QIDQJVEHUHLFK GHU .XUYH DXI GLH 6FKUDXEHQNUlIWH DXV 5HDOLVWLVFKH 5HLEXQJVZHUWH
YRQHWZDP ELVOLHIHUQDEHUNDXPYRQHLQDQGHUDEZHLFKHQGH(UJHEQLVVH
'HU (LQIOX‰ GHV 5HLEXQJVEHLZHUWHV DXI GLH 9HUIRUPXQJHQ LVW EHL $QQlKHUXQJ DQ GHQ
7UDJODVW]XVWDQG JU|‰HU DOOHUGLQJV QXU EHL GQQHQ )ODQVFKHQ 0LW VWHLJHQGHP 5HLEXQJVEHL
ZHUWZHUGHQGHXWOLFKNOHLQHUZHUGHQGH9HUIRUPXQJHQEHUHFKQHW

 0RGHOOLHUXQJGHU6FKUDXEH
$QGLH0RGHOOLHUXQJGHU6FKUDXEHZHUGHQMHQDFK)UDJHVWHOOXQJXQWHUVFKLHGOLFKH$QIRUGHUXQJHQ
JHVWHOOW%HLGHU%HUHFKQXQJYRQ%HDQVSUXFKXQJHQLPHODVWLVFKHQ%HUHLFKIUGHQ(UPGXQJVIH
VWLJNHLWVQDFKZHLVLVWYRUDOOHPGDV9HUIRUPXQJVYHUKDOWHQGHU6FKUDXEHNRUUHNW]XEHVFKUHLEHQ
GDGLHVHV GLH YRQ GHU 6FKUDXEH DXI]XQHKPHQGHQ 6FKQLWWJU|‰HQ EHVWLPPW %HL 8QWHUVXFKXQJHQ
LPSODVWLVFKHQ%HUHLFKVLQGKLQJHJHQGLH7UDJIlKLJNHLWXQGGLHSODVWLVFKH9HUOlQJHUXQJELV]XP
%UXFKE]Z*HZLQGHDEVWUHLIHQUHOHYDQW
6HLWH 0RGHOOLHUXQJGHU6FKUDXEH

 0RGHOOLHUXQJLPHODVWLVFKHQ%HUHLFK
=XU%HUHFKQXQJGHU%HDQVSUXFKXQJGHU6FKUDXEHQZHUGHQGLHHODVWLVFKHQ1DFKJLHELJNHLWHQIU
D[LDOH%HDQVSUXFKXQJXQG%LHJXQJKHUDQJH]RJHQ'LH*UXQGODJHQGLHVHU%HWUDFKWXQJVZHLVHGLH
LQ GHU 9',5LFKWOLQLH  YHUZHQGHW ZLUG VLQG ]% >@ ]X HQWQHKPHQ $QVFKDXOLFK EH
WUDFKWHWLVWGLH1DFKJLHELJNHLWGHU.HKUZHUWGHU)HGHUVWHLILJNHLWHLQHV%DXWHLOVVLHEHVFKUHLEWGLH
9HUIRUPXQJSUR.UDIWHLQKHLW
=XU%HUHFKQXQJGHUHODVWLVFKHQ1DFKJLHELJNHLWZLUGGLH6FKUDXEHQDFK9',5LFKWOLQLHLQ
HLQ]HOQH $EVFKQLWWH XQWHUWHLOW IU GHUHQ %HUHFKQXQJ DQDO\WLVFKH )RUPHOQ DQJHJHEHQ ZHUGHQ
VLHKH$EELOGXQJ'DEHLNDQQXQWHUVFKLHGHQZHUGHQ]ZLVFKHQ1DFKJLHELJNHLWVDQWHLOHQGLH
DOOHLQHGXUFKGLHJHRPHWULVFKH$EELOGXQJGHU6FKUDXEHHUID‰WZHUGHQXQGVROFKHQGLHHLQHUEH
VRQGHUHQ%HUFNVLFKWLJXQJEHGUIHQ
'LH*HVDPWQDFKJLHELJNHLWGHU6FKUDXEHLQD[LDOHU5LFKWXQJLVW
G6 G6.  ¦ G Q  G *HZ  G *  G 0 

)UGLH%LHJHQDFKJLHELJNHLWJLOWDQDORJ
E6 E 6.  ¦ E Q  E *HZ  E *  E 0 

$[LDOH1DFKJLHELJNHLW %LHJHQDFKJLHELJNHLW

 G  G  G  G

0XWWHU G*  G0  E*  E 0 
( 6 ˜ $ G  (6 ˜ $ 1 (6 ˜ ,G  (6 ˜ , 1
IUHLHV
O*HZ O *HZ
EHODVWHWHV G*HZ E*HZ
6FKUDXEHQ (6 ˜ $ G  (6 ˜ ,G 
JHZLQGH

]\OLQGULVFKH G OQ OQ
Q EQ
6FKUDXEHQ (6 ˜ $Q (6 ˜ , Q
WHLOH

6FKUDXEHQ  G  G

G6. E6.
NRSI (6 ˜ $ 1 (6 ˜ , 1

%H]HLFKQXQJHQYJO9',5LFKWOLQLH
$G,G )OlFKHE]Z7UlJKHLWVPRPHQWGHV.HUQTXHUVFKQLWWHVGHV*HZLQGHVQDFK',1
$1,1 )OlFKHE]Z7UlJKHLWVPRPHQWGHV1HQQTXHUVFKQLWWHVGHU6FKUDXEH
$Q,Q )OlFKHE]Z7UlJKHLWVPRPHQWGHU]\OLQGULVFKHQ6FKUDXEHQDEVFKQLWWH

$EELOGXQJ7HLODEVFKQLWWHHLQHU6FKUDXEH]XU%HUHFKQXQJGHUHODVWLVFKHQ1DFKJLHELJNHLWHQ
'XUFKGLHJHRPHWULVFKH$EELOGXQJGHU6FKUDXEHVLQGLQLKUHP9HUIRUPXQJVYHUKDOWHQNRUUHNWHU
ID‰W
 GLH1DFKJLHELJNHLWGHU]\OLQGULVFKHQ6FKUDXEHQWHLOHGQE]ZEQEHL6FKUDXEHQQDFK',1
DOVRGHU6FKDIWTXHUVFKQLWW
 GLH1DFKJLHELJNHLWGHV6FKUDXEHQNRSIHVG6.E]ZE6.]XPLQGHVWLQJXWHU1lKHUXQJDXFK
ZHQQGLHH[DNWH)RUPGHV6FKUDXEHQNRSIHV]%GXUFKHLQHQ.UHLVTXHUVFKQLWWEHVFKULHEHQ
ZLUG
8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQPLW+LOIHGHU)(0HWKRGH 6HLWH

 GLH 1DFKJLHELJNHLW GHV IUHLHQ EHODVWHWHQ 6FKUDXEHQJHZLQGHV G*HZ E]Z E*HZ GXUFK GLH
0RGHOOLHUXQJHLQHV6FKUDXEHQDEVFKQLWWHVPLWGHP6SDQQXQJVTXHUVFKQLWW$6XQGGHU/lQJH
O*HZ
'LH$QWHLOHGLHVLFKGXUFKGLH1DFKJLHELJNHLWGHVHLQJHVFKUDXEWHQ*HZLQGHNHUQVG*E]ZE*
XQG GXUFK GLH 0XWWHUYHUVFKLHEXQJ G0 E]Z E0 HUJHEHQ ZHUGHQ GXUFK HLQH $QSDVVXQJ GHU
6FKUDXEHQPRGHOOLHUXQJEHUFNVLFKWLJW,PIROJHQGHQZLUGGLHNRUUHNWH0RGHOOLHUXQJ]XU(UIDV
VXQJGHU/lQJVXQG%LHJHQDFKJLHELJNHLWDQJHJHEHQ
 $[LDOH%HDQVSUXFKXQJGHU6FKUDXEH
'LH6FKUDXEHQ]XVDW]NUDIWKlQJWGXUFKGDV)HGHUJHVHW]YRQLKUHU/lQJXQJDE
'O 6
')6 'O 6 ˜ & 6 
G6
'DPLWGLH6FKUDXEHQNUDIWNRUUHNWEHUHFKQHWZLUGPX‰GLH1DFKJLHELJNHLWGHU6FKUDXEHLP)(
0RGHOOGHU1DFKJLHELJNHLWQDFK*OHQWVSUHFKHQ'LH6FKUDXEHZLUGGD]XGUHLGLPHQVLRQDO
PLW=\OLQGHUQXQWHUVFKLHGOLFKHU'XUFKPHVVHUPRGHOOLHUW$EELOGXQJZREHLGHUNOHLQHUH=\
OLQGHUGLH)OlFKHGHV6SDQQXQJVTXHUVFKQLWWHVEHVLW]WGDPLWKLHUEHUGLH0RGHOOLHUXQJPLWGHU
=XJIHVWLJNHLWJOHLFK]HLWLJGLH*UHQ]WUDJIlKLJNHLWGHU6FKUDXEHEHVFKULHEHQZLUG
,P)(0RGHOOGHV)ODQVFKVHJPHQWHVZLUGZHJHQGHU$XVQXW]XQJGHU6\PPHWULHQXUHLQHKDOEH
6FKUDXEHDEJHELOGHWVRGD‰JHOWHQPX‰
G 6FKUDXEH )(   G6   

,Q $EELOGXQJ  VLQG YHUVFKLHGHQH 0RGHOOLHUXQJVYDULDQWHQ JHJHQEHUJH

VWHOOW'LH9HUJU|‰HUXQJGHV6FKUDXEHQWHLOHVPLW*HZLQGHTXHUVFKQLWWE]Z
6SDQQXQJVTXHUVFKQLWWGLHQW]XU(UIDVVXQJGHU$QWHLOHDXV0XWWHUYHUVFKLH
EXQJXQGGHVHLQJHVFKUDXEWHQ*HZLQGHNHUQV
$QKDQGGHUUHODWLYHQ6WHLILJNHLWHQGHU)(6FKUDXEHIUHLQH+96FKUDXEH
GHU*U|‰H0EHLHLQHU.OHPPOlQJHON PPXQGHLQHUIUHLHQEHOD
VWHWHQ *HZLQGHOlQJH YRQ O*HZ PP ZHUGHQ GLH HUKHEOLFKHQ $EZHL
FKXQJHQ LQ GHU 1DFKJLHELJNHLW EHL GHQ HLQIDFKHUHQ 'LVNUHWLVLHUXQJVYDUL
DQWHQ GHXWOLFK 'HU $QWHLO GHU IUHLHQ *HZLQGHOlQJH DQ GHU *HVDPWQDFK
JLHELJNHLWLVWEHGLQJWGXUFKGLHNXU]H/lQJHUHODWLYJHULQJGLH$QWHLOHYRQ
0XWWHUYHUVFKLHEXQJXQGHLQJHVFKUDXEWHP*HZLQGHNHUQVLQGMHGRFKQLFKW
YHUQDFKOlVVLJEDU $EELOGXQJ
'XUFK GLH VWHLIHUH 0RGHOOLHUXQJ IlOOW GLH LQ GHU %HUHFKQXQJ HUPLWWHOWH 6FKUDXEHLP)(
0RGHOO
6FKUDXEHQNUDIW ]X KRFK DXV GLH %HUHFKQXQJ OLHJW VRPLW IU GLH 6FKUDX
EHQNUDIWDXIGHUVLFKHUHQ6HLWH'LHHUK|KWH6WHLILJNHLWKDWDEHUDXFKHLQHQ
(LQIOX‰DXIGLH9HUIRUPXQJHQGLH.ODIIXQJGHU9HUELQGXQJZLUGJHULQJHU'DGXUFKZLUGDXFK
GHU .ODIIXQJVZLQNHO GHU )ODQVFKH GHU DXI GLH 6FKUDXEHQ EHUWUDJHQ ZLUG NOHLQHU ZRPLW HLQH
8QWHUVFKlW]XQJGHU%LHJHVSDQQXQJHQGHU6FKUDXEHYHUEXQGHQLVWVLHKH
'LHNRUUHNWH1DFKJLHELJNHLWGHU]\OLQGULVFKHQ7HLOHHUJLEWVLFKEHUGLH1DFKJLHELJNHLWGHUJH
VDPWHQ6FKUDXEH
G6 G 0  G *  G *HZ  G  G6. 
 6HLWH 0RGHOOLHUXQJGHU6FKUDXEH

'LHKDOEH6FKUDXEHPX‰GLHKDOEH1DFKJLHELJNHLWEHVLW]HQ
G6   G 0  G *  G*HZ  G  G6.    
,P)(0RGHOOLVWGLH1DFKJLHELJNHLWGHV.RSIHVYROOEHUFNVLFKWLJWVRGD‰VLFKIUGLH1DFK
JLHELJNHLWGHU]\OLQGULVFKHQ7HLOHPLWhEHUJDQJVNRQXVHUJLEW
G HUI G 0  G*  G *HZ  G  G6.     G6.  ˜ G 0  G *  G *HZ  G    ˜ G6. 
6RZLUGGXUFKGLH)(0RGHOOLHUXQJGLH1DFKJLHELJNHLWYRQ6FKDIWXQGEHODVWHWHP*HZLQGH]X
]JOLFKGHUDQWHLOLJHQ1DFKJLHELJNHLWHQGHUQLFKWJHRPHWULVFKHUID‰EDUHQ$QWHLOHEHUFNVLFKWLJW
0RGHOOLHUXQJQXU 0RGHOOLHUXQJPLW 0RGHOOLHUXQJPLW
PLW6FKDIW 6FKDIWTXHUVFKQLWW 6FKDIWTXHUVFKQLWW
O*HZ PP

TXHUVFKQLWW XQG$QWHLOIUGLH XQGYHUJU|‰HUWHP

IUHLH*HZLQGHOlQJH $QWHLOIUGLHIUHLH
*HZLQGHOlQJH]XU
(UIDVVXQJYRQ0XW
WHUXQG*HZLQGH
QDFKJLHELJNHLW
ON PP

0
$6
',1 $6

$
ON

$ $

   

DQVWHLJHQGH6WHLILJNHLW NOHLQHUH1DFKJLHELJNHLW

$EELOGXQJ0RGHOOLHUXQJVYDULDQWHQIUGLH6FKUDXEHXQGEH]RJHQH1DFKJLHELJNHLWHQ

 %LHJHEHDQVSUXFKXQJGHU6FKUDXEH
'LH %LHJHQDFKJLHELJNHLW E HLQHV 6FKUDXEHQDEVFKQLWWV E]Z
GHUJHVDPWHQ6FKUDXEHEHVFKUHLEWGLH$EKlQJLJNHLW]ZLVFKHQ
%LHJHZLQNHOXQGHLQZLUNHQGHP0RPHQW XNODII
ML M
EL 
0% V%
'DGLH6WHLILJNHLWGHU6FKUDXEHJHJHQ9HUGUHKXQJJHJHQEHU
GHU6WHLILJNHLWGHV)ODQVFKHVQlKHUXQJVZHLVHYHUQDFKOlVVLJEDU
LVWNDQQGLH%LHJHEHDQVSUXFKXQJGHU6FKUDXEHDOOHLQHDXVGHU
9HUIRUPXQJ GHV )ODQVFKHV HUPLWWHOW ZHUGHQ 'HU 9HUGUH $EELOGXQJ=XVDPPHQKDQJ]ZL
KXQJVZLQNHO M GHV )ODQVFKHV ZLUG GHU 6FKUDXEH DOV (QGWDQ VFKHQ.ODIIXQJXQG%LHJHPRPHQW
JHQWHQYHUGUHKXQJ DXIJH]ZXQJHQ ZRGXUFK HLQ %LHJHPRPHQW
LQGHU6FKUDXEHHU]HXJWZLUGVLHKH$EELOGXQJGDVQDFK*OEHUHFKQHWZLUG
8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQPLW+LOIHGHU)(0HWKRGH 6HLWH

'LH*U|‰HGHU.ODIIXQJ XQG GDPLW GHU 9HUGUHKXQJVZLQNHO KlQJHQ YRQ GHU 1DFKJLHELJNHLW GHU
6FKUDXEHDEEHLHLQHUNOHLQHQ1DFKJLHELJNHLWZLUGGLH.ODIIXQJYHUULQJHUW:HQQGLH1DFKJLH
ELJNHLWGHU6FKUDXEHLQGHU)(%HUHFKQXQJ]XJHULQJPRGHOOLHUWZLUGGDQQNDQQGHU(LQIOX‰DXI
GLH6FKUDXEHQQRUPDONUlIWHJHULQJVHLQGLH%LHJHVSDQQXQJHQZHUGHQDEHUX8XQWHUVFKlW]W
 0RGHOOLHUXQJLPSODVWLVFKHQ%HUHLFK
)U7UDJODVWXQWHUVXFKXQJHQLVWQHEHQGHU*UHQ]WUDJIlKLJNHLWGLHP|JOLFKHSODVWLVFKH9HUOlQJH
UXQJ GHU 6FKUDXEH HLQ ZHVHQWOLFKHV 0HUNPDO GHV 7UDJYHUKDOWHQV ,Q $EKlQJLJNHLW YRQ GHU
)ODQVFKJHRPHWULHNDQQEHUHLWVEHLGHU6HJPHQWEHWUDFKWXQJGLH'XNWLOLWlWGHU6FKUDXEHGLH7UDJ
IlKLJNHLW EHJUHQ]HQ EHL GHU *HVDPWV\VWHPEHWUDFKWXQJ LVW GLHV LPPHU GHU )DOO 'HQ LQ GLHVHP
=XVDPPHQKDQJZLFKWLJHQ)UDJHVWHOOXQJHQLVW./(,1(,'$0 LQVHLQHU'LSORPDUEHLW>@QDFKJH
JDQJHQ'LHGRUWDQJHVWHOOWHQhEHUOHJXQJHQJHKHQEHUGLH=LHOVHW]XQJGLHVHU$UEHLWKLQDXVHL
QLJH$VSHNWHGHU0RGHOOLHUXQJLPSODVWLVFKHQ%HUHLFKVLQGLQ>@YHU|IIHQWOLFKWZRUGHQ
 9RUVSDQQXQJ
=XU$XIEULQJXQJGHU9RUVSDQQXQJZHUGHQGLH.QRWHQLQGHU6\PPHWULHHEHQHGHU6FKUDXEHVR
ZHLWYHUVFKREHQELVGLHHUIRUGHUOLFKH9RUVSDQQNUDIWLQGHU6FKUDXEHYRUKDQGHQLVW'LH(LQVWHO
OXQJGHUHUIRUGHUOLFKHQ9HUVFKLHEXQJHUIROJWLWHUDWLY

 0RGHOOLHUXQJGHV)ODQVFKHV
'HU)ODQVFKZLUGLP)(0RGHOOHEHQIDOOVEHU9ROXPHQHOHPHQWHDEJHELOGHW=XU(UPLWWOXQJGHU
%HDQVSUXFKXQJHQ LP HODVWLVFKHQ %HUHLFK VLQG KLHU NHLQH VSH]LHOOHQ hEHUOHJXQJHQ HUIRUGHUOLFK
VRODQJH GHU )ODQVFK LQ VHLQHU *HRPHWULH NRUUHNW EHVFKULHEHQ ZLUG 'LH %HUHFKQXQJ LP SODVWL
VFKHQ%HUHLFKKLQJHJHQLVWLQVEHVRQGHUHEHLGQQHQ)ODQVFKHQGLHDXVJHSUlJWHSODVWLVFKH9HU
IRUPXQJHQDXIZHLVHQNRPSOH[HU
 $XVZDKOGHV(OHPHQWHV
%HL %HUHFKQXQJHQ LP SODVWLVFKHQ %HUHLFK LVW HV ]XQlFKVW HUIRUGHUOLFK HLQHQ (OHPHQWW\S ]X
ZlKOHQ GHU NHLQH /RFNLQJ(IIHNWH GK HLQ GXUFK GLH 1XPHULN EHGLQJWHV ]X VWHLIHV 9HUKDOWHQ
]HLJW>@'LHLQ7DEHOOHDQJHJHEHQHQ(OHPHQWHGHVYHUZHQGHWHQ)(3URJUDPPV$16<6Š
9HUVLRQZXUGHQXQWHUVXFKWXPGHQEHVWJHHLJQHWHQ(OHPHQWW\SIUGLHYRUKDQGHQH3UR
EOHPVWHOOXQJDXV]XZlKOHQ
(V JLEW ]ZHL $UWHQ YRQ /RFNLQJ(IIHNWHQ 6FKXEORFNLQJ XQG 9ROXPHQORFNLQJ 6FKXEORFNLQJ
ZLUG GXUFK GLH 9HUZHQGXQJ YRQ (OHPHQWHQ K|KHUHU 2UGQXQJ KLHU 62/,' PLW  .QRWHQ
YHUPLHGHQ ]XU 9HUPHLGXQJ YRQ 9ROXPHQORFNLQJ ZHUGHQ YHUVFKLHGHQH 6WUDWHJLHQ YHUZHQGHW
(LQH 0|JOLFKNHLW EHVWHKW LQ GHU UHGX]LHUWHQ ,QWHJUDWLRQ GLH IU GLH (OHPHQWH 62/,' 62
/,'XQG62/,'YHUIJEDULVW(LQHZHLWHUH0HWKRGHLVWGLHVHOHNWLYHUHGX]LHUWH,QWHJUDWL
RQGLHLP(OHPHQW62/,'LPSOHPHQWLHUWLVW'DV(OHPHQW62/,'NDQQGXUFKGLHK|KHUH
,QWHJUDWLRQVRUGQXQJLQ.RPELQDWLRQPLWGHUUHGX]LHUWHQ,QWHJUDWLRQDOV5HIHUHQ]EHWUDFKWHWZHU
GHQ%HLJOHLFKHU(OHPHQWLHUXQJLVWDOOHUGLQJVHLQHUKHEOLFKK|KHUHU5HFKHQDXIZDQG]XHUZDUWHQ
GDGDV(OHPHQWGXUFKGLHK|KHUH.QRWHQ]DKOPHKU)UHLKHLWVJUDGHDXIZHLVW
,P5DKPHQGHU'LSORPDUEHLWYRQ.5(87=)(/'7 >@ZXUGHQGLH(OHPHQWHYHUJOLFKHQ)UGLH
YRUOLHJHQGH)UDJHVWHOOXQJHUZLHVVLFKGDEHLGLH:DKOGHV(OHPHQWHVDOVXQNULWLVFKQRUPDOHUZHL
VH ZHUGHQ PLW GHP 6WDQGDUGHOHPHQW 62/,' VHKU JXWH (UJHEQLVVH HU]LHOW %HL VHKU GQQHQ
)ODQVFKHQLVW]%GHP(OHPHQW62/,'=HLOHGHU9RU]XJ]XJHEHQ
6HLWH 0RGHOOLHUXQJGHV)ODQVFKHV

1U (OHPHQW 2SWLRQ .H\RSWLRQV %HPHUNXQJ

 62/,' NHLQH ± 6WDQGDUGHOHPHQW
RKQH2SWLRQHQ
 62/,' 8QLIRUPUHGXFHGLQWHJUDWLRQ .H\RSW  (OLPLQLHUW
ZLWKKRXUJODVVFRQWURO 9ROXPHQORFNLQJ
 62/,' [[UHGXFHGLQWHJUDWLRQ .H\RSW  (OLPLQLHUW
RSWLRQIRUEULFNVKDSH 9ROXPHQORFNLQJXQG
6FKXEORFNLQJ
 62/,' 6HOHFWLYHUHGXFHGLQWHJUDWLRQ .H\RSW  (OLPLQLHUW
%EDUPHWKRG 9ROXPHQORFNLQJ
 62/,' 8QLIRUPUHGXFHGLQWHJUDWLRQ .H\RSW  (OLPLQLHUW
ZLWKKRXUJODVVFRQWURO 9ROXPHQORFNLQJ
7DEHOOH9ROXPHQHOHPHQWHGHVYHUZHQGHWHQ)(3URJUDPPV$16<6Š>@

 0DWHULDOJHVHW]
)UGLH%HVFKUHLEXQJGHV9HUIHVWLJXQJVYHUKDOWHQVJLEWHV]ZHL*UXQGPRGHOOH'LHLVRWURSHXQG
GLHNLQHPDWLVFKH9HUIHVWLJXQJ(LQH%HVFKUHLEXQJGHU8QWHUVFKLHGHLVWLQGHUHLQVFKOlJLJHQ/LWH
UDWXU]XILQGHQ]%>@,VRWURSHVXQGNLQHPDWLVFKHV9HUIHVWLJXQJVPRGHOOXQWHUVFKHLGHQVLFK
QXUGDQQZHQQVLFKGLH5LFKWXQJGHU6SDQQXQJVKDXSWDFKVHQZlKUHQGGHV'HIRUPDWLRQVYRUJDQ
JHVlQGHUQDOVRLQVEHVRQGHUHEHL]\NOLVFKHQ%HODVWXQJHQ'DKLHULDQXUHLQHHLQVLQQLJH%HOD
VWXQJXQWHUVXFKWZLUGLVWGDV0DWHULDOJHVHW]QLFKWYRQ%HGHXWXQJ
 $UEHLWVOLQLHGHV%DXVWDKOV
'LH 0RGHOOLHUXQJ IU GHQ SODVWLVFKHQ %HUHLFK HUIRUGHUW GLH (UJlQ]XQJ QLFKWOLQHDUHU 0DWHULDO
NHQQZHUWH$EELOGXQJ]HLJWGLH0|JOLFKNHLWHQGHU,GHDOLVLHUXQJLPSODVWLVFKHQ%HUHLFK'LH
LGHDOSODVWLVFKH /LQLH LVW HLQHU %HPHVVXQJ ]XJUXQGH ]X OHJHQ GLH YHUIHVWLJHQGHQ %H]LHKXQJHQ
ZHUGHQIUGLH1DFKUHFKQXQJUHDOHU%DXWHLOHYHUZHQGHW

$EELOGXQJ,GHDOLVLHUWH$UEHLWVOLQL
HQYRQ%DXVWDKOIUHODVWLVFK
SODVWLVFKH%HUHFKQXQJHQDXV>@

)UGLH%HUHFKQXQJLVW]XXQWHUVFKHLGHQ]ZLVFKHQGHP(UJHEQLVHLQHVHLQDFKVLJHQ=XJYHUVXFKV
QDFK ',1  XQG GHU LQ GLH %HUHFKQXQJ HLQ]XIKUHQGHQ 6SDQQXQJV'HKQXQJV%H]LHKXQJ
'XUFK GLH (LQVFKQUXQJ GHU =XJSUREH XQWHUVFKHLGHW VLFK GLH ZDKUH 'HKQXQJ YRQ GHU DXI GLH
$XVJDQJVOlQJH O EH]RJHQHQ 'HKQXQJ GLH DOV (UJHEQLV HLQHV =XJYHUVXFKHV DQJHJHEHQ ZLUG
(EHQVR LVW GLH WDWVlFKOLFKH 6SDQQXQJ JU|‰HU DOV GLH DXI GHQ $XVJDQJVTXHUVFKQLWW EH]RJHQH
6SDQQXQJ
8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQPLW+LOIHGHU)(0HWKRGH 6HLWH

V DNW # V ˜   H  ! V )  $ 
(LQH 6SDQQXQJV'HKQXQJV%H]LHKXQJ IU GLH JHRPHWULVFK QLFKWOLQHDU GXUFKJHIKUWH 1DFKUHFK
QXQJHLQHV9HUVXFKHVNDQQGDUXPQLFKWDXVGHP0DVFKLQHQGLDJUDPPHLQHV=XJYHUVXFKHVHQW
QRPPHQZHUGHQ'LHVRJHZRQQHQH%H]LHKXQJLVWQXUJOWLJIUNOHLQH'HKQXQJHQH$P(QGH
GHV)OLH‰SODWHDXVJLOWPLW H 9 d  
V DNW # V ˜   H   ˜ V 
'HU )HKOHU LVW KLHU DOVR QRFK JHULQJ LP ZHLWHUHQ 9HUODXI GHU 9HUIHVWLJXQJ JLOW GDV DEHU QLFKW
PHKU$EELOGXQJ]HLJWGHQ8QWHUVFKLHG]ZLVFKHQGHUZDKUHQ6SDQQXQJXQGGHUDXVGHPHLQ
DFKVLJHQ=XJYHUVXFKHUKDOWHQHQ6SDQQXQJGLHDXIGHQ$XVJDQJVTXHUVFKQLWWEH]RJHQLVW

$EELOGXQJ6SDQQXQJV
'HKQXQJVOLQLHHLQHV%DXVWDKOV
6WDXV>@

6,(%2/' >@ KDW XPIDQJUHLFKH =XJ XQG 'UXFNYHUVXFKH DQ 6WDKOSUREHQ GXUFKJHIKUW (U
HPSILHKOWIROJHQGH0DWHULDONHQQZHUWHIUHLQHWULOLQHDUH9HUIHVWLJXQJEHLHLQHUQLFKWOLQHDUHQ%H
UHFKQXQJ
6WDKOVRUWH H9 7
66W  (
66W  (
7DEHOOH.HQQZHUWHIUGLHWULOLQHDUH9HUIHVWLJXQJQDFK6,(%2/'YJO$EELOGXQJ

8QWHUVFKLHGHLP=XJXQG'UXFNEHUHLFKJLEWHVQDFK6,(%2/'QLFKW:HQQ8QWHUVFKLHGHIHVWJH
VWHOOW ZXUGHQ ZDU GDV QDFK VHLQHQ 8QWHUVXFKXQJHQ ]XPHLVW DXI GLH XQ]XWUHIIHQGH $XVZHUWXQJ
GHVHLQDFKVLJHQ=XJYHUVXFKHV]XUFN]XIKUHQ
'HU 9HUIHVWLJXQJVEHUHLFK EHJLQQW DE 'HKQXQJHQ YRQ · 6RIHUQ LQ GHU %HUHFKQXQJ QXU
NOHLQHUH'HKQXQJHQDXIWUHWHQIKUWGLH9HUZHQGXQJHLQHVELOLQHDUHQLGHDOSODVWLVFKHQ0DWHULDO
JHVHW]HV]XJOHLFKHQ(UJHEQLVVHQZLHGLH9HUZHQGXQJHLQHUYHUIHVWLJHQGHQ$UEHLWVOLQLH)UGLH
%HPHVVXQJGDUIGHU9HUIHVWLJXQJVEHUHLFKQLFKWJHQXW]WZHUGHQHVZLUGGDUXPQDFK(XURFRGH
> @ HLQH JHRPHWULVFK OLQHDUH %HUHFKQXQJ LQ 9HUELQGXQJ PLW HLQHU ELOLQHDUHQ 6SDQ
QXQJV'HKQXQJVOLQLHYHUZHQGHW
6HLWH *HRPHWULVFKH1LFKWOLQHDULWlW

 &KDUDNWHULVWLVFKH:HUWHGHU)HVWLJNHLW
:LUGHLQHELOLQHDUH6SDQQXQJV'HKQXQJVOLQLHRGHUHLQHWULOLQHDUH9HUIHVWLJXQJPLWGHQ:HUWHQ
QDFK 7DEHOOH  YHUZHQGHW LVW OHGLJOLFK GLH ]X YHUZHQGHQGH 6WUHFNJUHQ]H ]X EHVWLPPHQ 'LH
FKDUDNWHULVWLVFKHQ:HUWH1HQQZHUWHVLQGGDQQLQ$EKlQJLJNHLWYRQGHQ$XVJDQJVDEPHVVXQJHQ
GHV)ODQVFKURKOLQJVYRUGHUPHFKDQLVFKHQ%HDUEHLWXQJ',1(1>@]XHQWQHKPHQ

 *HRPHWULVFKH1LFKWOLQHDULWlW
$XFKZHQQEHLGHU%HKDQGOXQJGHU5LQJIODQVFKYHUELQGXQJ]XQlFKVWQLFKWGLH1RWZHQGLJNHLWHL
QHUJHRPHWULVFKQLFKWOLQHDUHQ%HUHFKQXQJRIIHQVLFKWOLFKLVWVRLVWGLHVHGRFKIDOOZHLVHHUIRUGHU
OLFK'LHLQGLHVHP=XVDPPHQKDQJZLFKWLJHQJHRPHWULVFKHQ1LFKWOLQHDULWlWHQVLQG
 *UR‰H'HKQXQJHQÄ/DUJHVWUDLQ³%HLHLQHUJHRPHWULVFKOLQHDUHQ%HUHFKQXQJZHUGHQGLH
'HKQXQJHQDXIGLH$XVJDQJVIOlFKHEH]RJHQ6RODQJHGLH'HKQXQJHQNOHLQVLQGLVWGDVLP
5DKPHQGHUEOLFKHQ*HQDXLJNHLW]XOlVVLJ:HQQJUR‰H'HKQXQJHQDEHWZDH DXI
WUHWHQPX‰GLHbQGHUXQJGHU*HRPHWULHEHUFNVLFKWLJWZHUGHQXPGLHZDKUHQ'HKQXQJHQ
XQG6SDQQXQJHQ]XHUKDOWHQVLHKH$EVFKQLWW
 *UR‰H9HUVFKLHEXQJHQÄ/DUJHGHIOHFWLRQ³'LH%HUFNVLFKWLJXQJJUR‰HU9HUVFKLHEXQJHQ
EHLQKDOWHW GLH 9HUZHQGXQJ GHU H[DNWHQ JHRPHWULVFKHQ %H]LHKXQJHQ EHLP $XIVWHOOHQ GHU
*OHLFKJHZLFKWVEHGLQJXQJHQ
 'DV*OHLFKJHZLFKWZLUGDPYHUIRUPWHQ6\VWHPDQJHVFKULHEHQ
 'LH'UHKXQJHQVLQGJUR‰GKHLQ3XQNWGHUHLQH'UHKXQJPLWPDFKWEHZHJWVLFKDXI
HLQHP.UHLVERJHQXQGQLFKWZLHEHLGHUOLQHDUHQ%HUHFKQXQJDXIGHU7DQJHQWHDQGLH
VHQ .UHLVERJHQ 'LH :LQNHOIXQNWLRQHQ ZHUGHQ QLFKW GXUFK LKUH 1lKHUXQJHQ WDQ M |
VLQM|MXQGFRVM|HUVHW]W
,QVEHVRQGHUHEHLGHUSODVWLVFKHQ%HUHFKQXQJGQQHU)ODQVFKHN|QQHQJUR‰H'HKQXQJHQDXIWUH
WHQGLHHLQHQLFKWOLQHDUH%HUHFKQXQJHUIRUGHUOLFKPDFKHQ+LHUEHLLVW]XXQWHUVFKHLGHQ]ZLVFKHQ
%HUHFKQXQJHQGLHPLWUHDOHQ6SDQQXQJV'HKQXQJVOLQLHQGXUFKJHIKUWZHUGHQXQGVROFKHQEHL
GHQHQ]X%HPHVVXQJV]ZHFNHQHLQELOLQHDUHV*HVHW]DQJHVHW]WZLUG%HLOHW]WHUHQIKUWGLH%H
UFNVLFKWLJXQJGHUJHRPHWULVFKHQ1LFKWOLQHDULWlWGXUFKGLH(LQVFKQUXQJGHV6FKUDXEHQVFKDIWHV
HYWO GD]X GD‰ GLH *UHQ]]XJNUDIW GHU 6FKUDXEH QLFKW PHKU HUUHLFKW ZHUGHQ NDQQ 'LH %HUHFK
QXQJ OLHJW GDPLW ]ZDU DXI GHU VLFKHUHQ 6HLWH LVW DEHU XQQ|WLJ NRQVHUYDWLY =XU (UPLWWOXQJ GHU
6FKUDXEHQNUlIWHLVWGDUXPEHLHLQHUJHRPHWULVFKQLFKWOLQHDUHQ%HUHFKQXQJGDUDXI]XDFKWHQGD‰
GLH 6SDQQXQJV'HKQXQJVOLQLH VSH]LHOO DXI GLH QLFKWOLQHDUH 5HFKQXQJ DQJHSD‰W ZHUGHQ PX‰
>@

 1LFKWOLQHDUH/|VXQJXQG.RQYHUJHQ]
'LH /|VXQJ GHV QLFKWOLQHDUHQ *OHLFKXQJVV\VWHP HUIROJW PLW HLQHP 1HZWRQ5DSKVRQ
$OJRULWKPXV'LH'LVNUHWLVLHUXQJLQILQLWH(OHPHQWHIKUWDXIHLQ*OHLFKXQJVV\VWHPGHU)RUP
>. @^X` ^) D ` PLW >.@6WHLILJNHLWVPDWUL[GHV6\VWHPV
^X`9HNWRUGHUXQEHNDQQWHQ9HUVFKLHEXQJHQ
^)D`9HNWRUGHUlX‰HUHQ.UlIWH
8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQPLW+LOIHGHU)(0HWKRGH 6HLWH

'XUFKGLHQLFKWOLQHDUHQ(LJHQVFKDIWHQGHV0RGHOOV.RQWDNWXQGQLFKWHODVWLVFKHV0DWHULDOLVW

GLH 6WHLILJNHLWVPDWUL[ VHOEVW YRQ GHQ XQEHNDQQWHQ 9HUVFKLHEXQJHQ )UHLKHLWVJUDGHQ DEKlQJLJ
'LH/|VXQJHUIROJWLWHUDWLYLQIROJHQGHU)RUP

>. @^'X ` ^) ` ^) ` ^5`

7
L L
D
L
QU

^X L ` ^X L ` ^'X L ` PLW >. @7DQJHQWHQPDWUL[

7
L

L,QGH[IUGHQDNWXHOOHQ,WHUDWLRQVVFKULWW
^) `9HNWRUGHULQQHUHQ.UlIWH
L
QU

'LHlX‰HUHQXQGLQQHUHQ.UlIWHVLQG]XHLQHPJHZLVVHQ*UDGLP8QJOHLFKJHZLFKWGHU9HNWRU
^5` YHUEOHLEW DOV 5HVLGXXP $EEUXFKEHGLQJXQJ IU GHQ ,WHUDWLRQVSUR]H‰ LVW HLQH 6FKUDQNH IU
GLH*U|‰HGLHVHU8QJOHLFKJHZLFKWVNUlIWH8PHLQHQ)HKOHUZHUW]XHUKDOWHQZLUGGLH9HNWRUQRUP
LQIROJHQGHU)RUPYHUZHQGHW

§ T ·T
^5` T ¨¦ 5L ¸
© L ¹
hEOLFKVLQGIROJHQGH1RUPHQ
$EVROXWQRUP ^5`  ¦ 5 L /1RUP
L

§ ·
(XNOLGLVFKH1RUP ^5`  ¨¦ 5L ¸ /1RUP
© L ¹
%HLGHU$EVROXWQRUPZHUGHQGLH5HVLGXHQDGGLHUWEHLGHU(XNOLGLVFKHQ1RUPZLUGGLH:XU]HO
DXVGHU6XPPHGHU4XDGUDWH6566±6TXDUHURRWRIWKHVXPRIWKHVTXDUHVJHELOGHW
'LH,WHUDWLRQZLUGDOVNRQYHUJLHUWDQJHVHKHQZHQQGLHIROJHQGH%HGLQJXQJHUIOOWLVW
^5`  H ˜ 5 UHI PLW H7ROHUDQ]6WDQGDUGZHUW

5UHI9HUJOHLFKVZHUWIUGLH8QJOHLFKJHZLFKWVNUlIWH
$OV :HUW 5UHI IU GLH 8QJOHLFKJHZLFKWVNUlIWH ZLUG GLH 6XPPH GHU lX‰HUHQ /DVWHQ VRZLH GLH
6XPPHGHU%HWUlJHGHU.UlIWHEHL9HUVFKLHEXQJVUDQGEHGLQJXQJHQYHUZHQGHW
5 UHI ^) ` ¦ )
D
L
U

'XUFK GLH 6XPPDWLRQ EHU GLH %HWUlJH GHU /DJHUUHDNWLRQHQ NDQQ GLHVHU 9HUJOHLFKVZHUW JUR‰
ZHUGHQZHQQ=ZDQJLP6\VWHPDXIWULWW
,P$QIDQJVEHUHLFKGHV6FKUDXEHQNUDIWYHUODXIHVWUHWHQQXUVHKUJHULQJHbQGHUXQJHQGHU6FKUDX
EHQNUDIWHLQ:HQQKLHUJHQDXH(UJHEQLVVHHUUHLFKWZHUGHQVROOHQPVVHQGLH7ROHUDQ]JUHQ]HQ
VHKUHQJJHVHW]WZHUGHQGDGHU9HUJOHLFKVZHUW5UHIGXUFKGLH9RUVSDQQNUDIW XQG GLH GDPLW LP
*OHLFKJHZLFKWVWHKHQGHQ.RQWDNWNUlIWHJUR‰LVW
(VKDWVLFKLQ7HVWUHFKQXQJHQDOV]ZHFNPl‰LJHUZLHVHQLP$QIDQJVEHUHLFKGHU.XUYHGLH$E
VROXWQRUP]XYHUZHQGHQLPZHLWHUHQ9HUODXIGHU.XUYHLVWGLH3UIXQJGHU.RQYHUJHQ]DQKDQG
GHU(XNOLGLVFKHQ1RUPDXVUHLFKHQG'LH7ROHUDQ]JUHQ]HLVWKLHUEHLQLFKWJDQ]VRVFKDUIZLHEHL
GHU$EVROXWQRUPZDVVLFKLQHLQHUEHVFKOHXQLJWHQ%HUHFKQXQJDXVZLUNW,P$QIDQJVEHUHLFKGHU
.XUYHLVWGLH6WDQGDUGHLQVWHOOXQJEHLGHUGLH(XNOLGLVFKH1RUPPLWHLQHP)DNWRUH YHU
ZHQGHWZLUGQLFKWDXVUHLFKHQGXQGOLHIHUWIDOOZHLVHXQJHQDXH(UJHEQLVVH
6HLWH (LQIOX‰GHU5DQGEHGLQJXQJHQ

,P5DKPHQGLHVHU$UEHLWZHUGHQIROJHQGH(LQVWHOOXQJHQYHUZHQGHWVRZHLWEHLPVSH]LHOOHQ)DOO
QLFKWDQGHUVYHUPHUNW
/DVWVWXIH 1RUP H
$XIEULQJHQGHU9RUVSDQQXQJ / 
$QIDQJVEHUHLFKGHU.XUYHELVGHU0D[LPDOODVW / 
ZHLWHUH/DVWVWXIHQELV]XU0D[LPDOODVW / 
7DEHOOH9HUZHQGHWH.RQYHUJHQ]NULWHULHQ
'LHVH (LQVWHOOXQJHQ ZXUGHQ DQKDQG YRQ 9HUJOHLFKVEHUHFKQXQJHQ PLW VFKlUIHUHQ .RQYHUJHQ]
NULWHULHQ DEJHVLFKHUW %HL GHU %HUHFKQXQJ GHV *HVDPWV\VWHPV PLW .RQWDNWHOHPHQWHQ LQ GHU
6\PPHWULHHEHQH PVVHQ IU GLH JHVDPWH %HUHFKQXQJ VFKlUIHUH .RQYHUJHQ]EHGLQJXQJHQ ± /
1RUPPLWH ±DQJHVHW]WZHUGHQ'LHVLVWGDGXUFKEHGLQJWGD‰GHU9HUJOHLFKVZHUW5UHIDP
*HVDPWV\VWHPVHKUJUR‰LVW:HQQIUGLHHLQ]HOQH6FKUDXEHJXWH(UJHEQLVVHHU]LHOWZHUGHQVRO
OHQ PX‰ GLH .RQYHUJHQ] LP 9HUJOHLFK ]X HLQHU %HUHFKQXQJ EHL GHU HV QXU DXI GLH JOREDOHQ
6FKQLWWJU|‰HQRGHU9HUVFKLHEXQJHQDQNRPPWHQJHUJHZlKOWZHUGHQ

 (LQIOX‰GHU5DQGEHGLQJXQJHQ
%HL GHU 0RGHOOLHUXQJ HLQHV )ODQVFKVHJPHQWHV ZLUG GLH 6\PPHWULH LQ GHU 6FKUDXEHQDFKVH JH
QXW]W GRUW ZHUGHQ 5DQGEHGLQJXQJHQ HLQJHIJW GLH HLQH 6\PPHWULHHEHQH HU]ZLQJHQ $XI GHU
JHJHQEHUOLHJHQGHQ 6HLWH NDQQ XP GLH 7UDJZLUNXQJ LQ 8PIDQJVULFKWXQJ ]X VLPXOLHUHQ HEHQ
IDOOVHLQH6\PPHWULHHEHQHHU]HXJWZHUGHQ,Q 9HUVXFKHQ ZLUG WHLOZHLVH HLQH KRUL]RQWDOH /DJH
UXQJ GHV )ODQVFKHV YHUZHQGHW GLH GLH 7UDJZLUNXQJ LQ 8PIDQJVULFKWXQJ QDFKELOGHQ VROO 9HU
JOHLFKVEHUHFKQXQJHQPLWGHQGUHL9DULDQWHQÄNHLQH]XVlW]OLFKHQ5DQGEHGLQJXQJHQ³Ä6\PPHWULH
LQ8PIDQJVULFKWXQJ³XQGÄKRUL]RQWDOHV/DJHU³KDEHQIU6FKUDXEHQNUDIWXQG6FKUDXEHQPRPHQW
NHLQHQHQQHQVZHUWHQ8QWHUVFKLHGHLQGHQ.XUYHQYHUOlXIHQJH]HLJW

 (LQVSDQQZLUNXQJGHU6FKDOH
:HQQGLH(LQVSDQQZLUNXQJGHU6FKDOHEHUFNVLFKWLJWZHUGHQVROOGDQQNDQQGLHVEHUGLH0R
GHOOLHUXQJHLQHVLQVHLQHU/lQJHDQJHSD‰WHQJHUDGHQ=XJEOHFKVHUIROJHQ'LH'UHKIHGHUNRQVWDQWH
GHU6FKDOHPLWGHU(LQIOX‰EUHLWHFXQGGHU6FKDOHQGLFNHVLVW
( ˜F˜V
. 6FKDOH 
 ˜   ˜   P   ˜ U ˜ V
(LQJHUDGHV6WFN%OHFKKDWEHLJHOHQNLJHU/DJHUXQJDPREHUHQ(QGHGLH'UHKIHGHUNRQVWDQWH
˜(˜,
. %OHFK 
" %OHFK
0LWP IU6WDKOIROJWQDFKNXU]HU=ZLVFKHQUHFKQXQJGLH/lQJHGHV=XJEOHFKVEHL0RGHOOLH
UXQJHLQHV6HJPHQWV]X
" %OHFK  ˜ U ˜ V 
,P DOOJHPHLQHQ LVW GLH (LQVSDQQZLUNXQJ DEHU JHULQJ VR GD‰ EHL 0RGHOOLHUXQJ HLQHU JU|‰HUHQ
/lQJHNHLQHZHVHQWOLFKHQ$EZHLFKXQJHQ]XHUZDUWHQVLQG
8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQPLW+LOIHGHU)(0HWKRGH 6HLWH

 0RGHOOLHUXQJGHV*HVDPWV\VWHPV
=XU %HZHUWXQJ GHV 6HJPHQWDQVDW]HV VLHKH $EVFKQLWW  ZXUGH HLQ *HVDPWPRGHOO GHU 5LQJ
IODQVFKYHUELQGXQJDXIJHEDXW'DGDVNRPSOHWWPLW9ROXPHQHOHPHQWHQJHQHULHUWH*HVDPWPRGHOO
VHKUYLHOH(OHPHQWHEHQ|WLJHQZUGHZLUGHLQ7HLOGHV5LQJIODQVFKHVGXUFKVRJ6XSHUHOHPHQWH
GLVNUHWLVLHUW %HL GLHVHU (OHPHQWLHUXQJV /DVWDQJULII
WHFKQLN ZLUG GDV 0RGHOO EHUHLFKVZHLVH 6HJPHQWNUDIW
LQ HLQHP GHU HLJHQWOLFKHQ %HUHFKQXQJ
YRUJHVFKDOWHWHQ 5HFKHQODXI DXI VHLQH

$XVVWHLIXQJ
6WHLILJNHLWVPDWUL[ UHGX]LHUW XQG DOV 0D

6FKDOHQHOHPHQWH
WUL[HOHPHQWLQGLH6WHLILJNHLWVPDWUL[GHV
*HVDPWV\VWHPV LQWHJULHUW $XI GLHVHP
:HJH NDQQ GLH *HVDPW]DKO GHU (OH YHUWLNDOYHUVFKLHEOLFKH
PHQWHEHL IHLQHU 9HUQHW]XQJ VWDUN UHGX (LQVSDQQXQJIU
]LHUW ZHUGHQ 'LH 6WHLILJNHLWVPDWUL[ GHU 6HJPHQWXQWHUVXFKXQJHQ
6XSHUHOHPHQWH ZLUG DOOHUGLQJV EHL
QLFKWOLQHDUHQ LWHUDWLYHQ %HUHFKQXQJHQ
QLFKW QHX DXIJHEDXW (V GUIHQ GHVKDOE
.RSSHOXQJGHU
]XPLQGHVW LP %HUHLFK GHU 6XSHU
9HUGUHKXQJVXQG
HOHPHQWH NHLQH QLFKWOLQHDUHQ (IIHNWH
9HUVFKLHEXQJVIUHL
]% 3ODVWL]LHUXQJHQ DXIWUHWHQ )U GLH

%HUHLFKGHU6XSHUHOHPHQWH
KHLWVJUDGHGHU
%HUHFKQXQJ GHU (UPGXQJVEHDQVSUX

%OHFK
6FKDOHQHOHPHQWH

9ROXPHQHOHPHQWH
FKXQJ LP *HEUDXFKVODVWEHUHLFK VWHOOW PLWGHQ.QRWHQ
GLHVH (LQVFKUlQNXQJ DEHU NHLQ 3UREOHP YHUVFKLHEXQJHQGHU
GDU GD KLHU RKQHKLQ QXU GHU HODVWLVFKH 9ROXPHQHOHPHQWH
%HUHLFK LQWHUHVVLHUW XQG JHRPHWULVFK
QLFKWOLQHDUH(IIHNWHQLFKWUHOHYDQWVLQG
(LQ 6FKQLWW GHV )(0RGHOOV LVW LQ
$EELOGXQJ  GDUJHVWHOOW 9HUJOHLFKEDUH
)ODQVFK

*HVDPWV\VWHPPRGHOOH EHL GHQHQ QLFKW

PLW6XSHUHOHPHQWHQJHDUEHLWHWZLUG]%
YRQ (%(57%8&+(5 >@ RGHU
6&+0,'7 (7 $/ >@ PVVHQ VHKU $EELOGXQJ)(0RGHOOGHV*HVDPWV\VWHPV6FKQLWW
YLHOJU|EHUYHUQHW]WZHUGHQ
$XFK EHL GHU *HVDPWV\VWHPPRGHOOLHUXQJ ZXUGHQ YHUVFKLHGHQH .RQWDNWGLVNUHWLVLHUXQJHQ PLW
/LQNXQGPLW.RQWDNWHOHPHQWHQXQWHUVXFKW,Q9RUXQWHUVXFKXQJHQ]HLJWHVLFKGD‰GLH(LQVWHO
OXQJGHU.RQWDNWHOHPHQWHEHLP*HVDPWV\VWHPQRFKPDOVDQ%HGHXWXQJJHZLQQW$OV5HIHUHQ]
O|VXQJ]XU(LQVWHOOXQJGHU(OHPHQWHZXUGHGLH%HUHFKQXQJPLW/LQNHOHPHQWHQYHUZHQGHW
=XU(UIDVVXQJGHUEHLPUHDOHQ)ODQVFKYRUKDQGHQHQ)RUPDEZHLFKXQJHQZXUGHGDV0RGHOOXP
GLH0|JOLFKNHLWHLQHV:LQNHOVSDOWHVHUJlQ]W'DPLWZLUGGHU+HUVWHOOXQJVZHLVH5HFKQXQJJHWUD
JHQ GLH GXUFK GLH :DKO GHU 6FKZHL‰IROJH HLQHQ QDFK LQQHQ NODIIHQGHQ 6SDOW EHZLUNW %HL GHU
0RGHOOLHUXQJ HLQHV :LQNHOVSDOWHV LVW GLH 9HUZHQGXQJ YRQ .RQWDNWHOHPHQWHQ LQ GHU 6\PPH
WULHHEHQH QRWZHQGLJ IU GLH %HUHFKQXQJ HEHQHU )ODQVFKH ZHUGHQ GLH QXPHULVFK ZHQLJHU DXI
ZHQGLJHQ/LQNHOHPHQWHYHUZHQGHW
6HLWH 9DOLGLHUXQJGHV)(0RGHOOVLP%HWULHEVODVWEHUHLFK

 9DOLGLHUXQJGHV)(0RGHOOVLP%HWULHEVODVWEHUHLFK
'DV)(0RGHOOZLUGQDFKIROJHQGDQKDQGGHUHLJHQHQVRZLHIUHPGHU9HUVXFKVHUJHEQLVVHDXIVHL
QH (LJQXQJ ]XU (UPLWWOXQJ GHU 6FKUDXEHQEHDQVSUXFKXQJ LP HODVWLVFKHQ %HUHLFK %HWULHEVODVW
EHUHLFKVRZLH]XU%HVWLPPXQJGHU*UHQ]WUDJIlKLJNHLW7UDJODVWEHUHLFKEHUSUIW'LH'HWDLOV
]XU9HUVXFKVGXUFKIKUXQJGHUHLJHQHQ9HUVXFKHVLQG>@]XHQWQHKPHQHLQHNXU]HhEHUVLFKW
EHUGLHHLQJHVHW]WH9HUVXFKVWHFKQLNLVWLPYRUKHULJHQ.DSLWHOSUlVHQWLHUWZRUGHQ
'LH)ODQVFKHZHUGHQPLWLKUHQH[DNWHQ$EPHVVXQJHQLQGLH%HUHFKQXQJHLQJHIKUW=XU%HUFN
VLFKWLJXQJGHUVSH]LHOOHQ9HUVXFKVUDQGEHGLQJXQJHQZXUGHGDV)(0RGHOOYRQ%2/=(>@PR
GLIL]LHUWEHUHFKQHW'LHYRUJHQRPPHQHQbQGHUXQJHQGLH]%GLHOHLFKWH6FKLHIVWHOOXQJGHVDQ
VFKOLH‰HQGHQ%OHFKHVEHWUDIHQKDWWHQHLQHQQXUXQZHVHQWOLFKHQ(LQIOX‰DXIGLH(UJHEQLVVHXQG
ZHUGHQYHUQDFKOlVVLJW
=XU 1DFKUHFKQXQJ GHU 9HUVXFKH PX‰ ]XQlFKVW HLQH $EVWLPPXQJ GHU )(6FKUDXEH QDFK $E
VFKQLWW  YRUJHQRPPHQ ZHUGHQ %HL GHU %HUHFKQXQJ GHU D[LDOHQ 1DFKJLHELJNHLW GHU 9HU
VXFKVVFKUDXEHZLUGGLH%RKUXQJ]XP.RSIQlKHUXQJVZHLVHGXUFK$E]XJGHU%RKUXQJVIOlFKHLP
6FKDIWEHUHLFKEHUFNVLFKWLJW'DGLH%RKUXQJLQVJHVDPWQXUHLQHQVHKUJHULQJHQ(LQIOX‰DXIGLH
1DFKJLHELJNHLWKDWLVWGLHVHV9RUJHKHQYHUWUHWEDU8QWHU%HUFNVLFKWLJXQJGHVDEJHGUHKWHQ%H
UHLFKHVHUJHEHQVLFKIUGLH9HUVXFKVVFKUDXEHQIROJHQGH1DFKJLHELJNHLWHQXQG0D‰HIUGLH)(
6FKUDXEHQPLWGHQHQGLHVH1DFKJLHELJNHLWHQH[DNWHUUHLFKWZHUGHQ
6FKUDXEH )ODQVFK G E O6FKDIW O.RQXV O6S
PP1 1PP PP PP PP
0 9 Â Â   
 
0 9 Â Â   
 
0 9 Â Â   
 
0 9 Â Â   
 
0 7XUP Â Â   
7DEHOOH1DFKJLHELJNHLWHQGHU9HUVXFKVVFKUDXEHQXQG]XJHK|ULJH/lQJHQGHV)(0RGHOOV
'LH9HUVXFKVN|USHUZXUGHQ]XU(UPLWWOXQJGHU6HW]YHUOXVWH]XQlFKVWHLQLJH=HLWXQEHODVWHWEH
ODVVHQ'DEHLP9RUVSDQQHQLQHWZDGLH1HQQYRUVSDQQNUDIWQDFK',1HLQJHVWHOOWZXU
GH ZDUHQ ]XP =HLWSXQNW GHU 9HUVXFKVGXUFKIKUXQJ GXUFK GHQ ELV GDKLQ HLQJHWUHWHQHQ 9RU
VSDQQNUDIWDEIDOOQLHGULJHUH9RUVSDQQNUlIWHYRUKDQGHQVRGD‰GLH9HUVXFKH]XPHLVWYRQHLQHP
XQWHUKDOEGHUYROOHQ9RUVSDQQXQJOLHJHQGHQ1LYHDXEHJRQQHQZXUGHQ
 9HUJOHLFKPLW9HUVXFKHQYRQ3(7(56(1
'LHIROJHQGHQ$EELOGXQJHQ]HLJHQGHQ9HUJOHLFKPLWGHQ9HUVXFKHQYRQ3(7(56(1 >@'LH
3DUDPHWHU GHU 9HUVXFKVN|USHU %H]HLFKQXQJHQ QDFK $EELOGXQJ  XQG O6 /lQJH GHV =XJ
EOHFKVVLQG
)ODQVFK =XJEOHFK
9HUVXFK D E F W V O6 6FKUDXEH
9.       0
9.       0
9.       0
9.       0
7DEHOOH3DUDPHWHUGHU9HUVXFKVN|USHUYRQ3(7(56(1
8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQPLW+LOIHGHU)(0HWKRGH 6HLWH

)UGLH9HUVXFKVN|USHUXQGZLUGHLQHJXWHhEHUHLQVWLPPXQJ]ZLVFKHQ%HUHFKQXQJXQG
9HUVXFK HUUHLFKW IU GHQ 9HUVXFKVN|USHU  LVW GLH $EZHLFKXQJ LQVEHVRQGHUH LP YRUGHUHQ %H
UHLFKGHU.XUYHHUKHEOLFK0|JOLFKH*UQGHKLHUIUVLQG
 ,Q>@ ZLUGQXUHLQ6FKUDXEHQNUDIWYHUODXIDQJHJHEHQREZRKOLP9HUVXFK]ZHLSDUDOOHO
DQJHRUGQHWH9HUVXFKVN|USHUXQWHUVXFKWZXUGHQ(VLVWQLFKWHUVLFKWOLFKREGHU]ZHLWH9HU
VXFKVN|USHUHLQHQDEZHLFKHQGHQ6FKUDXEHQNUDIWYHUODXIKDWWH
 $XVVDJHQEHUP|JOLFKH0D‰DEZHLFKXQJHQGHU9HUVXFKVN|USHUODJHQQLFKW YRU GHQNEDU
LVW]%HLQHQLFKWSODQHEHQH.RQWDNWIOlFKH]ZLVFKHQGHQ)ODQVFKHQ'LHDQIlQJOLFKJUR‰H
6WHLJXQJGHV6FKUDXEHQNUDIWYHUODXIHVGLHXQW\SLVFKIUGHQ$EPHVVXQJVEHUHLFKGHV3UI
N|USHUV LVW EHNUlIWLJW GLH 9HUPXWXQJ GD‰ HV VLFK XP HLQHQ QLFKW HEHQHQ 3UIN|USHU JH
KDQGHOWKDW
 
)(9. )(9.
 
6FKUDXEHQNUDIW)V>N1@

9HUVXFK9. 9HUVXFK9.

 6FKUDXEHQNUDIW)V>N1@ 

 

 

 
                
=XJNUDIW=>N1@ =XJNUDIW=>N1@
 
)(9. )(9.
6FKUDXEHQNUDIW)V>N1@

 9HUVXFK9. 9HUVXFK9.

6FKUDXEHQNUDIW)V>N1@










 
             
=XJNUDIW=>N1@ =XJNUDIW=>N1@
$EELOGXQJ9HUJOHLFK]ZLVFKHQ)(%HUHFKQXQJXQGGHQ9HUVXFKVHUJHEQLVVHQYRQ3(7(56(1

 9HUVXFKVIODQVFK)ODQVFKW PP6FKUDXEH0

'HU9HUJOHLFKYRQ6FKUDXEHQNUDIWXQGELHJHPRPHQWIUGLH9HUVXFKVVFKUDXEHQ01UXQG
0 1U LVW LQ $EELOGXQJ  ZLHGHUJHJHEHQ )U NOHLQH =XJNUlIWH NDQQ KLHU IDVW YRQ HLQHU
hEHUHLQVWLPPXQJ ]ZLVFKHQ 0HVVXQJ XQG %HUHFKQXQJ JHVSURFKHQ ZHUGHQ ,QVEHVRQGHUH ZLUG
DXFKGLH$QIDQJVVWHLJXQJGKGDV.UDIWYHUKlOWQLVYRQ) GXUFKGLH)(6LPXODWLRQVHKU



'LH$EPHVVXQJHQGHUQDFKIROJHQGYRUJHVWHOOWHQHLJHQHQ9HUVXFKHVLQG$EELOGXQJ6HLWH]XHQWQHKPHQ
6HLWH 9DOLGLHUXQJGHV)(0RGHOOVLP%HWULHEVODVWEHUHLFK

JHQDXDEJHELOGHW'HUQDFK9',5LFKWOLQLHEHUHFKQHWH:HUWOLHJWPLW) OHLFKWDXI
GHUXQVLFKHUHQ6HLWH
%HL=XJNUlIWHQXPN1ZLUGGLH6FKUDXEHQ]XVDW]NUDIWGXUFKGLH)(%HUHFKQXQJOHLFKWEHU
VFKlW]W GLH PD[LPDOH $EZHLFKXQJ LVW PLW '')6 N1 DEHU JHULQJ VHOEVW EHL %H]XJ DXI GLH
6FKUDXEHQ]XVDW]NUDIWOLHJWGLH$EZHLFKXQJQXUEHL%HLGHU:HUWXQJGLHVHU'LIIHUHQ]LVW]X
EHGHQNHQGD‰HVVLFKDXIJUXQGGHVKRKHQ.UDIWQLYHDXVXPHLQVHKUHPSILQGOLFKHV6\VWHPKDQ
GHOW%HUHLWVNOHLQH$EZHLFKXQJHQYRQGHUSHUIHNWHQ*HRPHWULHGLH]%]XHLQHU9HUVFKLHEXQJ
GHU5HVXOWLHUHQGHQGHU'UXFNNUDIWLQGHU.RQWDNWIOlFKHIKUHQN|QQHQIUQHQQHQVZHUWH8QWHU
VFKLHGHLP7UDJYHUKDOWHQYHUDQWZRUWOLFKVHLQ
'DV 6FKUDXEHQELHJHPRPHQW ZLUG LP JHVDPWHQ %HUHLFK VHKU JHQDX GXUFK GLH %HUHFKQXQJ ZLH
GHUJHJHEHQ $EZHLFKXQJHQ XQG Ä$XIIlFKHUXQJHQ³ LP 9HUVXFK HQWVWHKHQ ZLH ]XYRU HUOlXWHUW
YHUPXWOLFKGXUFKHLQVHLWLJH6HW]XQJHQXQG3ODVWL]LHUXQJHQLP*HZLQGHGHU6FKUDXEH
)V>N1@ 0V>N1P@
 
9HUVXFK  9HUVXFK

)(  )(


 

 



 

 
           
=XJNUDIW>N1@ =XJNUDIW>N1@

)V>N1@ 0V>N1P@
 
9HUVXFK 9HUVXFK

 )(
)(





 

 



     
     
=XJNUDIW>N1@
=XJNUDIW>N1@

$EELOGXQJ6FKUDXEHQNUDIWXQGPRPHQWIU6FKUDXEH01UREHQXQG1UXQWHQ

8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQPLW+LOIHGHU)(0HWKRGH 6HLWH

,Q$EELOGXQJLVWGLHPLWGHP:HJDXIQHKPHUJHPHVVHQH.ODIIXQJGKGLHgIIQXQJGHU.RQ
WDNWIXJHDXIGHUJH]RJHQHQ6HLWHLP9HUJOHLFKPLWGHQEHUHFKQHWHQ:HUWHQGDUJHVWHOOW=XU(U
PLWWOXQJGHU.ODIIXQJDXVGHU)(5HFKQXQJZXUGHGLH3RVLWLRQGHV:HJDXIQHKPHUVVRZLHGLH
/lQJHGHUDEVWHKHQGHQ6FKHQNHOYJO$EELOGXQJEHUFNVLFKWLJW,QVEHVRQGHUHYRUGHP+LQ
WHUJUXQGGHUVHKUNOHLQHQ9HUIRUPXQJHQPD[PPEHL= N1NDQQGLHhEHUHLQVWLP
PXQJ]ZLVFKHQ%HUHFKQXQJXQG9HUVXFKDOVJXWJHZHUWHWZHUGHQ'LHDXIIlOOLJVWH$EZHLFKXQJ
HUJLEW VLFK EHL GHU LP 9HUVXFK JHPHVVHQHQ VRIRUWLJHQ .ODIIXQJ GLH GXUFK GLH )(%HUHFKQXQJ
QLFKWZLHGHUJHJHEHQZLUG(LQHP|JOLFKH(UNOlUXQJVLQG9HUIRUPXQJHQGHVJH]RJHQHQ%OHFKHV
LQIROJHYRQ)HUWLJXQJVXQJHQDXLJNHLWHQGLHLP0RGHOOQLFKWHUID‰WVLQG
X>PP@ X>PP@
 
 9HUVXFK  9HUVXFK

 )(  )(

 
 
 
 
 
 
           
=XJNUDIW>N1@ =XJNUDIW>N1@

$EELOGXQJ.ODIIXQJHQIU6FKUDXEH01UXQG01U

 9HUVXFKVIODQVFK)ODQVFKW PP6FKUDXEH0

$XVGHQYHUVFKLHGHQHQ9HUVXFKVHUJHEQLVVHQZHUGHQ]XPEHUVLFKWOLFKHQ9HUJOHLFK8PKOOHQGH
GHU6FKUDXEHQNUlIWH]XVDPPHQJHID‰WGLHGHU)(%HUHFKQXQJJHJHQEHUJHVWHOOWZHUGHQ
)6>N1@ )6>N1@
 
 9HUVXFK  9HUVXFK
 )(  )(





 

 
 
 
 
                  
=XJNUDIW=>N1@
=XJNUDIW=>N1@

$EELOGXQJ6FKUDXEHQNUlIWH01UOLQNVXQG01UUHFKWVLP9HUJOHLFKPLWGHU)(5HFKQXQJ

6HLWH 9DOLGLHUXQJGHV)(0RGHOOVLP%HWULHEVODVWEHUHLFK

'LH *HJHQEHUVWHOOXQJ GHU JHPHVVHQHQ XQG EHUHFKQHWHQ 6FKUDXEHQNUDIWYHUOlXIH LQ $EELOGXQJ

]HLJWHLQHJXWHhEHUHLQVWLPPXQJ]ZLVFKHQ0HVVXQJXQG%HUHFKQXQJELV]X=XJNUlIWHQYRQ
HWZDN1EHLGLHVHU.UDIWNODIIWGLH9HUELQGXQJJHUDGHELV]XU6FKUDXEHQDFKVH%HLJU|‰HUHQ
=XJNUlIWHQOLHIHUWGLH0HVVXQJJU|‰HUH=XJNUlIWHDOVGLH%HUHFKQXQJEHL= N1OLHJWGLH
$EZHLFKXQJ EH]RJHQ DXI GLH 6FKUDXEHQ]XVDW]NUDIW EHL HWZD  'LHVH 8QJHQDXLJNHLW
NDQQ EHUHLWV GXUFK VHKU NOHLQH ,PSHUIHNWLRQHQ GHU %HUKUXQJVIOlFKHQ GHU )ODQVFKH YHUXUVDFKW
ZHUGHQ 'D GLH ,PSHUIHNWLRQHQ GHV 6HJPHQWV QLFKW JHQDX JHPHVVHQ ZHUGHQ NRQQWHQ ZDU HV
QLFKWP|JOLFKGLH$EZHLFKXQJZHLWHU]XYHUIROJHQ
06>1P@ 06>1P@
 
9HUVXFK 9HUVXFK1UB9
 
)( 9HUVXFK1UB9
  )(











         
         =XJNUDIW=>N1@
=XJNUDIW=>N1@

$EELOGXQJ 6FKUDXEHQELHJHPRPHQWH01UOLQNVXQG01UUHFKWVLP9HUJOHLFKPLWGHU)(

5HFKQXQJ
'HQ9HUJOHLFKGHUJHPHVVHQHQXQGEHUHFKQHWHQ%LHJHPRPHQWH]HLJW$EELOGXQJ%HL6FKUDX
EH01UVLQG GLH 9HUOlXIH GHU HLQ]HOQHQ 9HUVXFKH IDVW GHFNXQJVJOHLFK VR GD‰ ]XP 9HU
JOHLFKHLQH.XUYHDXVJHZlKOWZLUG%HLGHQ9HUVXFKHQPLW6FKUDXEH01UGLHELVLQK|KH
UH /DVWVWXIHQ JHIDKUHQ ZXUGHQ VLQG GLH $EZHLFKXQJHQ GHU HLQ]HOQHQ 9HUVXFKH XQWHUHLQDQGHU
JU|‰HUGDUXPZLUGlKQOLFKZLHEHLGHQ6FKUDXEHQNUlIWHQHLQH8PKOOHQGHGDV%LHJHPRPHQWHV
]XP9HUJOHLFKYHUZHQGHW
'LH$QQlKHUXQJGXUFKGLH)(5HFKQXQJLVWEHIULHGLJHQGLQVJHVDPWZLUGGDV%LHJHPRPHQWEHL
GHQ9HUVXFKHQGLHPLWGHQ6HJPHQWHQ$XQG%GXUFKJHIKUWZXUGHQOHLFKWXQWHUVFKlW]W'HU
HUVWHDXIVWHLJHQGH$VWGHU9HUVXFKHV1UB9EHLGHPDQGHUH6HJPHQWH&XQG'YHUZHQGHW
ZXUGHQLVWKLQJHJHQIDVWGHFNXQJVJOHLFKPLWGHPHUUHFKQHWHQ0RPHQW
8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQPLW+LOIHGHU)(0HWKRGH 6HLWH

 9HUVXFKVIODQVFK)ODQVFKW PP6FKUDXEH0

)V>N1@ 0>N1P@
 
9HUVXFK 9HUVXFK
 
)( )(
 

 





      


       
=XJNUDIW=>N1@ =XJNUDIW=>N1@

$EELOGXQJ6FKUDXEHQNUlIWHXQGELHJHPRPHQWH01ULP9HUJOHLFKPLWGHU)(5HFKQXQJ
$QKDQG GHU *HJHQEHUVWHOOXQJ GHU 9HUVXFKVHUJHEQLVVH IU 9HUVXFKVIODQVFK  PLW GHU )(
%HUHFKQXQJ LQ $EELOGXQJ  LVW HUNHQQEDU GD‰ GLH hEHUHLQVWLPPXQJ LP HUVWHQ $VW GHU %HOD
VWXQJVRZRKOIUGLH6FKUDXEHQNUDIWDOVDXFKIUGDV6FKUDXEHQELHJHPRPHQWKHUYRUUDJHQGLVW
EHLHUQHXWHU%HODVWXQJYRQ= DEHUHLQH8QWHUVFKlW]XQJGHU6FKUDXEHQNUlIWH]XYHU]HLFKQHQ
LVW =XU (UNOlUXQJ GLHVHV 3KlQRPHQV ZXUGH HLQH %HUHFKQXQJ XQWHU 9HUZHQGXQJ GHU 0DWHULDO
NHQQZHUWH QDFK $EVFKQLWW  PLW %H XQG (QWODVWXQJ GXUFKJHIKUW GHUHQ (UJHEQLV LQ
$EELOGXQJGDUJHVWHOOWLVW:LHLP9HUVXFKIlOOWGLH6FKUDXEHQNUDIWEHL(QWODVWXQJJHJHQEHU
GHP(UVWEHODVWXQJVSIDGDEXQGHUUHLFKWEHL= QLFKWGLHXUVSUQJOLFKH9RUVSDQQNUDIWEHLHU
QHXWHU %HODVWXQJ IROJW GLH 6FKUDXEHQNUDIW GHP (QWODVWXQJVSIDG LQ XPJHNHKUWHU 5LFKWXQJ 'HU
*UXQG IU GLHVHV 9HUKDOWHQ OLHJW LQ HLQHU OHLFKWHQ 3ODVWL]LHUXQJ GHV )ODQVFKHV DP 'XUFKJDQJV
ORFKGHU6FKUDXEH±GLHJHZlKOWH%HODVWXQJVK|KHODJKLHUDX‰HUKDOEGHVUHLQHODVWLVFKHQ%HDQ
VSUXFKXQJVEHUHLFKHV'LHSULQ]LSLHOOHhEHUHLQVWLPPXQJ]ZLVFKHQ)(5HFKQXQJXQG9HUVXFKLVW
VHKUJXWGLHLQGHU%HUHFKQXQJQDFK(QWODVWXQJHWZDVK|KHUH9RUVSDQQNUDIWLVWGXUFKQLFKWHU
ID‰WH9RUVSDQQNUDIWYHUOXVWHGXUFK6HW]XQJVYRUJlQJHRGHU3ODVWL]LHUXQJLP*HZLQGH]XHUNOlUHQ
)V>N1@ 0V>1P@
 
(UVWEHODVWXQJ (UVWEHODVWXQJ
 
=ZHLWEHODVWXQJ =ZHLWEHODVWXQJ
 RKQH/DVWUFNIKUXQJ  RKQH/DVWUFNIKUXQJ











 
          
=XJNUDIW=>N1@ =XJNUDIW=>N1@

$EELOGXQJ9HUJOHLFKGHU)(%HUHFKQXQJHQPLWE]ZRKQH/DVW]\NOXV
6HLWH 9DOLGLHUXQJGHV)(0RGHOOVLP7UDJODVWEHUHLFK

 9HUVXFKVIODQVFK)ODQVFKW PP6FKUDXEH0

)V>N1@ 0V>N1P@
 
9HUVXFK 9HUVXFK
 )( )(









      


      
=XJNUDIW=>N1@ =XJNUDIW=>N1@

$EELOGXQJ6FKUDXEHQNUDIWXQGPRPHQWIU6FKUDXEH01ULP9HUJOHLFKPLWGHU)(5HFKQXQJ
)U9HUVXFKVIODQVFKHUJLEWVLFKLQGHU)(5HFKQXQJ]XQlFKVWHLQJHULQJHU$EIDOOGHU6FKUDX
EHQNUDIWXPHWZDN1GHULP9HUVXFKQLFKWEHVWlWLJWZHUGHQNDQQ7URW]GLHVHU$EZHLFKXQJ
LVWGLHhEHUHLQVWLPPXQJ]ZLVFKHQ9HUVXFKXQG%HUHFKQXQJJXW]XEHDFKWHQLVWEHLGLHVHP9HU
VXFKGLHVHKUJHULQJH*U|‰HQRUGQXQJGHU=XVDW]EHODVWXQJ

 9DOLGLHUXQJGHV)(0RGHOOVLP7UDJODVWEHUHLFK
 9HUJOHLFKPLW9HUVXFKHQYRQ:$1=(.XQG3(7(56(1
:$1=(.KDWLQ>@E]Z>@9HUVXFKHDQVRJÄ76WXE³9HUELQGXQJHQYRUJHVWHOOWGHUHQ
9HUVDJHQVODVWHQGXUFK)ODQVFKYHUVDJHQEHVWLPPWZHUGHQ'LH$EPHVVXQJHQGHU9HUVXFKVN|USHU
VRZLHZHLWHUH$QJDEHQ]XU9HUVXFKVGXUFKIKUXQJVLQGGHP9HUVXFKVEHULFKW>@]XHQWQHK
PHQ=XP9HUJOHLFKZLUGGHU9HUVXFK39KHUDQJH]RJHQ(VZXUGHQKLHUGUHL9HUVXFKHGXUFK
JHIKUW GLH VLFK LQ GHQ WDWVlFKOLFKHQ $EPHVVXQJHQ OHLFKW XQWHUVFKHLGHQ 'HU 9HUVXFKVN|USHU
ZXUGHPLWVHLQHQWDWVlFKOLFKHQ0D‰HQXQWHU$XVQXW]XQJGHU6\PPHWULHEHGLQJXQJHQEHUHFKQHW
/DVW>N1@ 9HUVXFKVGDWHQ

76WXE,3(

 O PP/lQJH76WXE
 6FKUDXEH0
 D PPE PP

 0DWHULDO)ODQVFK
 9HUVXFK39 I\NIXN 1PPð
 )( 0DWHULDO6WHJ
 I\NIXN 1PPð
            
6SDOW>PP@
:HLWHUH'DWHQVLHKH>@
$EELOGXQJ /DVW9HUIRUPXQJVGLDJUDPPIUGHQ9HUVXFK39
8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQPLW+LOIHGHU)(0HWKRGH 6HLWH

'LH%HUHFKQXQJZXUGHPLWHLQHPDQGLHJHPHVVHQHVH%H]LHKXQJDQJHSD‰WHQWULOLQHDUHQ0DWH
ULDOJHVHW]JHUHFKQHWVLHKH$EVFKQLWW'LH6FKUDXEHZXUGHDQGLH1DFKJLHELJNHLWHQQDFK
9',5LFKWOLQLHDQJHJOLFKHQ
$EELOGXQJ  ]HLJW GLH *HJHQEHUVWHOOXQJ GHV JHPHVVHQHQ XQG GHV EHUHFKQHWHQ /DVW9HUIRU
PXQJVYHUKDOWHQV 6FKUDXEHQSRVLWLRQ H[WUHPDO DX‰HQ 6SDOWPHVVXQJ DQDORJ ]X >@ 'LH
hEHUHLQVWLPPXQJLVWJXW
'LHSODVWLVFKHQ9HU]HUUXQJHQLP9HUVDJHQV]XVWDQGDXVGHU)(5HFKQXQJVLQGLQ$EELOGXQJ
GDUJHVWHOOW 'HU 9HUVDJHQVPHFKDQLVPXV VWLPPW DXFK TXDOLWDWLY PLW GHP 9HUVXFKVHUJHEQLV YRQ
:$1=(.EHUHLQ
'LH 9HUVDJHQVODVW GHU )(5HFKQXQJ OLHJW PLW )8  N1 HWZDV XQWHUKDOE GHU 9HUVXFKV
WUDJODVWYRQN1LP9HUVXFK39E]ZN1LP9HUVXFK39'LHhEHUHLQVWLPPXQJ
LVWDEHUHEHQIDOOVJXW
9HUVDJHQV]XVWDQG76WXE39
)X N1

9HUVXFK)X E]ZN1

$EELOGXQJ3ODVWLVFKH'HKQXQJHQLP9HUVDJHQV]XVWDQG76WXE39PLWWULOLQHDUHP0DWHULDOJHVHW]
6HLWH 9DOLGLHUXQJGHV)(0RGHOOVLP7UDJODVWEHUHLFK

'LHhEHUVLFKWEHUDOOH9HUJOHLFKVEHUHFKQXQJHQHLQVFKOLH‰OLFKGHUYRQ3(7(56(1GXUFKJHIKU
WHQ9HUVXFKHLVWLQ7DEHOOH]XVDPPHQJHID‰W'LHPLWGHP)(0RGHOOEHUHFKQHWHQ:HUWHOLH
JHQJU|‰WHQWHLOVGLFKWDP9HUVXFKVHUJHEQLVE]ZDXIGHUVLFKHUHQ6HLWH/HGLJOLFKEHLGHU1DFK
UHFKQXQJGHV9HUVXFKHV39YRQ:$1=(.HUJLEWVLFKHLQHUHODWLYGHXWOLFKHhEHUVFKlW]XQJGHU
7UDJODVW 'LHV LVW YHUPXWOLFK DXI HLQ 'XNWLOLWlWVYHUVDJHQ GHU 6FKUDXEH ]XUFN]XIKUHQ GDV LP
)(0RGHOOQLFKWDEJHELOGHWZHUGHQNDQQYJOKLHU]X$EVFKQLWWXQG>@

7UDJODVWHQ>N1@
9HUVXFKVEH]HLFKQXQJ 9HUVXFK )(0 9HUVXFK)(0 4XHOOH
3HWHUVHQ9.    >@
3HWHUVHQ9.    >@
3HWHUVHQ9.    >@
3HWHUVHQ9.    >@
3HWHUVHQ9.    >@
3HWHUVHQ
    >@
:DQ]HN39 t   >@
:DQ]HN39 t   >@
7DEHOOH9HUJOHLFKEHUHFKQHWHU7UDJODVWHQPLW9HUVXFKVHUJHEQLVVHQDXVGHU/LWHUDWXU

 (LJHQH9HUVXFKVHUJHEQLVVH
(UJlQ]HQG ]X GHQ 9HUVXFKHQ LP HODVWLVFKHQ %HUHLFK ZXUGHQ DXFK HLJHQH 7UDJODVWYHUVXFKH
GXUFKJHIKUW)UGLH9HUJOHLFKVEHUHFKQXQJHQZXUGHHLQHWULOLQHDUH1lKHUXQJPLWGHPFKDUDNWH
ULVWLVFKHQ:HUWGHU6WUHFNJUHQ]HDXVGHP$EQDKPHSUI]HXJQLVYHUZHQGHW
7UDJODVWHQ>N1@
9HUVXFKVEH]HLFKQXQJ 9HUVXFK )(0 9HUVXFK)(0
9HUVXFKVIODQVFK   
9HUVXFKVIODQVFK   
9HUVXFKVIODQVFK   
9HUVXFKVIODQVFK   
7DEHOOH9HUJOHLFKEHUHFKQHWHU7UDJODVWHQPLWGHQHLJHQHQ9HUVXFKVHUJHEQLVVHQ
$XFKKLHU]HLJWVLFKHLQHJXWHhEHUHLQVWLPPXQJ]ZLVFKHQ9HUVXFKXQG%HUHFKQXQJGLHPLWGHP
)(0RGHOOHUPLWWHOWH7UDJODVWOLHJWMHZHLOVDXIGHUVLFKHUHQ6HLWH'LHJU|‰WH$EZHLFKXQJHUJLEW
VLFK IU GHQ 9HUVXFKVIODQVFK  KLHU VLQG .RQYHUJHQ]SUREOHPH ZHJHQ GHU H[WUHP JUR‰HQ 9HU
VFKLHEXQJHQ ELV ]XP 9HUVDJHQ GHU 9HUELQGXQJ GLH 8UVDFKH IU GLH QLHGULJH 7UDJODVW GHU )(
%HUHFKQXQJ
8QWHUVXFKXQJYRQ)ODQVFKYHUELQGXQJHQPLW+LOIHGHU)(0HWKRGH 6HLWH

 (UJHEQLVVH
¾
)UGLH0RGHOOLHUXQJYRQ)ODQVFKYHUELQGXQJHQVLQGGLH.RQWDNW]RQHQYRQJU|‰WHU%HGHXWXQJ
IUGLH*WH GHU (UJHEQLVVH 'LH (LQVWHOOXQJ GHU .RQWDNWHOHPHQWH LVW GXUFK 9HUJOHLFKVUHFK
QXQJHQDE]XVLFKHUQ
¾
(QJH.RQYHUJHQ]NULWHULHQHUODXEHQGLHH[DNWH%HUHFKQXQJDXFKJHULQJHU%HDQVSUXFKXQJVGLI
IHUHQ]HQEHLNOHLQHQlX‰HUHQ=XJNUlIWHQ
¾
'LH D[LDOH 1DFKJLHELJNHLW VRZLH GLH %LHJHQDFKJLHELJNHLW LP HODVWLVFKHQ %HUHLFK N|QQHQ LQ
JXWHU1lKHUXQJPLWGHQ)RUPHOQGHU9',5LFKWOLQLHHUPLWWHOWZHUGHQ'LH6FKUDXEHLP
)(0RGHOOLVWDXIGLHVH:HUWHDE]XVWLPPHQ
¾
)U GLH %HUHFKQXQJ YRQ 7UDJODVWHQ LVW EHL 9HUVXFKVQDFKUHFKQXQJHQ LQVEHVRQGHUH DXI HLQH
]XWUHIIHQGH1lKHUXQJIUGLHUHDOH6SDQQXQJV'HKQXQJV%H]LHKXQJ]XDFKWHQ
¾
8QWHU GLHVHQ 9RUDXVVHW]XQJHQ ZLUG PLW HLQHP )(0RGHOO HLQH JXWH hEHUHLQVWLPPXQJ ]ZL
VFKHQ9HUVXFKXQG%HUHFKQXQJVRZRKOIUGHQ%HWULHEVODVWDOVDXFKIUGHQ7UDJODVWEHUHLFK
HU]LHOW8QVLFKHUKHLWHQN|QQHQMHGRFKHQWVWHKHQZHQQPDQJHOQGH'XNWLOLWlWGHU6FKUDXEHXU
VlFKOLFKPLWGHP9HUVDJHQ]XVDPPHQKlQJW
6HLWH (UJHEQLVVH
(UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJ 6HLWH

 (UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJ
'LH%HUHFKQXQJGHU6FKUDXEHQEHDQVSUXFKXQJNDQQZLHLQ.DSLWHOJH]HLJWZXUGH]XYHUOlVVLJ
PLWGHU0HWKRGHGHU)LQLWHQ(OHPHQWHHUIROJHQGLHVHLVWDEHUDXIZHQGLJXQGYHUODQJWYRP$Q
ZHQGHUGHV3URJUDPPVHLQLJHVDQ+LQWHUJUXQGZLVVHQ'LHVH$UWYRQ%HUHFKQXQJIlOOWVRPLWDXV
GHP EOLFKHQ 6SHNWUXP HLQHV %HUHFKQXQJVLQJHQLHXUV KHUDXV VR GD‰ HLQH +DQGUHFKHQPHWKRGH
]XU(UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJVLQQYROOLVW
$XFKZHQQEHUHLWVHLQH9LHO]DKODQ%HUHFKQXQJVYHUIDKUHQYRUJHVFKODJHQZXUGHLVWIUGLH(U
PLWWOXQJGHU%HDQVSUXFKXQJYRQ6FKUDXEHQLQ5LQJIODQVFKYHUELQGXQJHQQRFKNHLQEHIULHGLJHQ
GHU=XVWDQGHUUHLFKWGHQQHVJLEWNHLQ9HUIDKUHQPLWGHPGLH1RUPDONUDIWXQG%LHJHEHDQVSUX
FKXQJHUPLWWHOWZHUGHQNDQQ,PIROJHQGHQZLUGGHVKDOEHLQ0RGHOODEJHOHLWHWGDVHLQHHLQIDFKH
%HUHFKQXQJ GHU ]XVDPPHQJHVHW]WHQ %HDQVSUXFKXQJ HUODXEW 'DV 0RGHOO ZLUG LQ VHLQHP $Q
ZHQGXQJVEHUHLFK HLQJHJUHQ]W XQG DQKDQG YRQ %HLVSLHOHQ GHQ YRUKDQGHQHQ 0RGHOOHQ JHJHQ
EHUJHVWHOOW

 $EOHLWXQJHLQHV5HFKHQPRGHOOV]XU(UPLWWOXQJGHU%HDQVSUXFKXQJ
=XU+HUOHLWXQJGHV0RGHOOVZLUGYRQGHUhEHUOHJXQJDXVJHJDQJHQGD‰IUGLH%HDQVSUXFKXQJ
GHU9HUELQGXQJLPHUVWHQ$VWGHU%HDQVSUXFKXQJVIXQNWLRQ%HUHLFKLQ$EELOGXQJPLWGHP
OLQHDUHQ%HUHFKQXQJVYHUIDKUHQGHU9',5LFKWOLQLHHLQHWDEOLHUWHVXQGZHLWHQWZLFNHOWHV%H
UHFKQXQJVYHUIDKUHQYRUOLHJWGDVIUGLH%HUHFKQXQJJHHLJQHWLVW)UGLHVHQ%HUHLFKN|QQHQDO
OHUGLQJVHLQLJH9HUHLQIDFKXQJHQJHWURIIHQZHUGHQGLHGLH$QZHQGXQJHUKHEOLFKHUOHLFKWHUQ
8QEHIULHGLJHQG JHO|VW LVW ELVODQJ GLH (UPLWWOXQJ GHV QLFKWOLQHDUHQ 9HUODXIHV QDFK GHP .ODI
IXQJVEHJLQQGHUVFKRQEHLVHKUNOHLQHQ=XJNUlIWHQEHJLQQHQNDQQVLHKH$EVFKQLWW)UGDV
HLJHQH%HUHFKQXQJVYHUIDKUHQZLUGGDUXPDXIGHUYRUKDQGHQHQ%HUHFKQXQJVPHWKRGLNQDFK9',
5LFKWOLQLHDXIEDXHQGHLQH(UZHLWHUXQJDXIGHQQLFKWOLQHDUHQ%HUHLFKGHUNODIIHQGHQ9HUELQGXQJ
YRUJHQRPPHQ
'DV0RGHOOEHLQKDOWHWGDPLWHLQHDGGLWLYH(UPLWWOXQJGHU6FKUDXEHQNUDIWGXUFK]ZHL$QWHLOH
')6 ')6]HQWU  ')6H[] 



]HQWULVFKHU $QWHLO  H[]HQWULVFKHU $QWHLO 

'HUHUVWH$QWHLOZLUGZLHIUGLH]HQWULVFKYHUVSDQQWH9HUELQGXQJQDFK9',5LFKWOLQLHHU
PLWWHOWGLH9RUJHKHQVZHLVHHQWVSULFKWGHU(LQRUGQXQJDXV$EVFKQLWWIROJHQGGHU*UXSSH
'HU ]ZHLWH $QWHLO EHUFNVLFKWLJW GLH ([]HQWUL]LWlW GHV .UDIWDQJULIIV GLH HLQH .UPPXQJ GHV
4XHUVFKQLWWVEHZLUNW)UGLHVHQ$QWHLOZLUGHLQH9HUIRUPXQJGHV4XHUVFKQLWWVQDFK*UXSSH
DQJHQRPPHQ
(LQ%LHJHPRPHQW06LQGHU6FKUDXEHHQWVWHKWQXUGXUFKGHQH[]HQWULVFKHQ.UDIWDQJULIIE]ZHL
QHH[]HQWULVFKH9HUVSDQQXQJGLHHLQH9HUGUHKXQJGHV)ODQVFKHVEHZLUNHQ'XUFKGLH,GHDOLVLH
UXQJ GHV )ODQVFKHV DOV VWDUUHU .|USHU QDFK *UXSSH  NDQQ GHU %LHJHZLQNHO GHV )ODQVFKHV DXV
GHP NUPPXQJVHU]HXJHQGHQ 0RPHQW EHVWLPPW ZHUGHQ 'LHVHU :LQNHO ZLUG DXFK DXI GLH
6FKUDXEHEHUWUDJHQLQGHUGDGXUFKHLQ%LHJHPRPHQWHQWVWHKW
6HLWH $EOHLWXQJHLQHV5HFKHQPRGHOOV]XU(UPLWWOXQJGHU%HDQVSUXFKXQJ

 %H]HLFKQXQJHQ
 6FKZHUHOLQLHGHV)ODQVFKHVEHLNODIIHQGHU =
9HUELQGXQJGLH6FKZHUHOLQLHGHUDXIGHQ 6
EHUGUFNWHQ%HUHLFKUHGX]LHUWHQ)OlFKH
66 6FKZHUHOLQLHGHU6FKUDXEH E
V
D $EVWDQGYRQ,QQHQNDQWH)ODQVFKELV
D E
6FKUDXEHQDFKVH FRQVW )ODQVFKEUHLWHLQ
E $EVWDQGYRQ6FKUDXEHQDFKVHELV]XU$FKVH 7LHIHQULFKWXQJF

GHV.UDIWDQJULIIV FRQVW
F )ODQVFKEUHLWHLQ7LHIHQULFKWXQJ
(LQIOX‰EUHLWH
V %OHFKGLFNHGHUDQVFKOLH‰HQGHQ7XUPVFKDOH

W
W )ODQVFKGLFNH
)6
U $QJULIIVSXQNWGHU.RQWDNWNUDIW5YRQGHU 5 U
6FKZHUHOLQLHGHU6FKUDXEHQDFKVH
E $EVWDQGYRQGHU6FKUDXEHQDFKVHELV]XP
5DQGGHVEHUGUFNWHQ%HUHLFKHVLQGHU VV\P
7UHQQIXJHGHU)ODQVFKH  D d E d E  V  
VV\P ([]HQWUL]LWlWGHU6FKUDXEHEH]RJHQDXIGLH  6
6FKZHUHOLQLHGHV)ODQVFKHV
D  E D  E $EELOGXQJ %H]HLFKQXQJHQIUGDV%HUHFK
V V\P  E  QXQJVPRGHOO
 
$XVGHP9RU]HLFKHQNDQQZLHIROJWJHGHXWHWZHUGHQ.HQQ]HLFKQXQJGHU/DJHEH]R
JHQDXIGLH'DUVWHOOXQJLQ$EELOGXQJ
 VV\P!Ÿ'LH:LUNXQJVOLQLHGHU6FKUDXEHQNUDIW OLHJW UHFKWV YRQ GHU 0LWWHOOLQLH
GHV %DONHQV DOOJHPHLQHU ]XU 6HLWH GHV .UDIWDQJULIIV KLQ 'DV 0RPHQW DXV GHU
6FKUDXEHQNUDIWZLUNWGHP0RPHQWDXV=HQWJHJHQ
 VV\PŸ'LH:LUNXQJVOLQLHGHU6FKUDXEHQNUDIWOLHJWOLQNVYRQGHU0LWWHOOLQLHGHV
%DONHQVDOOJHPHLQHUYRQGHU6HLWHGHV.UDIWDQJULIIVZHJ'DV0RPHQWDXVGHU
6FKUDXEHQNUDIWZLUNWYHUVWlUNHQGDXIGLH.UPPXQJGHV4XHUVFKQLWWV
 VV\P Ÿ'LH6FKUDXEHOLHJWLQGHU0LWWHODFKVHGHV%DONHQV
'HU:HUWVV\PZLUGQHJDWLYZHQQJLOWE !D
 =HQWULVFKHU$QWHLOGHU6FKUDXEHQ]XVDW]NUDIW
'LH 6FKUDXEHQ]XVDW]NUDIW EHL ]HQWULVFKHU 9HUVSDQQXQJ XQG ]HQWULVFKHP .UDIWDQJULII HUPLWWHOW
VLFKQDFK9',5LFKWOLQLH
G3
')6 ]HQWU )˜= Q˜ ˜= 
G 3  G6
)UGLH1DFKJLHELJNHLWG3GHUYHUVSDQQWHQ7HLOHVLQGLQGHU9HUJDQJHQKHLWYLHOH)RUPHOQYRUJH
VFKODJHQZRUGHQYRQGHQHQ3(7(56(1 HLQLJHLQ>@]XVDPPHQJHVWHOOWKDW:LH+h+1(>@
DQKDQG YRQ 9HUJOHLFKVEHUHFKQXQJHQ PLW ')(0RGHOOHQ ]HLJHQ NRQQWH OLHIHUQ GLH )RUPHOQ
(UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJ 6HLWH

GHU 9',5LFKWOLQLH  >@ GLH EHVWHQ (UJHEQLVVH VLQG DEHU DXFK PLW $EVWDQG DP NRPSOL
]LHUWHVWHQ1lKHUXQJVZHLVHNDQQGDUXPDXFKPLWIROJHQGHU)RUPHOJHUHFKQHWZHUGHQ

 ( ˜ S ª§ W · 
º
&' ˜ «¨ '  ¸  G % » 
G3  ˜  W ¬«©  ¹ ¼»
PLW '6FKHLEHQGXUFKPHVVHU
G%%RKUXQJVGXUFKPHVVHUGHV6FKUDXEHQORFKHV
'LHVH )RUPHO OLHIHUW IU )ODQVFKH PLW WG| JXWH (UJHEQLVVH GLH WHQGHQ]LHOO DXI GHU VLFKHUHQ
6HLWHOLHJHQGKGLH6WHLILJNHLWGHUYHUVSDQQWHQ7HLOHZLUG]XNOHLQUHVSGLH1DFKJLHELJNHLW]X
JUR‰HUPLWWHOWVRGD‰GLHDXIGLH6FKUDXEHHQWIDOOHQGH=XVDW]NUDIWQDFK*OVWHLJW
'DV 9HUKlOWQLV GHU 1DFKJLHELJNHLW GHU YHUVSDQQWHQ 7HLOH G3 ]XU *HVDPWQDFKJLHELJNHLW G3G6
OLHJWEHL)ODQVFKHQIU:LQGHQHUJLHDQODJHQHUIDKUXQJVJHPl‰EHLELVZDVDQKDQGYRQ
*OOHLFKW]XEHOHJHQLVW)UGLH6FKUDXEHQVWHLILJNHLWZLUGGD]XEHL9HUQDFKOlVVLJXQJGHU
$QWHLOHDXV0XWWHUXQG*HZLQGHQDFKJLHELJNHLWJHVHW]W
 ($ ($ G3
&6  ) Q˜
G6 O ˜W G 3  G6
)U GLH *U|‰HQ DXV *O  NDQQ ZLH DQ Q  Q 
KDQG GHU $EPHVVXQJHQ OHLFKW EHUSUIW
W ÂG  
ZHUGHQ NDQQ IU +96FKUDXEHQ QDFK ',1
DEJHVFKlW]WZHUGHQ W ÂG  
'|ÂG W ÂG  

G%|ÂG W ÂG  

7DEHOOH1lKHUXQJHQIUGDV.UlIWHYHUKlOWQLV)
LQ$EKlQJLJNHLWYRP9HUKlOWQLV)ODQVFK
GLFNH]X6FKUDXEHQGXUFKPHVVHU

,Q$EKlQJLJNHLWYRQGHU)ODQVFKGLFNHHUJHEHQVLFKGDQQ IU GDV .UlIWHYHUKlOWQLV) GLH :HUWH

DXV7DEHOOHE]ZIRUPHOPl‰LJ
G3  ˜ G 
) Q˜ Q˜ 
G 3  G6  ˜ G    ˜ G ˜ W   ˜ W 
'HU .UDIWHLQOHLWXQJVIDNWRU Q OLHJW GHILQLWLRQVJHPl‰ ]ZLVFKHQ  XQG  IU GLH YHUKlOWQLVPl‰LJ
GLFNHQ)ODQVFKHYRQ:($OLHJWHUHWZD]ZLVFKHQXQG'LH%HUHFKQXQJHUIROJWGXUFKGLH
)RUPHOQGHU9',5LFKWOLQLH$XVJDEHGLHDXIHLQH$UEHLWYRQ+$1$8>@]XUFN
JHKHQ
$XVJHKHQG YRQ GHQ YRQ +$1$8 DQJHJHEHQHQ )RUPHOQ XQG 'LDJUDPPHQ NDQQ PLW KNK 
YJO $EELOGXQJ  GLH (UPLWWOXQJ GHV .UDIWHLQOHLWXQJVIDNWRUV IU GHQ $QZHQGXQJVIDOO GHU
5LQJIODQVFKYHUELQGXQJZLHIROJWYHUHLQIDFKWZHUGHQ
6HLWH $EOHLWXQJHLQHV5HFKHQPRGHOOV]XU(UPLWWOXQJGHU%HDQVSUXFKXQJ

Q Q  ' ˜ N DU ˜ N GK ˜ N GZ 

DN
PLW Q '    ˜ 
K

§D · §D ·
N DU |    ˜ ¨ U ¸   ˜ ¨ U ¸ 
©K ¹ ©K¹
N GK |  

N GZ |  
'D GLH 6FKUDXEHQ LQ 5LQJIODQVFKHQ QRUPD
OHUZHLVH VHKU HQJ DQJHRUGQHW VLQG JHKW GHU $EELOGXQJ (LQJDQJVZHUWHIUGLH%HVWLPPXQJGHV
4XRWLHQWDUKJHJHQ1XOOVRGD‰VLFKVFKOLH‰ .UDIWHLQOHLWXQJVIDNWRUVQ>@
OLFKHUJLEW
DN
Q |    ˜  
K
'LHVH $EVFKlW]XQJ LVW VHKU YRUVLFKWLJ GD GHU 4XRWLHQW D UK JUR‰HQ (LQIOX‰ KDW EHUHLWV EHL
DUK HUJLEWVLFKHLQ$EPLQGHUXQJVIDNWRUNDU 'LH*OWLJNHLWVJUHQ]HIUGLHVH)RUPHO
D
OLHJWEHL N d  
K
6HOEVWEHLVHKUGLFNHQ)ODQVFKHQOLHJWGHU4XRWLHQWDNKVHOWHQXQWHUVRGD‰GLHLQGHU9',
5LFKWOLQLH$XVJDEHDQJHJHEHQH1lKHUXQJYRQQ LPPHUDXIGHUVLFKHUHQ6HLWH
OLHJW
)UGLHPHLVWHQ)ODQVFKHPLWW|ÂGNDQQGDKHUIUQ PLW
G3
) Q˜  
G 3  G6
JHUHFKQHWZHUGHQ%HLDEZHLFKHQGHU)ODQVFKGLFNHLVWPLWGHQ:HUWHQDXV7DEHOOH]XUHFKQHQ
:HQQ GLH 1lKHUXQJ QDFK *O  IU GHQ .UDIWHLQOHLWXQJVIDNWRU YHUZHQGHW ZLUG NDQQ GDV
.UlIWHYHUKlOWQLVHEHQIDOOV OHLFKW DXV 7DEHOOH  EHVWLPPW ZHUGHQ ,QVJHVDPW ]HLJW GLH *U|‰HQ
RUGQXQJYRQPD[) GD‰GLH%HGHXWXQJHLQHUJHQDXHQ(UPLWWOXQJYRQ6WHLILJNHLWHQXQG
.UDIWHLQOHLWXQJVIDNWRUEHL5LQJIODQVFKYHUELQGXQJHQHKHUJHULQJLVW
=XUhEHUSUIXQJGLHVHV9RUVFKODJHVZHUGHQQDFKIROJHQGGLHLQGHQ9HUVXFKHQJHPHVVHQHQ$Q
IDQJVVWHLJXQJHQ GHQ EHUHFKQHWHQ JHJHQEHUJHVWHOOW 'D GLH )ODQVFKH  XQG  DXV GHP $EPHV
VXQJVEHUHLFKGHU9',5LFKWOLQLHKHUDXVIDOOHQZLUGGHU9HUJOHLFKIUGLHVH9HUVXFKVN|USHUQLFKW
JHIKUW %HL 9HUVXFKVIODQVFK  ZXUGHQ :HUWH ]ZLVFKHQ )  XQG )  JHPHVVHQ
]XP9HUJOHLFKLVWGHUXQJQVWLJVWH*U|‰WZHUWDQJHJHEHQDQDORJZLUGIUGHQ)ODQVFKGHU)HOG
PHVVXQJYRUJHJDQJHQ
(UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJ 6HLWH

)ODQVFK )9HUVXFK )9', )7DEHOOH

PLWQQDFK*O
9HUVXFKVIODQVFK     
9HUVXFKVIODQVFK     
7:VP     
7DEHOOH.UDIWYHUKlOWQLVVHLP9HUVXFKLP9HUJOHLFK]XEHUHFKQHWHQ:HUWHQQDFK9',5LFKWOLQLH
%HL 9HUVXFKVIODQVFK  VWLPPW GLH JHPHVVHQH $QIDQJVVWHLJXQJ QLFKW PLW GHP :HUW QDFK 9',
5LFKWOLQLHEHUHLQGDGLH9HUELQGXQJVRIRUW]XNODIIHQEHJLQQWGHUOLQHDUH$VWIlOOWGDPLW
ZHJYJO$EELOGXQJ6HLWH%HLGHQEHLGHQDQGHUHQ)ODQVFKHQHUJLEWVLFKHLQHJXWHhEHU
HLQVWLPPXQJ]ZLVFKHQ9HUVXFKXQG9',5LFKWOLQLHGLHHLQIDFKH1lKHUXQJOLHJWMHZHLOVDXIGHU
VLFKHUHQ6HLWH
 ([]HQWULVFKHU$QWHLOGHU6FKUDXEHQ]XVDW]NUDIW
'LH .UPPXQJ GHV 4XHUVFKQLWWV ZLUG EHU GDV HLQZLUNHQGH %LHJHPRPHQW EHVWLPPW 'HU
)ODQVFK ZLUG ZHJHQ GHU 6\PPHWULH LQ GHU %HUKUXQJVHEHQH DOV HLQ HLQJHVSDQQWHU 6WDE LGHDOL
VLHUWIUGHVVHQ%LHJHOLQLHIROJHQGHU$QVDW]JHPDFKWZLUGVLHKHDXFK$EELOGXQJ
Z $  %˜ [  &˜ [ 
Zc %   ˜ & ˜ [ 
Z cc  ˜ & 
5DQGEHGLQJXQJHQ
Z c [   Ÿ%  
Z [   Ÿ$  
0
 (, ˜ Z cc 0 Ÿ &  
 ˜ (,
[
Z
0
%LHJHOLQLH Z [   ˜ [ 
 ˜ (,
$EELOGXQJ.RRUGLQDWHQ
0 V\VWHPIUGLH%LHJHOLQLHGHV
.UPPXQJ Z c[   ˜[  )ODQVFKHV
(,
0
DQ2.)ODQVFK Z c[ W M  ˜W 
(,
'LHVH)RUPGHU%LHJHOLQLHJLOWVRZRKOIUGLH6FKUDXEHDOVDXFKIUGHQ)ODQVFK'DV%LHJHPR
PHQWZLUGDOVNRQVWDQWEHUGLH/lQJHGHV6WDEHVDQJHQRPPHQ
'DV%LHJHPRPHQWGHU6FKUDXEHHUPLWWHOWVLFKDXVGHU.UPPXQJDQ2.)ODQVFK]XYJO$E
VFKQLWW
M
06 
E6
:HQQ GLH %LHJHQDFKJLHELJNHLW ZLH EOLFK IU GLH JDQ]H 6FKUDXEH HUPLWWHOW ZLUG GDQQ JLOW EHL
%HWUDFKWXQJGHVLQGHU%HUKUXQJVHEHQHGHU)ODQVFKHJHWHLOWHQ6\VWHPV
6HLWH $EOHLWXQJHLQHV5HFKHQPRGHOOV]XU(UPLWWOXQJGHU%HDQVSUXFKXQJ

M
06 ˜ 
E6
'LH%LHJHVWHLILJNHLWGHV)ODQVFKHVZLUGDXVGHU)OlFKHEHUHFKQHWIUGLHLQGHU%HUKUXQJVHEHQH
GHU)ODQVFKH.RQWDNWEHVWHKW
( ˜ F ˜ D  E   

(, 
'LH %LHJHVWHLILJNHLW QLPPW GDPLW PLW IRUWVFKUHLWHQGHU .ODIIXQJ DE ELV VLH EHLP .DQWHQWUDJHQ
UHFKQHULVFKDXIGHQ:HUW1XOO]XUFNJHJDQJHQLVW
'LH%LHJHVWHLILJNHLWGHV)ODQVFKHVLVWHQWVFKHLGHQGIUGDV9HUIRUPXQJVYHUKDOWHQGHV6\VWHPV
(VLVWDQVFKDXOLFKOHLFKWHLQVLFKWLJGD‰EHLGHUJHWURIIHQHQ$QQDKPHHLQHV%DONHQVLQ5LFKWXQJ
GHU 6FKUDXEHQDFKVH GDV 0D‰ D QLFKW LQ EHOLHELJHU *U|‰H YROO PLWWUlJW ZREHL HV XP VR JU|‰HU
VHLQNDQQMHGLFNHUGHU)ODQVFKLVW'DV0D‰DZLUGGDUXPUHFKQHULVFKDXIGDV0D‰D UHGX]LHUW
GDV GLHVHP (IIHNW 5HFKQXQJ WUlJW 'LH IROJHQGHQ 5HGXNWLRQVIRUPHOQ ZXUGHQ DQKDQG YRQ %HL
VSLHOUHFKQXQJHQDEJHOHLWHW
­
° D
°°
D PLQ ®  ˜ W 
°
°E  D  E  ˜ W  ZHQQ D ! E
°¯ ˜ E
:HQQGLH9HUELQGXQJEHUGLH6FKUDXEHQDFKVHKLQDXVNODIIWGDQQZLUGGHU$QWHLOYRQDGHUDP
9HUIRUPXQJVZLGHUVWDQG $QWHLO KDW JU|‰HU 'LHVHV ZLUG LP %HUHFKQXQJVYHUIDKUHQ GXUFK HLQH
UHFKQHULVFKH9HUJU|‰HUXQJYRQD EHUFNVLFKWLJWYJO5HFKHQDQZHLVXQJLP$QKDQJ
'LH (UK|KXQJ GHU 6FKUDXEHQ]XVDW]NUDIW GXUFK GHQ H[]HQWULVFKHQ .UDIWDQJULII ZLUG EHU GLH
.UPPXQJ GHV )ODQVFKHV HUPLWWHOW $XV GHU .UPPXQJ UHVXOWLHUW HLQH /lQJHQlQGHUXQJ GHU
6FKUDXEHXQGDXVGLHVHUEHUGLHHOHPHQWDUH)HGHUEH]LHKXQJHLQH.UDIWlQGHUXQJ'LH/lQJXQJ
GHU6FKUDXEHNDQQEHUGLHJHRPHWULVFKHQ%H]LHKXQJHQEHLHLQHU.UPPXQJGHV)ODQVFKHVHU
PLWWHOWZHUGHQYJO$EELOGXQJ
'O 6 ')6  &6 Ÿ ')6 'O6 ˜ & 6 
W
'O 6 M ˜ VV\P ˜ 0 ˜ VV\P 
(,
W
PLW M  ˜0 
(,
W
')6H[] 'O 6 ˜ & 6 ˜ 0 ˜ V V\P ˜ & 6 
(,
'DGLHVH+HUOHLWXQJDXIGHU9HUIRUPXQJGHVKDOEHQ)ODQVFKHVEHUXKWLVWIUGLH%HUHFKQXQJGLH
GRSSHOWH6FKUDXEHQVWHLILJNHLWDQ]XVHW]HQ
'LH6FKUDXEHQNUDIWHUJLEWVLFKGDPLWLQGHU6XPPH]X
)6 )9  ')6 )9  ')6]HQWU  ')6H[] 

'DVDXIGHQ%LHJHN|USHUHLQZLUNHQGHNUPPXQJVHU]HXJHQGH0RPHQWLVW
0 = ˜ E  V V\P   )6 ˜ V V\P 5 ˜ U  V V\P  
(UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJ 6HLWH

=
DQJHQRPPHQHU
%LHJHN|USHU )/DVW )6±=

³6WDEDFKVH´
IUGDV
%HUHFKQXQJV 0/DVW =ÂEVV\P±)6ÂVV\P
YHUIDKUHQ

'O6
[
.RRUGLQDWHQV\VWHP
W
% IUGLH%LHJHOLQLH
M
GHV)ODQVFKHV
Z
05HDNWLRQ 5ÂU±VV\P
5 U
VV\P E )5HDNWLRQ 5

D E

$EELOGXQJ%DONHQPRGHOOIUGHQ)ODQVFKPLWHLQZLUNHQGHQ/DVWHQXQG5HDNWLRQVNUDIWXQGPRPHQW
'LHOLQNH6HLWHEHVFKUHLEWGDVÄ/DVWPRPHQW³YJOGD]XDXFKGLH9RU]HLFKHQGHILQLWLRQYRQVV\P
GLH UHFKWH 6HLWH GDV HQWJHJHQJHVHW]W ZLUNHQGH 0RPHQW DXV GHU .RQWDNWSUHVVXQJ GHUHQ *U|‰H
XQG$QJULIIVSXQNW]XQlFKVWXQEHNDQQWVLQG'DV%LHJHPRPHQWLQGHU6FKUDXEHZLUGEHLGLHVHU
%HWUDFKWXQJQlKHUXQJVZHLVHGDGXUFKEHUFNVLFKWLJWGD‰NHLQ/RFKDE]XJGXUFKJHIKUWZLUG'LH
9HUWHLOXQJGHU6FKUDXEHQNUDIWDXIGLH8QWHUOHJVFKHLEHZLUGDXIGHUVLFKHUHQ6HLWHOLHJHQGQLFKW
EHUFNVLFKWLJW
$XVGHP.UlIWHJOHLFKJHZLFKWIROJW
)6 5= 
8PGHQXQYHUPHLGOLFKHQ8QJHQDXLJNHLWHQGHU+HUVWHOOXQJJHUHFKW]XZHUGHQEHVWHKWGLH0|J
OLFKNHLWHLQHQ,PSHUIHNWLRQVZLQNHO]XP%LHJHZLQNHOLQIROJH/DVW]XDGGLHUHQ*OXQG
EHNRPPHQGDQQGLH)RUP
§ W ·
M ¨ ˜ 0  M LPS ¸ 
© (, ¹
§ W ·
')6H[] 'O 6 ˜ &6 ¨ ˜ 0  M LPS ¸ ˜ VV\P ˜ &6 
© (, ¹
$QVFKDXOLFKHQWVSULFKWGLHVHU:LQNHOHLQHU6FKLHIVWHOOXQJGHU)ODQVFKREHUVHLWHGLHDOVNRQVWDQ
WHU$QWHLO]XU.UPPXQJLQIROJH/DVWDGGLHUWZLUG%HLVWHLJHQGHU%HODVWXQJXQGDQVWHLJHQGHP
VV\PIKUWGLHV]XHLQHP$QVWLHJGHU6FKUDXEHQNUDIWLQIROJHGHU,PSHUIHNWLRQ'LHVHV9HUKDOWHQ
GHU LPSHUIHNWHQ 9HUELQGXQJ GHFNW VLFK PLW %HUHFKQXQJHQ GLH (%(57%8&+(5  >@ DQ )(
0RGHOOHQGHV*HVDPWV\VWHPVPLW]XIlOOLJHQ JHRPHWULVFKHQ ,PSHUIHNWLRQHQ GXUFKJHIKUW KDEHQ
VLHKHGD]X$EVFKQLWW*OHLFK]HLWLJZLUGGXUFKGLHK|KHUH6FKUDXEHQNUDIWGDVDXIGHQ%LH
JHN|USHU HLQZLUNHQGH /DVWPRPHQW YHUULQJHUW VR GD‰ GLH .UPPXQJ LQIROJH GHU H[]HQWULVFKHQ
=XJNUDIWJOHLFKIDOOVYHUULQJHUWZLUG6RPLWIlOOWGDV%LHJHPRPHQWLQGHU6FKUDXEHJHULQJHUDXV
DOVEHLGHUSHUIHNWHQ9HUELQGXQJ
6HLWH $EOHLWXQJHLQHV5HFKHQPRGHOOV]XU(UPLWWOXQJGHU%HDQVSUXFKXQJ

0LWXQGN|QQHQGLHYLHU*OHLFKXQJHQ]XU(UPLWWOXQJGHU8QEHNDQQWHQ)65

UXQG0ZLHIROJWDQJHVFKULHEHQZHUGHQ
= ˜ E  V V\P   )6 ˜ VV\P 0 

§ W ·
)6 )9  ¨ ˜ 0  M LPS ¸ ˜ VV\P ˜ &6  ) ˜ = 
© (, ¹
)6 5= 

0 5 ˜ U  V V\P  

'DUDXVHUJLEWVLFKGXUFK(LQVHW]HQXQG8PIRUPHQ
W ˜ VV\P ˜ &6 ˜ = ˜ E  VV\P   (, ˜ ) ˜ =  )9  VV\P ˜ &6 ˜ M LPS 
)6 

VV\P ˜ W ˜ &6  (,

= ˜ E  D 
,P)DOOGHVYROOVWlQGLJHQ.ODIIHQVPLWVV\P DZLUG(, XQGGDPLW )6 
D
'LHVH *OHLFKXQJ EHVFKUHLEW GDV VRJ .DQWHQWUDJHQ GHU hEHUJDQJ ZLUG DOVR WKHRUHWLVFK NRUUHNW
YROO]RJHQ
'LHZHLWHUHQ*U|‰HQHUJHEHQVLFK]X

0
 
(, ˜ = ˜ VV\P  = ˜ E  )9 ˜ VV\P  ) ˜ = ˜ VV\P  VV\P ˜ &6 ˜ M LPS  

VV\P ˜ W ˜ &6  (,

W ˜ VV\P ˜ &6 ˜ = ˜ E  (, ˜ ) ˜ =  )9  =  VV\P ˜ &6 ˜ M LPS 

5 

VV\P ˜ W ˜ &6  (,

0
U  V V\P 
5
:HQQ GLH 6FKUDXEH JHQDX LQ GHU 6\PPHWULHDFKVH GHV *UXQGN|USHUV OLHJW GDQQ HUKlOW VLH ]X
QlFKVWNHLQH.UDIWZRKODEHUHLQ%LHJHPRPHQW'LH9HUKlOWQLVVHlQGHUQVLFKDEHUEHLEHJLQQHQ
GHU.ODIIXQJGHU9HUELQGXQJGDVLFKGDV0D‰VV\PGDQQHEHQIDOOVlQGHUW
$XVGHP%LHJHPRPHQW0HUJLEWVLFKGHU:LQNHOMPLWGHPGLH%LHJHVSDQQXQJGHU6FKUDXEH
HUPLWWHOWZHUGHQNDQQ
'DVVXN]HVVLYH.ODIIHQGHU)ODQVFKHZLUGEHUGLH6SDQQXQJHQLQGHU7UHQQIXJHHUPLWWHOW'LH
YHUEOHLEHQGH.RQWDNWEUHLWHGLHEHUGDV0D‰E EHVWLPPWZLUGZLUGGDEHLMHZHLOVVRZHLWYHU
ULQJHUWGD‰VLFKGLH6SDQQXQJDXIGHU6HLWHGHV.UDIWDQJULIIVLQGHU%HUKUXQJVHEHQHGHU)ODQ
VFKH]XVtHUJLEWZREHLHLQSRVLWLYHV9RU]HLFKHQ'UXFNEHGHXWHW
'LH6SDQQXQJDP3XQNW% VLHKH$EELOGXQJPX‰JU|‰HURGHUJOHLFK1XOOVHLQ
0
V % V1  ˜ D  E    t  
,



)UGLHPDWKHPDWLVFKH%HDUEHLWXQJZXUGHGDV3URJUDPP0DSOH95HO>@HLQJHVHW]W
(UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJ 6HLWH

'LH 6SDQQXQJ DXV GHU 6FKUDXEHQQRUPDONUDIW YHUWHLOW VLFK 6

QLFKWJOHLFKPl‰LJEHUGLH%HUKUXQJVIXJHGHU)ODQVFKH'LH
$QQDKPH HLQHU JOHLFKPl‰LJHQ 3UHVVXQJ OLHJW QLFKW DXI GHU '
VLFKHUHQ 6HLWH GD EHL HLQHU QLHGULJHUHQ 6SDQQXQJ DP 5DQG
GDV .ODIIHQ IUKHU EHJLQQW 'LH IROJHQGH $QQDKPH OLHIHUW
EHVVHUH(UJHEQLVVHLP%HUHLFKGHV$EKHEHSXQNWHV
'LH $QQDKPH IU GLH 9HUWHLOXQJ GHU 6SDQQXQJHQ DXV GHP D
W
1RUPDONUDIWDQWHLO YHUGHXWOLFKW $EELOGXQJ  8QWHU GHU
6FKHLEH ZLUG HLQH $XVEUHLWXQJ XQWHU GHP :LQNHO D DQJH
V V
QRPPHQGLH5DQGVSDQQXQJHQVLQGGDPLWLP$EVWDQG
' E5
E5  W ˜ WDQ D  6

$EELOGXQJ$QQDKPHIUGLH9HU
UHFKQHULVFKDXI1XOOJHVXQNHQ'HU$XVEUHLWXQJVZLQNHOZLUG WHLOXQJGHU6SDQQXQJHQDXVGHU=XJ
PLW WDQ D  DQJHQRPPHQ 'LHVHU :HUW LVW EHL GLFNHQ NUDIWGHU6FKUDXEHYRUGHP.ODIIHQ
)ODQVFKHQHLQHJXWH1lKHUXQJDOWHUQDWLYNDQQDXFKGHUQDFK
9',5LFKWOLQLH  $XVJDEH  EHUHFKQHWH UHFKQHULVFKH :LQNHO GHV 'UXFNNHJHOV M' YHU
ZHQGHWZHUGHQ
'DV ,QWHJUDO EHU GLH 6SDQQXQJHQ PX‰ GHU DQWHLOLJHQ .RQWDNWNUDIW GHU UHFKWHQ 7HLOIOlFKH HQW
VSUHFKHQ
V  V  E
˜ F ˜ E 5˜ 
 E D
E5  E
V V ˜ 
E5
'DPLWZLUGGLH5DQGVSDQQXQJDXVGHP1RUPDONUDIWDQWHLOV V1
5 ˜ E E 5 
V1 ˜ 
F ˜ D ˜ E  E   ˜ D ˜ E 5   ˜ E ˜E 5 
'LH*HVDPWVSDQQXQJHUJLEWVLFKDXV1RUPDONUDIWXQG0RPHQWHQDQWHLO
0
V V1 
,

˜ D  E   

:HQQVZLUGGDQQPVVHQGHU:HUWE XQGGDPLWDXFKVV\PLWHUDWLYYHUEHVVHUWZHUGHQELV
VLFKV LQGHU5DQGIDVHUHUJLEWE NDQQDXFKQHJDWLYZHUGHQGDQQNODIIWGLH9HUELQGXQJELV
EHUGLH6FKUDXEHQDFKVHKLQDXVIUE  HQGHWGLH.ODIIXQJLQGHU6FKUDXEHQDFKVH
)U:HUWHE ZLUGDQJHQRPPHQGD‰GLH6SDQQXQJDXVGHU1RUPDONUDIWNRQVWDQWLVW
5
V1 
D  E  ˜ F
0LWGHU(UPLWWOXQJGHU6SDQQXQJHQLQGHU7UHQQIXJHLVWGDV0RGHOOYROOVWlQGLJEHVFKULHEHQ'LH
NRPSOHWWH9RUJHKHQVZHLVHLVWLQ5HFKHQDQZHLVXQJLP$QKDQJ]XVDPPHQJHID‰W
$QPHUNXQJ$XFKZHQQGHUhEHUJDQJ]XP.DQWHQWUDJHQWKHRUHWLVFKHUID‰WZHUGHQNDQQZLUG
GLHVHU =XVWDQG QLHPDOV HUUHLFKW ,P %HUHLFK JUR‰HU lX‰HUHU =XJNUlIWH ZHUGHQ GLH 6FKUDXEHQ
NUlIWHKLQJHJHQDXVIROJHQGHQ*UQGHQEHUVFKlW]W
6HLWH $EOHLWXQJHLQHV5HFKHQPRGHOOV]XU(UPLWWOXQJGHU%HDQVSUXFKXQJ

 'HU]HQWULVFKH$QWHLOGHU6FKUDXEHQ]XVDW]NUDIWLVWQXULP%HUHLFKNOHLQHU=XJNUlIWHDQ]X
VHW]HQ6SlWHVWHQVEHLPYROOVWlQGLJHQ.ODIIHQLVWGLHVHU$QWHLOQLFKWPHKUYRUKDQGHQGLH
=XVDW]NUDIWHUJLEWVLFKDOOHLQHDXVGHU([]HQWUL]LWlWGHV.UDIWDQJULIIV'DHVDEHUNHLQH(U
NHQQWQLVVHEHUGHQ9HUODXIGLHVHV$QWHLOVPLWIRUWVFKUHLWHQGHU.ODIIXQJJLEWXQGHURKQH
KLQQXUHLQHQJHULQJHUHQ(LQIOX‰DXIGLH=XVDW]NUDIWKDWZLUGHUIUGLHJHVDPWH6FKUDX
EHQNUDIWIXQNWLRQDOV]XVlW]OLFKHU$QWHLOEHLEHKDOWHQ
 %HLP.ODIIHQEHUGLH6FKUDXEHQDFKVHKLQDXVZLUGGHUIUGHQUHFKQHULVFKHQ%LHJHN|USHU
HUUHFKQHWH .UPPXQJVZLQNHO QLFKW PHKU OLQHDU ELV ]XU 6FKUDXEHQDFKVH EHUWUDJHQ GLH
9HUOlQJHUXQJGHU6FKUDXEHIlOOWZHJHQGHUQLFKWHUID‰WHQ%LHJHYHUIRUPXQJGHV)ODQVFKHV
LQVHLQHU/lQJVULFKWXQJJHULQJHUDXVDOVQDFKGHP0RGHOOHUUHFKQHW
 ,QIROJHGHUK|KHUHQ6FKUDXEHQNUDIWHUIlKUWDXFKGHU)ODQVFKHLQHHODVWLVFKH(LQGUFNXQJ
GLHYRQGHU6FKUDXEHQYHUOlQJHUXQJDEJH]RJHQZHUGHQP‰WH
 'LHK|KHUHQ6FKUDXEHQNUlIWHIKUHQGDQQLQGHU.RQVHTXHQ]GD]XGD‰GHU.ODIIXQJVYRU
JDQJQLFKWPHKUNRUUHNWEHVFKULHEHQZLUG'LH.ODIIXQJZLUG]XJHULQJHUPLWWHOWGDGXUFK
GLHK|KHUH6FKUDXEHQNUDIWGLH.RQWDNWNUDIWDXV*OHLFKJHZLFKWVJUQGHQQlKHU]XU6FKUDX
EHQDFKVHKLQDQJUHLIHQPX‰'DVHUJLEWVLFKDXVGHQ*OHLFKXQJHQLQGHP
DXIGHQ$QJULIIVSXQNWGHU.RQWDNWNUDIWXPJHIRUPWZLUG
=˜E
 U 
)6  =
 'LHXQWHUGHQ$QQDKPHQGHUOLQHDUHQ%LHJHWKHRULHHUPLWWHOWHQ6SDQQXQJHQLQGHU7UHQQ
IXJHEHLZHLWNODIIHQGHU9HUELQGXQJVLQGYHUPXWOLFKQLFKWPHKU]XWUHIIHQG
 9RUVSDQQ]XVWDQG
,P9RUVSDQQ]XVWDQGNDQQMHQDFKGHQ$EPHVVXQJVYHUKlOWQLVVHQEHUHLWVHLQ.UPPXQJVZLQNHO
MYRUKDQGHQVHLQ'LHVNDQQGD]XIKUHQGD‰EHL%HJLQQGHU%HUHFKQXQJPLW= 6FKUDXEHQ
NUlIWH)6 )9HUPLWWHOWZHUGHQGLHQLFKWSODXVLEHOVLQG 'LHVH $EZHLFKXQJHQ VLQG LD JHULQJ
ZHQQDEHUJU|‰HUH'LIIHUHQ]HQDXIWUHWHQGDQQLVWGHUDQIlQJOLFKH.UPPXQJVZLQNHO]XHUPLW
WHOQXQGEHLGHU%HUHFKQXQJDOVMLPS M]XEHUFNVLFKWLJHQ'HUDQ]XVHW]HQGH:LQNHOHUJLEW
VLFKDXVGHU%HGLQJXQJ
(, ˜ )9  VV\P ˜ &6 ˜ M   
)6  =  
)9 
V V\P ˜ W ˜ &6  (,

)9 ˜ W ˜ V V\P
]X M  
(,
:HQQ]XVlW]OLFKQRFKHLQ,PSHUIHNWLRQVZLQNHOEHUFNVLFKWLJWZHUGHQVROOGDQQIXQNWLRQLHUWGLH
.RUUHNWXUDXIGLHVH:HLVHQLFKWPHKUGDDQVRQVWHQGHU,PSHUIHNWLRQVZLQNHOZLHGHUDXIJHKREHQ
ZUGH:HQQKLHUJU|‰HUH$EZHLFKXQJHQYRQGHU9RUVSDQQNUDIWIU= DXIWUHWHQGDQQNDQQ
GLHV GXUFK HLQH 9HUJU|‰HUXQJ GHU UHFKQHULVFKHQ 9RUVSDQQNUDIW NRUULJLHUW ZHUGHQ VLHKH
5HFKHQDQZHLVXQJLP$QKDQJ
(UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJ 6HLWH

 $EJUHQ]XQJGHV5HFKHQPRGHOOV
-HGHV 5HFKHQPRGHOO EHVLW]W DXIJUXQG GHU YHUHLQIDFKHQGHQ $QQDKPHQ HLQHQ HLQJHVFKUlQNWHQ
$QZHQGXQJVEHUHLFK(VLVWGDUXPZLFKWLJGLH*UHQ]HQGHV0RGHOOV]XNHQQHQGDPLWXQVLFKHUH
RGHUXQZLUWVFKDIWOLFKH.RQVWUXNWLRQHQYHUPLHGHQZHUGHQN|QQHQ$QKDQG]ZHLHU.ULWHULHQZLUG
QDFKIROJHQGHLQH$EVFKlW]XQJIUGDVYRUJHVFKODJHQH0RGHOOYRUJHQRPPHQ
 9HUIRUPXQJHQEHLP.ODIIHQELV]XU6FKUDXEHQDFKVH
'DV 5HFKHQPRGHOO LVW XP VR ]XWUHIIHQGHU MH JU|‰HU GLH 1DFKJLHELJNHLW GHU 6FKUDXEH LP 9HU
JOHLFK]XU%LHJHVWHLILJNHLWGHV)ODQVFKHVLVWGDGDQQGLHDQJHQRPPHQHÄVWDUUH³9HUIRUPXQJGHV
)ODQVFKHV DP HKHVWHQ ]XWULIIW $OV 9HUJOHLFKVNULWHULXP N|QQHQ GLH 9HUVFKLHEXQJ GHU 6FKUDXEH
XQGGLH.ODIIXQJGHV)ODQVFKHVIUE  YHUZHQGHWZHUGHQ
'LH6FKUDXEHQNUDIWXQGGLH]XJHK|ULJH=XJNUDIWIU.ODIIHQELV]XU6FKUDXEHQDFKVHHUJHEHQVLFK
DXVIROJHQGHQ%HGLQJXQJHQ
5
V1  
D ˜F
0 
V V1  ˜D   
,
F ˜ D
PLW , 

'DUDXV IROJW QDFK HLQLJHQ =ZLVFKHQVFKULWWHQ IU GLH ]X GLHVHP =XVWDQG JHK|ULJH =XJNUDIW GLH
6FKUDXEHQNUDIWXQGGDV6FKUDXEHQELHJHPRPHQW
 ˜ )9 ˜ D  ˜ F
= NODII 
:
)9 ˜ D ˜ F ˜  ˜ E   ˜ D 
)6NODII 
:
)9 ˜ E ˜ W
0 6NODII  ˜ 
: ˜ D ˜ E6

PLW :  ˜ E ˜ D ˜ F  &6 ˜ W  (    ˜ D  ˜ F ˜   )  

:HQQVRZRKO2EHUDOVDXFK8QWHUVHLWHGHV)ODQVFKHVGLHNRQVWDQWH1HLJXQJMKDEHQGDQQJLOW
IUGLH9HUVFKLHEXQJEHL$QQDKPHHLQHVVWDUUHQ4XHUVFKQLWWVYJO$EELOGXQJ
0  ˜ )9 ˜ E  ˜ W
XM M ˜E ˜W˜E 
(, ( ˜ D ˜ F ˜   ˜ D   ˜ E   ˜ ) ˜ D    ˜ W ˜ &6 ˜ E
6HLWH $EJUHQ]XQJGHV5HFKHQPRGHOOV

DQJHQRPPHQHU%LHJHN|USHU =
IUGDV%HUHFKQXQJVYHUIDKUHQ

9HUIRUPXQJEHL
XM $QQDKPHHLQHV
M SULVPDWLVFKHQ
%LHJHN|USHUV
³6WDEDFKVH´

D D
 

D E

X= 9HUIRUPXQJEHL
$QQDKPHHLQHV $EELOGXQJ9HUIRUPXQJGHV
%DONHQPRGHOOV 6\VWHPVEHL.ODIIHQELV]XU
= 6FKUDXEHQDFKVH

$OV9HUJOHLFKVZHUWIUGLH9HUVFKLHEXQJZLUGGLH.ODIIXQJXQWHUGLHVHU=XJNUDIWEHL$QQDKPH
HLQHU YROOHQ (LQVSDQQXQJ DQ GHU %RKUXQJ IU GHQ %DONHQ LQ /lQJVULFKWXQJ GHV )ODQVFKHV YHU
ZHQGHW
= NODII ˜ E 
X= 
 ˜ (, OlQJV

)U(,LVWLQGLHVHP)DOOGLH%LHJHVWHLILJNHLWGHV)ODQVFKHVIUGLH7UDJZLUNXQJÄ%LHJHEDONHQLQ
5LFKWXQJGHU7UHQQIXJH³]XVHW]HQ
F ˜ W
(, OlQJV (˜ 

$XVGHP9HUKlOWQLVGLHVHUEHLGHQ9HUVFKLHEXQJVZHUWHNDQQGLH*WHGHU1lKHUXQJDEJHVFKlW]W
ZHUGHQ
X=
K 
XM
)UGDV9HUKlOWQLVGHUEHLGHQ9HUVFKLHEXQJHQHUJLEWVLFKVFKOLH‰OLFK
 D ˜ E
K ˜ 
 W
:HQQGLH9HUIRUPXQJGHV.UDJDUPV LP 9HUJOHLFK ]XU 9HUVFKLHEXQJ GLH VLFK DXV GHP %LHJH
ZLQNHOHUJLEWJUR‰LVWGDQQLVWGDV6\VWHP]XELHJHZHLFK'XUFKGLH.UPPXQJGHV.UDJDUPV
NDQQLQVEHVRQGHUHGDV%LHJHPRPHQWGHU6FKUDXEHXQWHUVFKlW]WZHUGHQ*XWH:HUWHHUJHEHQVLFK
IU K |  
(UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJ 6HLWH

'DUDXVNDQQJHUXQGHWDXIIROJHQGHVLQQYROOH)ODQVFKGLFNHJHVFKORVVHQZHUGHQ

W |  ˜  D  ˜ E 
0LWD ÂEYJO$EVFKQLWWHUJLEWVLFKGDUDXV

W |  ˜  E  ˜ E

 ˜ E


 ˜ D ˜ D

 ˜ D
'LHVH$EVFKlW]XQJGHFNWVLFKVHKUJXWPLW GHQ XQWHU $EVFKQLWW  DQJHJHEHQHQ %HJUHQ]XQ
JHQ(VLVWVWHWVGDUDXI]XDFKWHQGD‰GDV(UJHEQLVGLH%HGLQJXQJHQQDFK*OHLQKlOW:HQQ
GDV0D‰DNRUULJLHUWZHUGHQPX‰GDQQLVWVWDWWKGHU:HUWK XQWHU9HUZHQGXQJYRQD ]XHU
PLWWHOQ
'DV %HUHFKQXQJVYHUIDKUHQ OLHIHUW PLW GHQ 0D‰NRUUHNWXUHQ QDFK $EVFKQLWW  LPPHU (UJHE
QLVVHDXIGHUVLFKHUHQ6HLWH'LH$EZHLFKXQJHQZHUGHQJUR‰ZHQQ
 VHKUGLFNH)ODQVFKHYRUOLHJHQGLHVDEHUHUVWDE K  
 VHKUGQQH)ODQVFKHYRUOLHJHQPLWK!
 GDV0D‰DVWDUNNRUULJLHUWZHUGHQPX‰
 9HUIRUPXQJHQEHLP.DQWHQWUDJHQ
(LQ]ZHLWHV.ULWHULXPZLUGEHUGLH9HUIRUPXQJEHLP.DQWHQWUDJHQKHUJHOHLWHW,QGLHVHPWKHR
UHWLVFKHQ*UHQ]]XVWDQGJHOWHQIROJHQGH%HGLQJXQJHQ
DE
)6 =˜ 
D
)6  )9
G6 
&6
G6
M 
D
)6  )9 D  E
XM M ˜ D  E  ˜ 
&6 D

= ˜ E
X= 
 ˜ (, OlQJV

$OV PD‰JHEHQGH =XJNUDIW IU GLH .DQWHQWUDJHQ EHVWHKW ZLUG QlKHUXQJVZHLVH = )9 JHVHW]W
$X‰HUGHPZLUGGLH6FKUDXEHQVWHLILJNHLWQlKHUXQJVZHLVHGXUFK
(˜$
&6 
W
EHVFKULHEHQ
0LWGLHVHQ*OHLFKXQJHQHUJLEWVLFK
X= D  ˜ E ˜ $
G ˜ 
XM W  ˜ F ˜ D  E 
6HLWH 9HUODXIGHU6FKUDXEHQNUDIWIXQNWLRQLP'UXFNEHUHLFK

'HU)DNWRUGEHVFKUHLEWGLHEHLPEHVFKULHEHQHQ5HFKHQPRGHOOQLFKWHUID‰WH9HUVFKLHEXQJGXUFK
GLH %LHJHYHUIRUPXQJ GHV )ODQVFKHV LQ 5LFKWXQJ GHU 7UHQQIXJH EH]RJHQ DXI GLH 'HKQXQJ GHU
6FKUDXEH'DV5HFKHQPRGHOOOLHIHUWJXWH(UJHEQLVVHIUG|.OHLQHUH:HUWHVLQGWHQGHQ]LHOO
JQVWLJHUVWEHLVHKUNOHLQHQ:HUWHHWZDGZHUGHQGLH(UJHEQLVVHZLHGHUVFKOHFKWHU
$XV G  IROJWVRPLWDOVVLQQYROOH0LQGHVWGLFNHIUGLH$QZHQGXQJGHV9HUIDKUHQV

 ˜ D  ˜ E ˜ $
Wt 
F ˜ D  E 
0LWGHQ:HUWHQIUEPLQXQGFPLQQDFK7DEHOOHHUJHEHQVLFKGDUDXVIROJHQGHQVLQQYROOH0LQ
GHVWGLFNHQLQ$EKlQJLJNHLWYRQGHU6FKUDXEHQJU|‰H
0 0 0 0 0 0 0 0 0 0
         
7DEHOOH6LQQYROOH0LQGHVWGLFNHQLQ$EKlQJLJNHLWYRQGHU6FKUDXEHQJU|‰HDXIPPJHUXQGHW

 9HUODXIGHU6FKUDXEHQNUDIWIXQNWLRQLP'UXFNEHUHLFK
,P'UXFNEHUHLFKJHOWHQSULQ]LSLHOOGLH JOHLFKHQ =XVDPPHQKlQJH ZLH ]X $QIDQJ GHV =XJEHUHL
FKHV YRU .ODIIHQ GHU 9HUELQGXQJ %HL 'UXFNNUlIWHQ DXI GDV 6HJPHQW N|QQHQ IROJOLFK GLH JOHL
FKHQ)RUPHOQEHQXW]WZHUGHQZLHIUGHQHUVWHQ$VWLP=XJEHUHLFK%HLP3RO\QRP$QVDW]QDFK
3(7(56(1 IKUWGLH3XQNWV\PPHWULHGHU*OHLFKXQJDXWRPDWLVFK]XHLQHPLGHQWLVFKHQ9HUODXIGHU
6FKUDXEHQNUlIWHLP=XJDOVDXFKLP'UXFNEHUHLFK%HLGHPHLJHQHQ9HUIDKUHQNDQQSUREOHPORV
DXFK PLW 'UXFNNUlIWHQ JHUHFKQHW ZHUGHQ 6FKUDXEHQNUDIW XQG PRPHQW ZHUGHQ UHDOLVWLVFK EH
UHFKQHW

 9HUJOHLFKGHU%HUHFKQXQJVYHUIDKUHQDQKDQGYRQ%HLVSLHOHQ
,Q$EVFKQLWWKDWVLFKJH]HLJWGD‰GLHhEHUHLQVWLPPXQJ]ZLVFKHQ9HUVXFKVHUJHEQLVXQG)(
5HFKQXQJVHKUJXWLVW,QGLHVHP$EVFKQLWWZLUGGDUXPGHU9HUJOHLFKPLWGHQ(UJHEQLVVHQDXV
GHQ)(5HFKQXQJHQGXUFKJHIKUW
'HU 9HUJOHLFK HUIROJW ]XQlFKVW IU GLH 9HUIDKUHQ PLW GHQHQ QXU GLH 6FKUDXEHQNUDIW HUPLWWHOW
ZHUGHQNDQQDQKDQGPHKUHUHU%HLVSLHOH)UDOOH9HUIDKUHQZXUGHQGDEHLGLH)HGHUZHUWHQDFK
9',5LFKWOLQLH$XVJDEHDQJHVHW]WXPKLHUJOHLFKH9RUDXVVHW]XQJHQ]XVFKDIIHQ
 %HLVSLHO7:VP1DEHQK|KH0RQWDJHIODQVFK
'HU KLHU JHZlKOWH )ODQVFK GHU DXFK LP 9HUVXFKVSURJUDPP Ä,Q 6LWX³ XQWHUVXFKW ZXUGH HQW
VSULFKW LQ VHLQHQ $EPHVVXQJVYHUKlOWQLVVHQ XQG 5HODWLRQHQ HLQHP W\SLVFKHQ )ODQVFK GHU 0:
.ODVVH$EELOGXQJ6HLWH'LH(UJHEQLVVHILQGHQVLFKLQlKQOLFKHU)RUPEHLYLHOHQ%HL
VSLHOHQGLHKLHUQLFKWDOOHGDUJHVWHOOWZHUGHQN|QQHQ
'LH%HUHFKQXQJZXUGHPLWIROJHQGHQ:HUWHQGXUFKJHIKUW
 D  PPJHJHQEHUPPUHDO
 G3 ÂPP1G6 ÂPP1
 Q 
(UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJ 6HLWH

$QKDQGGHU(UJHEQLVVHLQ$EELOGXQJZLUGIROJHQGHVGHXWOLFK
'LH 9HUIDKUHQ QDFK 3(7(56(1 XQG )V>N1@
6&+0,'71(83(5 EHUVFKlW]HQ GLH 6FKUDX 
3HWHUVHQELOLQHDU
EHQNUlIWH GHXWOLFK 'LH WULOLQHDUH 1lKHUXQJ  6FKPLGW1HXSHU
XQGGHU3RO\QRPDQVDW]VLQGGDEHLHWZDVJQ 3HWHUVHQ3RO\QRP

9',.UHLVERJHQ
VWLJHUDOVGHUELOLQHDUH$QVDW]  3DUDEHODQVDW]
)(0
%HLGHQ9HUIDKUHQQDFK9',5LFKWOLQLH  6HLGHO
.UHLVERJHQ XQG 3DUDEHODQVDW] ZLUG GHU 
$QIDQJVEHUHLFK GHU .XUYH VHKU JHQDX ZLH 
GHUJHJHEHQ 'LHVHV 9HUKDOWHQ WULIIW EHL DOOHQ

GXUFKJHIKUWHQ %HLVSLHOEHUHFKQXQJHQ ]X GLH
HUKHEOLFKHQ $QVWUHQJXQJHQ GLH ]XU (UPLWW 
OXQJ GHU )HGHUNRQVWDQWHQ XQG GHV .UDIWHLQ 
OHLWXQJVIDNWRUV XQWHUQRPPHQ ZXUGHQ VFKHL 
QHQDOVRPLWWOHUZHLOH]XHLQHPJHZLVVHQ$E    
VFKOX‰ JHNRPPHQ ]X VHLQ 2EHUKDOE YRQ =XJNUDIW=LP0DQWHOEOHFK>N1@
= N1ZHUGHQGLH6FKUDXEHQNUlIWHDEHU $EELOGXQJ9HUJOHLFKGHU6FKUDXEHQNUlIWHIUGLH
XQWHUVFKlW]W ZREHL GLH 8QWHUVFKlW]XQJ LQ YHUVFKLHGHQHQ%HUHFKQXQJVYHUIDKUHQDQKDQGYRQ
GLHVHP %HLVSLHO HKHU JHULQJ DXVIlOOW EHL DQ )ODQVFK7:VP0)
GHUHQ *HRPHWULHQ DEHU VHKU YLHO GHXWOLFKHU
VHLQNDQQ'HU+DXSWJUXQGLVWKLHUGDULQ]XVHKHQGD‰GHU$EKHEHSXQNWXQUHDOLVWLVFKHUPLWWHOW
ZLUG
'DVHLJHQH9HUIDKUHQOLHJWLPJHVDPWHQ.XUYHQYHUODXIREHUKDOEGHU)(:HUWHXQGGDPLWDXIGHU
VLFKHUHQ 6HLWH *HJHQEHU GHQ 9HUIDKUHQ YRQ 3(7(56(1 XQG 6&+0,'71(83(5 ZHUGHQ GLH
.UlIWHDEHUZHQLJHUVWDUNEHUVFKlW]WHLQH8QWHUVFKlW]XQJGHU6FKUDXEHQNUDIWWULWWQLFKWDXI
)U GLH $EOHLWXQJHQ GHU 6FKUDXEHQNUDIWIXQN G)VG=>@
WLRQ $EELOGXQJ  HUJLEW VLFK HLQ lKQOLFKHV 
3HWHUVHQELOLQHDU
%LOG ,Q GLHVHP )DOO LVW DOOHUGLQJV VHOEVW EHL  6FKPLGW1HXSHU
GHQ 9HUIDKUHQ QDFK 3(7(56(1 XQG  3HWHUVHQ3RO\QRP
6&+0,'71(83(5 EHL KRKHQ =XJNUlIWHQ HLQH 
9',.UHLVERJHQ
3DUDEHODQVDW]
8QWHUVFKlW]XQJ GHU $EOHLWXQJ YRUKDQGHQ )(

'LHVHV ZUGH DOOHUGLQJV QXU EHL /DVWVSLHOHQ 6HLGHO
PLW VHKU JUR‰HP 0LWWHOZHUW ]X (UJHEQLVVHQ 
DXIGHUXQVLFKHUHQ6HLWHIKUHQ%HLGHQ9HU 
IDKUHQQDFK9',5LFKWOLQLHZLUGGLH6WHLJXQJ 
DE= N1XQWHUVFKlW]W 
'DVHLJHQH9HUIDKUHQOLHIHUWLPJHVDPWHQ%H 
UHLFKJXWH(UJHEQLVVHGLHMHZHLOVEHUGHU)( 
%HUHFKQXQJ OLHJHQ 'HU 6SUXQJ EHL =     
N1 HQWVWHKW GXUFK GLH 9HUJU|‰HUXQJ YRQ D  =XJNUDIW=>N1@
GLH REHUKDOE YRQ =  N1 EHUFNVLFKWLJW $EELOGXQJ9HUJOHLFKGHU$EOHLWXQJHQGHU
ZLUG 6FKUDXEHQNUlIWHIUGLHYHUVFKLHGHQHQ%HUHFKQXQJV
YHUIDKUHQDQKDQGYRQ)ODQVFK7:VP0)
6HLWH 9HUJOHLFKGHU%HUHFKQXQJVYHUIDKUHQDQKDQGYRQ%HLVSLHOHQ

 %HLVSLHO
'HULQ$EELOGXQJGDUJHVWHOOWH)ODQVFKHLQHUN:$QODJHLVWLP9HUJOHLFK]XGHQPHLVWHQ
DQGHUHQ )ODQVFKHQ VHKU ODQJ 'DV IKUW GD]X GD‰ EHL GHP HLJHQHQ %HUHFKQXQJVYHUIDKUHQ GLH
%UHLWHDYRQPPDXIUHFKQHULVFKPPUHGX]LHUWZLUG%HGLQJXQJDdWZLUGPD‰JHEHQG
'LHVHV%HLVSLHOLVWHKHUXQW\SLVFKIUGLHKHXWLJHQ$XVIKUXQJHQ(VZLUGDEHUYHUZHQGHWXP
GHQ(LQIOX‰HLQHUJUR‰HQ)ODQVFKEUHLWH]X]HLJHQGLHVLFK±ZHQQDXFKQLFKWJDQ]VRDXVJHSUlJW
±QDFKGHQ(PSIHKOXQJHQLP(XURFRGHVLHKH$EVFKQLWWHUJHEHQZUGH

 )V>N1@

 3HWHUVHQELOLQHDU
   6FKPLGW1HXSHU
3HWHUVHQ3RO\QRP

6FKUDXEHQ 9',.UHLVERJHQ
0  3DUDEHODQVDW]
F PP )(0
 6HLGHO










          
=XJNUDIW=LP0DQWHOEOHFK>N1@

$EELOGXQJ*HRPHWULHXQGEHUHFKQHWH6FKUDXEHQNUlIWHIUHLQHQODQJHQ)ODQVFK
'LH%HUHFKQXQJZXUGHPLWIROJHQGHQ:HUWHQGXUFKJHIKUW
 D  PPJHJHQEHUPPUHDO
 G3 ÂPP1G6 ÂPP1
 Q 
'LH EHUHFKQHWHQ 6FKUDXEHQNUlIWH EHVWlWLJHQ GLH UHFKQHULVFKH 5HGXNWLRQ GHV 0D‰HV D ELV
= N1OLHJWGLH%HUHFKQXQJQXUXQZHVHQWOLFKEHUGHU)(5HFKQXQJGLHhEHUHLQVWLPPXQJ
EHL GHQ %LHJHPRPHQWHQ LVW lKQOLFK JXW )U =XJNUlIWH EHU =  N1 OLHJW GLH %HUHFKQXQJ
GDQQGHXWOLFKREHUKDOEGHU)(5HFKQXQJ'LHVOl‰WVLFKDXVGHQ]XYRUJHQDQQWHQ*UQGHQQXU
PLWJUR‰HP$XIZDQGYHUPHLGHQGUIWHDEHULP5HJHOIDOOQLFKWVHKUEHGHXWHQGVHLQ
'LH 9HUIDKUHQ QDFK 9',5LFKWOLQLH EHUHFKQHQ HLQHQ GHXWOLFK ]X JUR‰HQ :HUW IU GHQ $EKHEH
SXQNW VR GD‰ LP %HUHLFK DE =  N1 GLH 6FKUDXEHQNUlIWH XQG GLH $EOHLWXQJHQ XQWHUVFKlW]W
ZHUGHQ 6HOEVW EHL GHQ 9HUIDKUHQ QDFK 3(7(56(1  XQG 6&+0,'71(83(5 ZLUG EHL GLHVHP %HL
VSLHO GLH $EOHLWXQJ GHU 6FKUDXEHQNUDIWIXQNWLRQ DE =  N1 XQWHUVFKlW]W 0LW DEW 
OLHJW GLHVHU )ODQVFK DOOHUGLQJV DXFK DX‰HUKDOE GHU YRQ 6&+0,'71(83(5 DQJHJHEHQHQ *OWLJ
NHLWVJUHQ]HGHV9HUIDKUHQV
(LQH9HUEHVVHUXQJGHU%HUHFKQXQJVHUJHEQLVVHNDQQEHLDOOHQ9HUIDKUHQHUUHLFKWZHUGHQ ZHQQ
GDV0D‰DZLHEHLPYRUJHVFKODJHQHQ0RGHOODXID YHUNOHLQHUWZLUG'LH(UJHEQLVVHOLHJHQGDQQ
DEHUWHLOVVHKUZHLWDXIGHUVLFKHUHQ6HLWH
(UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJ 6HLWH

 %HLVSLHO9HUJOHLFKYRQ.UDIWXQG%LHJHPRPHQW
'DV6FKUDXEHQELHJHPRPHQWNDQQQXUPLWGHPHODVWLVFKJHEHWWHWHQ%DONHQQDFK/(+0$11>@
XQG GHP HLJHQHQ 9HUIDKUHQ HUPLWWHOW ZHUGHQ (LQHQ 9HUJOHLFK DQKDQG HLQHV %HLVSLHOV ]HLJW
$EELOGXQJ LQ GHU 7HQGHQ] LVW GHU JHZlKOWH )ODQVFK $EELOGXQJ  W\SLVFK IU HLQH JDQ]H
5HLKHYRQ%HLVSLHOHQ'LH6FKUDXEHQNUDIWZLUGGXUFKGHQ9RUVFKODJYRQ/(+0$11HEHQIDOOVDXI
GHUVLFKHUHQ6HLWHOLHJHQGEHUVFKlW]WZREHLGLH$EZHLFKXQJ]XUVLFKHUHQ6HLWHKLQHWZDVJU|
‰HULVWDOVEHLGHPLQGLHVHU$UEHLWYRUJHVFKODJHQHQ9HUIDKUHQ'DV6FKUDXEHQELHJHPRPHQWZLUG
HEHQIDOOV DXI GHU VLFKHUHQ 6HLWH OLHJHQG DEJHVFKlW]W ,QVJHVDPW NDQQ HLQH %HUHFKQXQJ QDFK
/(+0$11HUIROJHQGLH(UJHEQLVVHVLQGLDNRQVHUYDWLY
)V>N1@ )ODQVFK7:VP0) 0V>1P@ )ODQVFK7:VP0)

)(  )(

/HKPDQQ /HKPDQQ
 6HLGHO 6HLGHO





 



=>N1@ =>N1@
 
         

$EELOGXQJ9HUJOHLFK)(/HKPDQQ6HLGHOIU)ODQVFK7:VP0)

 =XVDPPHQIDVVHQGH%HZHUWXQJGHU%HUHFKQXQJVPRGHOOH
'LH IROJHQGH ]XVDPPHQIDVVHQGH :HUWXQJ GHU 0RGHOOH EHUXKW DXI HLQHU 9LHO]DKO YRQ %HLVSLHO
UHFKQXQJHQYRQGHQHQKLHUQXUHLQLJHZHQLJHZLHGHUJHJHEHQZXUGHQ6LHJLEWHLQHQ$QKDOWGD
IUZHOFKH9HUIDKUHQIUGLH%HPHVVXQJYHUZHQGHWZHUGHQN|QQHQ'LH:HUWXQJEH]LHKWVLFK
GDEHLDXIGHQKLHUXQWHUVXFKWHQ3DUDPHWHUEHUHLFKEHLDQGHUHQ)ODQVFKYHUELQGXQJHQN|QQHQVLFK
VHOEVWYHUVWlQGOLFKDEZHLFKHQGH%HZHUWXQJHQHUJHEHQ
%HL $QZHQGXQJ GHV ELOLQHDUHQ 0RGHOOV QDFK 3(7(56(1 ZHUGHQ GLH 6FKUDXEHQ]XVDW]NUlIWH LP
$QIDQJVEHUHLFK GHU .XUYH GXUFK 1LFKWEHUFNVLFKWLJXQJ GHV .UDIWHLQOHLWXQJVIDNWRUV VWDUN EHU
VFKlW]WZHVKDOELDOHGLJOLFKEHL6SDQQXQJVVSLHOHQGLHHLQHQJUR‰HQ0LWWHOZHUWKDEHQGLH6WHL
JXQJGHU6FKUDXEHQNUDIWIXQNWLRQXQWHUVFKlW]WZLUG'LHSUDNWLVFKH$QZHQGXQJKDWJH]HLJWGD‰
EHLKRFKDXVJHQXW]WHQ9HUELQGXQJHQGLH6FKlGLJXQJQDFKGLHVHP0RGHOOLDEHUVFKlW]WZLUG
GD EHL :LQGHQHUJLHDQODJHQ HLQ *UR‰WHLO GHU 6SDQQXQJVVSLHOH LP %HUHLFK NOHLQHU 0LWWHOZHUWH
VWDWWILQGHW 3UREOHPDWLVFK LVW GLH $QZHQGXQJ EHL VHKU ODQJHQ )ODQVFKHQ VR GD‰ GLH *OWLJNHLW
GHV 0RGHOOV DQDORJ ]XP 0RGHOO QDFK 6&+0,'71(83(5 DXI )ODQVFKH LP $EPHVVXQJVEHUHLFK
DEWdEHJUHQ]WZHUGHQVROOWH
'DV 0RGHOO QDFK 6&+0,'71(83(5 LVW HLQHV GHU ZHQLJHQ EHL GHQHQ GLH (UJHEQLVVH IU GLH
6FKUDXEHQNUDIWIXQNWLRQXQGLKUHU6WHLJXQJIDVWLPPHUDXIGHUVLFKHUHQ6HLWHOLHJHQ$XFKZHQQ
GDV0RGHOOGDPLWVWDUNNRQVHUYDWLYVHLQNDQQNDQQHVGHQQRFKIUGLH$QZHQGXQJHPSIRKOHQ
ZHUGHQGDGDV+DXSWDQOLHJHQHLQHUVLFKHUHQ%HPHVVXQJEHL%HDFKWXQJGHU$QZHQGXQJVJUHQ]HQ
HUIOOWZLUG
6HLWH (LQIOX‰YRQ,PSHUIHNWLRQHQ

%HLP 3RO\QRPDQVDW] QDFK 3(7(56(1 PVVHQ GLH )UHLZHUWH RKQH PHFKDQLVFKHQ +LQWHUJUXQG
GXUFK 3DUDPHWHUVWXGLHQ JHZRQQHQ ZHUGHQ ZRGXUFK GLH $QZHQGEDUNHLW HLQJHVFKUlQNW LVW 'LH
8QVLFKHUKHLWE]JOGHU=XYHUOlVVLJNHLWGHU(UJHEQLVVHLVWGDGXUFKJU|‰HUDOVEHLGHQDQGHUHQ9HU
IDKUHQVRGD‰GLHVHV0RGHOO]XU$QZHQGXQJQLFKWHPSIRKOHQZLUG
'HU .UHLVERJHQDQVDW] VRZLH GHU 3DUDEHODQVDW] XQWHUVFKlW]HQ GLH 6FKUDXEHQNUlIWH EHL PLWWOHUHQ
ELV KRKHQ =XJNUlIWHQ GD ]XP HLQHQ GXUFK GLH $QQDKPH HLQHU OLQHDUHQ 3UHVVXQJVYHUWHLOXQJ LQ
GHU%HUKUXQJVHEHQHGHU)ODQVFKHHLQ]XJUR‰HU:HUWIUGHQ$EKHEHSXQNW)$DEEHVWLPPWZLUG
XQG]XPDQGHUHQGHU*UHQ]IDOOGHV.DQWHQWUDJHQVQXUEHLZHQLJHQ)ODQVFKHQZLUNOLFKDXIWULWW
'LH%HUHFKQXQJDPHODVWLVFKJHEHWWHWHQ%DONHQQDFK/(+0$11 HUJLEW%HDQVSUXFKXQJHQGLHLD
DXIGHUVLFKHUHQ6HLWHOLHJHQ'DDX‰HUGHPGXUFKHLQH0RGLILNDWLRQGHVYRUJHVFKODJHQHQVWDWL
VFKHQ6\VWHPVDXFKGLH%LHJHPRPHQWHGHU6FKUDXEHHUPLWWHOWZHUGHQN|QQHQNDQQGLHVHV0R
GHOO]XU$QZHQGXQJHPSIRKOHQZHUGHQ(VLVWLQGHVQLFKW]XP*HEUDXFKPLWHLQHU7DEHOOHQNDO
NXODWLRQJHHLJQHWXQGGDUXPLQGHU$QZHQGXQJXQKDQGOLFKHU
0LW GHP LQ GLHVHU $UEHLW YRUJHVFKODJHQHQ 9HUIDKUHQ ZHUGHQ VRZRKO 6FKUDXEHQNUDIW DOV DXFK
6FKUDXEHQELHJHPRPHQWLDDXIGHUVLFKHUHQ6HLWHOLHJHQGDEJHVFKlW]W'DV0RGHOOLVWGXUFKGLH
$QJDEH YRQ PRGLIL]LHUWHQ $EPHVVXQJHQ DXFK IU GLH $QZHQGXQJ EHL H[WUHPHQ $EPHVVXQJHQ
JHHLJQHWOLHIHUWKLHUDOOHUGLQJVELVZHLOHQVHKUVWDUNDXIGHUVLFKHUHQ 6HLWH OLHJHQGH (UJHEQLVVH
:HQQGLH$EPHVVXQJHQGHV)ODQVFKHVIUGLH%HUHFKQXQJQXUZHQLJPRGLIL]LHUWZHUGHQPV
VHQVLQGGLH(UJHEQLVVHLP9HUJOHLFK]XU)(5HFKQXQJLDJXW

 (LQIOX‰YRQ,PSHUIHNWLRQHQ
'LH UHDOH )ODQVFKYHUELQGXQJ ZHLVW JHJHQEHU GHQ SHUIHNWHQ 6ROODEPHVVXQJHQ $EZHLFKXQJHQ
VRJ,PSHUIHNWLRQHQDXIGLHVLFKDXIGLH%HDQVSUXFKXQJGHV)ODQVFKHVXQGGHU6FKUDXEHDXV
ZLUNHQ'XUFKGHQ+HUVWHOOHURGHUGLH]XJHK|ULJHQ)DFKQRUPHQZHUGHQ*UHQ]ZHUWHIUGLH,P
SHUIHNWLRQHQIHVWJHOHJWGLHQLFKWEHUVFKULWWHQZHUGHQGUIHQ
0LWGHPLQGDV %HUHFKQXQJVYHUIDKUHQ HLQJHIKUWHQ ,PSHUIHNWLRQVZLQNHOMLPS ZLUG GLH 6FKUDX
EHQNUDIWIXQNWLRQLQHLQHU:HLVHEHHLQIOX‰WGLHGHQ(UJHEQLVVHQYRQ(%(57%8&+(5>@HQW
VSULFKW(VLVWGHP]XIROJHGHQNEDUHLQHQIHVW]XOHJHQGHQÄ(UVDW]LPSHUIHNWLRQVZLQNHO³LQGLH%H
UHFKQXQJHLQ]XIKUHQGHUGLHP|JOLFKHQ,PSHUIHNWLRQHQGHU9HUELQGXQJPLWHLQHUDQJHPHVVH
QHQ:DKUVFKHLQOLFKNHLWDEGHFNW8PHLQHGHUDUWLJH 9RUJHKHQVZHLVH LQ GLH 3UD[LV XPVHW]HQ ]X
N|QQHQVLQGIROJHQGH6FKULWWH]XOHLVWHQ
)HVWOHJXQJ]XOlVVLJHU0RQWDJHWROHUDQ]HQ
'XUFKIKUXQJYRQ3DUDPHWHUVWXGLHQPLWVLQQYROOHQ,PSHUIHNWLRQHQXQG9HUJOHLFKPLWGHU%H
UHFKQXQJPLW(UVDW]LPSHUIHNWLRQIUXQWHUVFKLHGOLFKH$EPHVVXQJVEHUHLFKH
)HVWOHJXQJ HLQHV ,PSHUIHNWLRQVZLQNHOV IU GLH %HUHFKQXQJ JJI LQ $EKlQJLJNHLW YRQ GHU
*HRPHWULHGHV)ODQVFKHVRGHUGHQNRQWUROOLHUWHQ9RUJDEHQIUGLH)HUWLJXQJVWROHUDQ]HQ
1HEHQGHU)HVWOHJXQJ]XOlVVLJHUGKGXUFKGLH(UVDW]LPSHUIHNWLRQDEJHGHFNWHU,PSHUIHNWLRQHQ
LVWIHVW]XOHJHQLQZHOFKHU)RUPQLFKWPD‰KDOWLJH9HUELQGXQJHQ]X NRUULJLHUHQ VLQG 'LH .RQ
WUROOHXQG'RNXPHQWDWLRQGHUYRUKDQGHQHQ$EZHLFKXQJHQYRQGHU6ROOJHRPHWULHVROOWHJJIGH
WDLOOLHUWYRUJHVFKULHEHQZHUGHQ]%LQGHU5LFKWOLQLHIU:($
$EELOGXQJ]HLJWEHLVSLHOKDIWGLH%HUHFKQXQJVHUJHEQLVVHIUYHUVFKLHGHQH,PSHUIHNWLRQVZLQ
NHOMLPS'LH%HUHFKQXQJZXUGHXQWHU9HUZHQGXQJYRQ.UDIWHLQOHLWXQJVIDNWRUQXQG'UXFNNH
JHOZLQNHO WDQ D QDFK 9',5LFKWOLQLH  $XVJDEH  GXUFKJHIKUW )U MLPS  OLHJW GLH
EHUHFKQHWH 6FKUDXEHQNUDIW QDKH DQ GHU )(%HUHFKQXQJ HEHQIDOOV PLW MLPS  GLH 6WHLJXQJ
ZLUG LP JHVDPWHQ %HUHLFK VHKU JXW ZLHGHUJHJHEHQ E]Z DXI GHU VLFKHUHQ 6HLWH OLHJHQG EHU
(UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJ 6HLWH

VFKlW]W0LWZDFKVHQGHP,PSHUIHNWLRQVZLQNHOZLUGGLH6WHLJXQJLP$QIDQJVEHUHLFKJU|‰HUQl
KHUWVLFKDEHUEHLJU|‰HUHQ=XJNUlIWHQGHU6WHLJXQJGHULPSHUIHNWLRQVIUHLHQ9HUELQGXQJDQ%HL
GHPJHZlKOWHQ%HLVSLHONODIIWGLH9HUELQGXQJELV= N1QLFKWELVGDKLQZHUGHQIUDOOH,P
SHUIHNWLRQVZLQNHONOHLQH=XVDW]NUlIWHHUPLWWHOW(UVWDE.ODIIXQJVEHJLQQPDFKWVLFKGLHJU|‰HUH
6WHLJXQJEHPHUNEDU-HQDFK)ODQVFKJHRPHWULHNDQQHVDEHUDXFKVRIRUW]XHLQHUJU|‰HUHQ6WHL
JXQJNRPPHQ
)V>N1@ 0V>1P@
 
)( )(
 3KL   3KL 
3KL  3KL 
 3KL   3KL 
3KL  3KL 
 

 

 

 
             
=XJNUDIW=>N1@ =XJNUDIW=>N1@

$EELOGXQJ 6FKUDXEHQNUlIWHXQGPRPHQWHIUYHUVFKLHGHQH,PSHUIHNWLRQVZLQNHOMLPS)ODQVFK0)7:V

1+P
'LH6FKUDXEHQPRPHQWHVLQG]XQlFKVWIUDOOH,PSHUIHNWLRQVZLQNHOIDVWJOHLFKEHLK|KHUHQ=XJ
NUlIWHQZHLVHQGLHLPSHUIHNWHQ9HUELQGXQJHQJHULQJHUH%LHJHPRPHQWHDXV'LHVLVWLQGHPJH
ULQJHUHQNUPPXQJVHU]HXJHQGHQ0RPHQWEHJUQGHW
'XUFKJHIKUWH %HLVSLHOUHFKQXQJHQ KDEHQ JH]HLJW GD‰ ELV HWZD MLPS  (UJHEQLVVH HU]LHOW
ZHUGHQGLH]XPLQGHVWDQVFKDXOLFKVLQQYROOVLQG
6HLWH $QPHUNXQJ]XP9HUIRUPXQJVYHUKDOWHQ

 $QPHUNXQJ]XP9HUIRUPXQJVYHUKDOWHQ
$QKDQG GHU JHPHVVHQHQ .ODIIXQJHQ HLQHV 9HU

VXFKHV PLW 9HUVXFKVIODQVFK  YJO $EELOGXQJ
 LQ $EELOGXQJ  ZLUG GHXWOLFK GD‰ GHU 
)ODQVFK TXDVL VRIRUW ]X NODIIHQ EHJLQQW VREDOG
HLQH =XJNUDIW DXIJHEUDFKW ZLUG 'LH *U|‰H GHU 

.ODIIXQJ>PP@
9HUIRUPXQJLVWDOOHUGLQJVLQVJHVDPWVHKUJHULQJ
PD[ PP 6SDOW|IIQXQJ EHL =  N1 
=XJNUDIW (LQH Ä$EKHEHJUHQ]H³ ELV ]X GHU GHU

)ODQVFKQLFKWNODIIWOLHJW]XPLQGHVWEHLGHUYRU
OLHJHQGHQ*HRPHWULHQLFKWYRUVRGD‰GLH)RUGH 
UXQJ QDFK HLQHU ÄQLFKW NODIIHQGHQ³ 9HUELQGXQJ
XQHUIOOEDU LVW 1DFK 9',5LFKWOLQLH  NDQQ 
]ZDUHLQH$EKHEHJUHQ]HEHUHFKQHWZHUGHQGLH
VHLVWDEHUQLFKWUHDOLVWLVFK0LWGHPYRUJHVWHOO 
WHQ 9HUIDKUHQ NDQQ GDV IRUWVFKUHLWHQGH .ODIIHQ         
=XJNUDIW=>N1@
GHU 9HUELQGXQJ YHUIROJW ZHUGHQ GDV $EJUHQ
]XQJVNULWHULXP QDFK $EVFKQLWW  OLHIHUW LD $EELOGXQJ .ODIIXQJ)ODQVFKPLW6FKUDXEH
HLQHVHKUJXWH$EVFKlW]XQJGHU=XJNUDIWEHLGHU 01U
GLH 9HUELQGXQJ ELV ]XU 6FKUDXEHQDFKVH NODIIW
$XV .RUURVLRQVVFKXW]JUQGHQ VROOWH HLQH JU|‰HUH .ODIIXQJ QDFK 0HLQXQJ GHV 9HUIDVVHUV QLFKW
]XJHODVVHQZHUGHQZREHLJ) J0 DQJHVHW]WZHUGHQNDQQ

 (UJHEQLVVH
¾
=XU (UPLWWOXQJ GHU 6FKUDXEHQEHDQVSUXFKXQJ ZXUGH HLQ QLFKWOLQHDUHV %HUHFKQXQJVYHUIDKUHQ
YRUJHVFKODJHQGDVIUGLH+DQGUHFKQXQJJHHLJQHWLVW'LH6FKUDXEHQEHDQVSUXFKXQJLQ)RUP
YRQ6FKUDXEHQ]XVDW]NUDIWXQG6FKUDXEHQELHJHPRPHQWNDQQGDPLWDXIGHUVLFKHUHQ6HLWHDE
JHVFKlW]WZHUGHQ'DV0RGHOOEDXWDXIGHPOLQHDUHQ$QVDW]GHU9',5LFKWOLQLHDXIIU
GHQVSH]LHOOHQ$QZHQGXQJVIDOOZXUGHQHLQLJH9HUHLQIDFKXQJHQDQJHJHEHQGLHGLH+DQGKD
EXQJHUKHEOLFKHUOHLFKWHUQ
¾
=XU(UIDVVXQJEDXSUDNWLVFKXQYHUPHLGOLFKHU,PSHUIHNWLRQHQEHLQKDOWHWGDV0RGHOOGLH0|J
OLFKNHLWHLQHQ(UVDW]LPSHUIHNWLRQVZLQNHO]XEHUFNVLFKWLJHQ'LH*U|‰HGHUHLQ]XIKUHQGHQ
(UVDW]LPSHUIHNWLRQPX‰]XNQIWLJGXUFK3DUDPHWHUXQWHUVXFKXQJHQIHVWJHOHJWZHUGHQ
¾
$QKDQG YRQ $EJUHQ]XQJVNULWHULHQ NDQQ GLH (LJQXQJ HLQHU YRUOLHJHQGHQ *HRPHWULH IU GLH
$QZHQGXQJ GHV 9HUIDKUHQV EHZHUWHW ZHUGHQ $QKDQG GHU $EJUHQ]XQJVIRUPHOQ N|QQHQ ]X
GHPHLQIDFKH6FKlW]ZHUWHIUVLQQYROOH)ODQVFKJHRPHWULHQDQJHJHEHQZHUGHQ
¾
'LH.ODIIXQJGHU9HUELQGXQJEHJLQQWLQGHQPHLVWHQ)lOOHQEHUHLWVEHLVHKUNOHLQHQ=XJNUlI
WHQJJILVWEHUHLWVEHLP9RUVSDQQHQHLQH.ODIIXQJYRUKDQGHQ5HFKHQYHUIDKUHQGLHDXIGHU
(UPLWWOXQJ HLQHV Ä$EKHEHSXQNWHV³ EHUXKHQ PVVHQ GDKHU VLQQYROOH $QQDKPHQ EHU GLH
6SDQQXQJVYHUWHLOXQJLQGHU7UHQQIXJHEHLQKDOWHQ
(UPGXQJVIHVWLJNHLWVQDFKZHLV 6HLWH

 (UPGXQJVIHVWLJNHLWVQDFKZHLV
$XIEDXHQGDXIGHQLQ.DSLWHOGDUJHVWHOOWHQ*UXQGODJHQZLUGLQGLHVHP.DSLWHOVSH]LHOOGHU
(UPGXQJVIHVWLJNHLWVQDFKZHLVIU6FKUDXEHQYRQ:($EHKDQGHOW,Q(UZHLWHUXQJGHUJHOWHQGHQ
%HVWLPPXQJHQZLUGHLQ9RUVFKODJ]XU%HKDQGOXQJGHUNRPELQLHUWHQ%HDQVSUXFKXQJHQWZLFNHOW
*HUDGHLP=XVDPPHQKDQJPLWYRUJHVSDQQWHQ)ODQVFKYHUELQGXQJHQLVWHVZLFKWLJ]ZLVFKHQGHU
(UPGXQJVIHVWLJNHLW GHV %DXWHLOV 6FKUDXEH XQG GHU (UPGXQJVIHVWLJNHLW GHU JHVDPWHQ 9HU
ELQGXQJ]XXQWHUVFKHLGHQ=XU8QWHUVXFKXQJXQG2SWLPLHUXQJGHU(UPGXQJVIHVWLJNHLWJLEWHV
GHVKDOEXQWHUVFKLHGOLFKH$VSHNWH]XEHDFKWHQ$EELOGXQJ

%HODVWXQJGHU6FKUDXEH /RNDOH%HDQVSUXFKXQJ /RNDOH%HDQVSUXFKEDUNHLW

GHU6FKUDXEH GHU6FKUDXEH

E )6 VPD[VQHQQ ) 6 V V 
= )6 PD[ QHQQ
           

= =

)6 )6
¾
HODVWLVFKH1DFKJLHELJNHLW ¾
NRQVWUXNWLYH*HVWDOWXQJYRQ ¾
(LQEULQJHQYRQ(LJHQVSDQ
GHU6FKUDXEHXQGGHUYHU 0XWWHUXQG6FKUDXEH QXQJHQ]%GXUFK6FKOX‰
VSDQQWHQ7HLOH ¾
0DWHULDOZDKO ZDO]HQ
¾
([]HQWUL]LWlWGHV.UDIWDQ ¾
:HUNVWRIIZDKO
JULIIV
¾
*U|‰HGHU9RUVSDQQNUDIW
$EELOGXQJ=XVDPPHQKDQJ6FKUDXEH%DXWHLOLP+LQEOLFNDXIGLH(UPGXQJVIHVWLJNHLWQDFK>@
'DGLH6FKUDXEHGDVHUPGXQJVJHIlKUGHWH(OHPHQWGHU9HUELQGXQJGDUVWHOOWLVWGLH(UPGXQJV
IHVWLJNHLW GHV %DXWHLOV 6FKUDXEH SULPlUHU 8QWHUVXFKXQJVJHJHQVWDQG GHU H[SHULPHQWHOOHQ )RU
VFKXQJ JHZHVHQ 'LH QDFKIROJHQG ]LWLHUWHQ 9HUVXFKVHUJHEQLVVH EH]LHKHQ VLFK MHZHLOV DXI GLH
LVROLHUWJHSUIWH6FKUDXEHGHUHQ%HDQVSUXFKXQJLQIROJHGHU%HODVWXQJ)6XQG06LPZHVHQWOL
FKHQGXUFKGLH*HRPHWULHGHU6FKUDXEHXQGGHU0XWWHUEHVWLPPWZLUG0D‰JHEHQGIUGLH(U
PGXQJVIHVWLJNHLWVLQGGLHORNDOHQ6SDQQXQJHQGLHLQIROJHJHRPHWULVFKHU.HUEHQHLQ9LHOIDFKHV
GHU1HQQVSDQQXQJEHWUDJHQ'HU:LGHUVWDQGLQ)RUPGHU6FKUDXEHQEHDQVSUXFKEDUNHLWZLUGEH
VWLPPW GXUFK GHQ :HUNVWRII VRZLH GHQ 9HUDUEHLWXQJVSUR]H‰ LQVEHVRQGHUH GXUFK GDV 9RUKDQ
GHQVHLQYRQ(LJHQVSDQQXQJHQ
'LH %HODVWXQJ GHU 6FKUDXEH KLQJHJHQ ZLUG GXUFK GLH NRQVWUXNWLYH *HVWDOWXQJ GHU 9HUELQGXQJ
EHVWLPPW'LH(UPLWWOXQJGHUhEHUWUDJXQJVIXQNWLRQ]ZLVFKHQlX‰HUHU%HODVWXQJ=XQGGHU%HOD
VWXQJGHU6FKUDXEHGXUFK]HQWULVFKH=XJNUDIW)6XQGEHUODJHUWHV%LHJHPRPHQW06ZDU*HJHQ
VWDQGGHVYRUDQJHJDQJHQHQ.DSLWHOV7HLODVSHNWHGHU$XVOHJXQJN|QQHQEHLGHU%HWUDFKWXQJGHU
(UPGXQJVIHVWLJNHLWGHU6FKUDXEHVRZLHGHUJHVDPWHQ9HUELQGXQJDXFKLP:LGHUVSUXFK]XHLQ
DQGHUVWHKHQ:HQQ]%IHVWJHVWHOOWZLUGGD‰HLQHKRKH9RUVSDQQNUDIWGLH(UPGXQJVIHVWLJNHLW
GHU6FKUDXEHDOVLVROLHUWHV7HLOYHUPLQGHUQNDQQGDQQPX‰GLHVVWHWVYRUGHP+LQWHUJUXQGJH
ZHUWHWZHUGHQGD‰HLQHKRKH9RUVSDQQXQJGLH%HODVWXQJGHU6FKUDXEHLQGHU*HVDPWYHUELQGXQJ
YHUULQJHUWXQGVRPLWIUGLH(UPGXQJVIHVWLJNHLWJQVWLJZLUNW
6HLWH 9HUVXFKVHUJHEQLVVH]XU(UPGXQJVIHVWLJNHLW

 9HUVXFKVHUJHEQLVVH]XU(UPGXQJVIHVWLJNHLW
%HLGHU$XVZHUWXQJYRQ9HUVXFKVHUJHEQLVVHQLVW]XQlFKVWQDFKGHU9HUVXFKVDQRUGQXQJ]XGLIIH
UHQ]LHUHQ GD GLH 9HUVXFKH VLFK KLQVLFKWOLFK GHU VWDWLVFKHQ XQG G\QDPLVFKHQ %HODVWXQJ XQWHU
VFKHLGHQN|QQHQ6RLVW]%IU6FKUDXEHQGLHPLWVWDWLVFKHU%HDQVSUXFKXQJ]%LQIROJH9RU
VSDQQXQJ HLQHU G\QDPLVFKHQ %HDQVSUXFKXQJ XQWHUZRUIHQ ZHUGHQ JJI HLQH QLHGULJHUH (UP
GXQJVIHVWLJNHLW]XHUZDUWHQDOVRKQHVWDWLVFKH0LWWHOODVWGDVLFKGXUFKGLH9RUEHODVWXQJYHUlQ
GHUWH 6SDQQXQJV XQG 'HKQXQJVYHUKlOWQLVVH LP *HZLQGHJUXQG HUJHEHQ 8QWHUVFKLHGH HUJHEHQ
VLFK DX‰HUGHP ]% GXUFK GLH $UW GHU *HZLQGHIHUWLJXQJ GHU 9HUJWXQJ GHU )HXHUYHU]LQNXQJ
RGHU GHU 6FKUDXEHQJU|‰H :HQQ QXU (QGHUJHEQLVVH GHU VWDWLVWLVFKHQ $XVZHUWXQJ DQJHJHEHQ
ZHUGHQGDQQLVWGLH]XU$XVZHUWXQJ]XJUXQGHJHOHJWHhEHUOHEHQVZDKUVFKHLQOLFKNHLWHLQZHLWH
UHU 3DUDPHWHU GHU EHDFKWHW ZHUGHQ PX‰ 'LH 9LHO]DKO GHU P|JOLFKHQ .RPELQDWLRQHQ EHL 9HU
VXFKVGXUFKIKUXQJ XQG $XVZHUWXQJ PDFKW HV GDUXP ELVZHLOHQ VFKZLHULJ GLH (UJHEQLVVH YHU
VFKLHGHQHU$XWRUHQ]XYHUJOHLFKHQ'DVJLOWLQVEHVRQGHUHGDQQZHQQQXUGLH(QGHUJHEQLVVHYHU
|IIHQWOLFKWVLQGXQGQLFKWGLH(LQ]HOZHUWHGHU9HUVXFKH
,P5DKPHQGLHVHU$UEHLWLVWHVQLFKWP|JOLFKDOOH9HUVXFKVHUJHEQLVVH]XU6FKZLQJIHVWLJNHLWYRQ
6FKUDXEHQ]XVDPPHQ]XVWHOOHQ(VZHUGHQLPIROJHQGHQQXUGLHZLFKWLJVWHQ9HUVXFKVHUJHEQLVVH
NXU]]LWLHUWXPGDUDXVHLQHUVHLWVHLQHQ9HUJOHLFKPLWGHU1RUPHQVLWXDWLRQKHUVWHOOHQ]XN|QQHQ
XQGDQGHUHUVHLWVGHQYRUKDQGHQHQ)RUVFKXQJVEHGDUILP+LQEOLFNDXIGLHEHVRQGHUHQ9HUKlOWQLV
VH GHU 5LQJIODQVFKYHUELQGXQJ DXI]X]HLJHQ 'DEHL ZLUG EHUZLHJHQG DXI (UJHEQLVVH DXV GHP
%DXLQJHQLHXUEHUHLFK%H]XJJHQRPPHQ
 (UPGXQJVIHVWLJNHLWXQWHU]HQWULVFKHP=XJ
=XU hEHUSUIXQJ GHU (LQVWXIXQJ LP (XURFRGH  ZXUGHQ YHUVFKLHGHQH 9HUVXFKVHUJHEQLVVH JH
PHLQVDPVWDWLVWLVFKDXVJHZHUWHW)UIROJHQGH8QWHUVXFKXQJHQODJHQGLH=DKOHQZHUWHGHU9HUVX
FKHYRU
 /$&+(5  >@>@ IKUWH 'DXHUVFKZLQJYHUVXFKH PLW IHXHUYHU]LQNWHQ 6FKUDXEHQ 0
GXUFK(VKDQGHOWHVLFKXPEOLFKHVFKOX‰YHUJWHWH+96FKUDXEHQ
 9$/7,1$7  >@ IKUWH 9HUVXFKH DQ 6FKUDXEHQ 0  GXUFK GLH ELV LQ GHQ SODVWL
VFKHQ %HUHLFK DQJH]RJHQ ZXUGHQ *HSUIW ZXUGHQ QRUPDO XQG KRFKWHPSHUDWXUYHU]LQNWH
+96FKUDXEHQ
 .83(586  >@ IKUWH HEHQIDOOV 9HUVXFKH DQ IHXHUYHU]LQNWHQ +96FKUDXEHQ GHU *U|‰H
0GXUFK(VZXUGHQYHUVFKLHGHQH7HVWUHLKHQPLWWRUVLRQVIUHLXQGWRUVLRQVEHKDIWHWYRU
JHVSDQQWHQ6FKUDXEHQGXUFKJHIKUW
'LH9HUVXFKHVLQGLQ$EELOGXQJ]XVDPPHQIDVVHQGGDUJHVWHOOWXQGDXVJHZHUWHW'LH(UPLWW
OXQJGHU(UPGXQJVIHVWLJNHLWVNXUYH().IU3h HUIROJWHDQDORJ]X>@GXUFK$XV
ZHUWXQJ LP *DX‰VFKHQ :DKUVFKHLQOLFKNHLWVQHW] DXI YHUVFKLHGHQHQ 6SDQQXQJVQLYHDXV ,Q GHU
UHDOHQ9HUELQGXQJVLQG]XDOOHQ9HUVXFKVUHLKHQYHUJOHLFKEDUH9HUKlOWQLVVHP|JOLFKGDVLFKMH
QDFK YRUOLHJHQGHQ 5HLEXQJVYHUKlOWQLVVHQ XQWHUVFKLHGOLFKH 7RUVLRQVVSDQQXQJHQ HLQVWHOOHQ XQG
DXFK HLQH hEHUVSDQQXQJ LQ GHQ SODVWLVFKHQ %HUHLFK P|JOLFK LVW 'DUXP LVW GLH JHPHLQVDPH
$XVZHUWXQJDOOHU9HUVXFKHLP+LQEOLFNDXIGLHSUDNWLVFKH$QZHQGXQJVLQQYROO=XP9HUJOHLFK
PLWGHP(XURFRGHLVWGLH(UPGXQJVIHVWLJNHLWVNXUYHIUGLH.HUEJUXSSHHLQJHWUDJHQ'LHVH
GHFNW VLFK LP =HLWIHVWLJNHLWVEHUHLFK VHKU JXW PLW GHU DXV DOOHQ 9HUVXFKVHUJHEQLVVHQ HUPLWWHOWHQ
:|KOHUOLQLH
(UPGXQJVIHVWLJNHLWVQDFKZHLV 6HLWH

'V >1PPð@ (UPGXQJVIHVWLJNHLWVNXUYH9HUVXFKVZHUWHYRQ/DFKHU.XSHUXV9DOWLQDW




'V &.*


/DFKHU
.XSHUXV 'V '.*
9DOWLQDW
().JHVDPW
(&.HUEJUXSSH 6SDQQXQJVVSLHOH1

( ( ( (
$EELOGXQJ 6WDWLVWLVFKH$XVZHUWXQJYRQ'DXHUVFKZLQJYHUVXFKHQD[LDOEHDQVSUXFKWHU+96FKUDXEHQ
'XUFKOlXIHUVLQGGXUFKZHL‰H)OOXQJGHU6\PEROHJHNHQQ]HLFKQHW

$EELOGXQJ9HUVXFKVHUJHEQLVVHDXV>@LP9HUJOHLFK]XU.HUEJUXSSHQLFKWYRUJHVSDQQWH6FKUDXEHQ
6HLWH 9HUVXFKVHUJHEQLVVH]XU(UPGXQJVIHVWLJNHLW

$EELOGXQJ]HLJWHLQH=XVDPPHQIDVVXQJDPHULNDQLVFKHU9HUVXFKVHUJHEQLVVHDQ$QNHUERO]HQ
YRQ9$1 ',(1 (7 $/ >@ PLWGHQ(UJHEQLVVHQ YHUVFKLHGHQHU $XWRUHQ XD GHQ RIW ]LWLHUWHQ
YRQ )5$1. >@ 'LH 9HUVXFKH XQWHUVFKHLGHQ VLFK LQ GHU $UW GHU XQWHUVXFKWHQ 3UREHQ VRZLH
GHU 9HUVXFKVDQRUGQXQJ ZXUGHQ DEHU HEHQIDOOV JHPHLQVDP DXVJHZHUWHW 'LH $XVZHUWXQJ IU
3h EHUDOOH9HUVXFKVHUJHEQLVVHOLHJWIDVWGHFNXQJVJOHLFKPLW.HUEJUXSSHQDFK(XUR
FRGH,QGHU*UDILNLVWHUVLFKWOLFKGD‰GLH9HUVXFKHYRQ)5$1.GLHEHUZLHJHQGDQ%RO]HQ
PLWJHVFKQLWWHQHQ*HZLQGHQPLWXQGRKQH9HU]LQNXQJGXUFKJHIKUWZXUGHQXQWHUKDOEGHUDNWX
HOOHQ(UJHEQLVVHYRQ9$1 ',(1OLHJHQGLHPLWJHUROOWHQXQGJHVFKQLWWHQHQ*HZLQGHQPLW9HU
]LQNXQJGXUFKJHIKUWZXUGHQ:HQQGLHVH(UJHEQLVVHDXVGHU*HVDPWDXVZHUWXQJKHUDXVJHODVVHQ
ZUGHQ GDQQ ZlUH GLH (LQVWXIXQJ HWZDV JQVWLJHU YRU]XQHKPHQ )U YRUJHVSDQQWH %RO]HQ HU
PLWWHOWH9$1',(1QRFKHWZDVK|KHUH(UPGXQJVIHVWLJNHLWHQ
+$1(1.$03>@IKUWH9HUVXFKHDQ%RO]HQJUR‰HU'XUFKPHVVHUDE0GXUFK 6HLQH 9HU
VXFKVHUJHEQLVVH ]HLJHQ GHXWOLFK K|KHUH (UPGXQJVIHVWLJNHLWHQ DOOHUGLQJV ZDUHQ GLH %RO]HQ
VFKOX‰JHZDO]WXQGQLFKWIHXHUYHU]LQNW±EHLGH(LQIOVVHVLQGJHJHQEHUGHQIHXHUYHU]LQNWHQXQG
VFKOX‰YHUJWHWHQ+96FKUDXEHQDOVGDXHUKDOWEDUNHLWVVWHLJHUQGHLQ]XVWXIHQ'HU$EIDOOGHU'DX
HUIHVWLJNHLW GXUFK GLH )HXHUYHU]LQNXQJ OLHJW QDFK /$&+(5 >@ XQG :,(*$1'7+20$/$
>@EHLHWZDGHU8QWHUVFKLHG]ZLVFKHQVFKOX‰JHZDO]WHQXQGVFKOX‰YHUJWHWHQ6FKUDX
EHQ EHWUlJW QDFK 9',5LFKWOLQLH  HWZD  VR GD‰ GLH 9HUVXFKVHUJHEQLVVH YRQ +$
1(1.$03]XP9HUJOHLFKPLWGHQDQGHUHQ(UJHEQLVVHQQlKHUXQJVZHLVHPLWGHP)DNWRU]X
PXOWLSOL]LHUHQ VLQG 'LH (UJHEQLVVH LP =HLWIHVWLJNHLWVEHUHLFK OLHJHQ IU 0 GDQQ HEHQIDOOV LQ
HWZDLQGHU*U|‰HQRUGQXQJGHU.HUEJUXSSH
9RQ :,(*$1'7+20$/$ >@ ZXUGHQ GLH VWDWLVWLVFK DXVJHZHUWHWHQ (UJHEQLVVH YRQ 'DXHU
VFKZLQJYHUVXFKHQ DQ IHXHUYHU]LQNWHQ +96FKUDXEHQ 0  PLWJHWHLOW ZREHL IU GLH $XV
ZHUWXQJGLHQXU]XU(UPLWWOXQJGHU'DXHUIHVWLJNHLWHUIROJWH]ZHLQLFKWQlKHUVSH]LIL]LHUWH3UI
KRUL]RQWHPLWMHZHLOV]HKQ3UREHQYRUODJHQ8PJHUHFKQHWDXIGHQ6SDQQXQJVTXHUVFKQLWWXQGHL
QHhEHUOHEHQVZDKUVFKHLQOLFKNHLW3h HUJLEWVLFKGLH'DXHUIHVWLJNHLW'V' 1PPð
'LHVHU:HUWLVWKRFKLP9HUJOHLFK]XGHPDXVGHQDQGHUHQ9HUVXFKVHUJHEQLVVHQH[WUDSROLHUWHQ
:HUW IU GLH 'DXHUIHVWLJNHLW GHFNW VLFK DEHU TXDOLWDWLY PLW GHQ (UJHEQLVVHQ YRQ 9$1 ',(1
>@ GHU IU 6SDQQXQJVDPSOLWXGHQ 'V1PPð NHLQH 'DXHUEUFKH IHVWJHVWHOOW KDW %HL
/$&+(5>@WUHWHQKLQJHJHQDXIGHP6SDQQXQJVQLYHDX'V 1PPðEHUZLHJHQG'XUFK
OlXIHU 1!Â DXI HV VLQG DEHU DXFK HLQLJH %UFKH ]X YHU]HLFKQHQ 1DFK GHU $XVZHUWXQJ
YRQ /$&+(5 >@ EHWUlJW GLH 'DXHUIHVWLJNHLW IHXHUYHU]LQNWHU +96FKUDXEHQ 0  EHL
$XVZHUWXQJ IU 3h  HWZD 'V'  1PPð DOV .QLFNVFKZLQJVSLHO]DKO HUPLWWHOW HU
1'  IU 3h  ,Q GHU .HUEJUXSSH  OLHJW GLH 'DXHUIHVWLJNHLW EHL 'V' 
1PPðVRGD‰VLFKLQGHU7HQGHQ]HLQHLP9HUJOHLFK]XU=HLWIHVWLJNHLWKRKH'DXHUIHVWLJNHLWHU
JLEW
 (UPGXQJVIHVWLJNHLWXQWHU%LHJHEHDQVSUXFKXQJ
8QWHUVXFKXQJHQYRQ6FKUDXEHQXQWHUUHLQHU%LHJHEHDQVSUXFKXQJ VLQG LQ GHU /LWHUDWXU QXU YHU
HLQ]HOWPLWJHWHLOW9HUPXWOLFKLVWGLHVGDULQEHJUQGHWGD‰GLHVHU%HODVWXQJVIDOOLQWHFKQLVFKHQ
$QZHQGXQJHQ QXU VHKU VHOWHQ YRUNRPPW XQG GDKHU 8QWHUVXFKXQJHQ QXU ]XU $EVFKlW]XQJ YRQ
*UHQ]IlOOHQGXUFKJHIKUWZXUGHQ
)5$1. >@ XQWHUVXFKWH QHEHQ D[LDO JH]RJHQHQ $QNHUERO]HQ DXFK VROFKH XQWHU %LHJXQJ 'D
GLH%RO]HQDOV.UDJDUPRKQH9RUVSDQQXQJEHODVWHWZXUGHQVLQGGLHVH9HUVXFKHQLFKWGLUHNWIU
GLH%HPHVVXQJYRUJHVSDQQWHU9HUELQGXQJHQ]XYHUZHQGHQ'HU9HUVXFKVEHIXQGGHUHLQHGUHL
IDFKK|KHUH'DXHUKDOWEDUNHLWJHJHQEHUGHQD[LDOEHDQVSUXFKWHQ3UREHQHUJDE]HLJWWHQGHQ]LHOO
HLQHK|KHUH%HDQVSUXFKEDUNHLWEHL%LHJXQJJHJHQEHUGHU$[LDOEHODVWXQJ
(UPGXQJVIHVWLJNHLWVQDFKZHLV 6HLWH

 (UPGXQJVIHVWLJNHLWXQWHUNRPELQLHUWHU%HDQVSUXFKXQJ
%58&.>@XQWHUVXFKWHYRUJHVSDQQWH6FKUDXEHQ0PLWGHP=LHOGLH(LQIOX‰IDNWRUHQDXIGLH
'DXHUKDOWEDUNHLW ELHJHEHODVWHWHU 6FKUDXEHQ ]X EHVWLPPHQ 'LH 9HUVXFKH ZXUGHQ YHUIRUPXQJV
NRQWUROOLHUW DQ YRUJHVSDQQWHQ 6FKUDXEHQ GXUFKJHIKUW 'LH (UJHEQLVVH JHEHQ $XIVFKOX‰ EHU
P|JOLFKH$QVDW]SXQNWH]XU9HUEHVVHUXQJGHU'DXHUIHVWLJNHLW]%EHUGLH*HZLQGHIRUPHLJ
QHQVLFKDEHUQLFKWIUGLH%HVWLPPXQJHLQHU(UPGXQJVIHVWLJNHLWVNXUYH
.$03) >@ XQWHUVXFKWH HEHQIDOOV YRUJHVSDQQWH 6FKUDXEHQ 0 XQWHU NRPELQLHUWHU %HDQVSUX
FKXQJ1DFKVHLQHQ(UJHEQLVVHQNDQQXQWHU9RUEHKDOWGHUhEHUWUDJEDUNHLWDXIJUR‰H'XUFKPHV
VHUIUGLHHUWUDJEDUHQ5DQGVSDQQXQJHQEHL1& Â/DVWVSLHOHQDQJHQRPPHQZHUGHQ
'V &0  1 
'V & 1  K ˜ 'V &0  'V & 1  

'V 0
PLW K 
'V 0  'V 1
'V 0
|  
'V 1
'LHJOHLFKH7HQGHQ]LVWDXV9RUYHUVXFKHQYRQ/$&+(5GLHYRQ*g55(6>@DXVJHZHUWHWZXU
GHQ ]X HUNHQQHQ 'LH HUWUDJEDUHQ %LHJHVSDQQXQJVVFKZLQJEUHLWHQ ZXUGHQ KLHU HKHU JU|‰HU HU
PLWWHOW
3(7(56(1  >@ XQWHUVXFKWH )ODQVFKVHJPHQWH PLW IHXHUYHU]LQNWHQ 6FKUDXEHQ 0  'LH
6HJPHQWHZXUGHQXQWHUVFKZLQJHQGHU%HDQVSUXFKXQJELV ]XP %UXFK JHWHVWHW $XV GHQ 9HUVX
FKHQ HUPLWWHOWH 3(7(56(1  HLQH (UPGXQJVIHVWLJNHLWVNXUYH GLH VLFK DXI GLH $[LDOVSDQQXQJ EH
]LHKWDEHUGHQ6FKlGLJXQJVDQWHLOGHU%LHJHVSDQQXQJHQHQWKlOW
 $EKlQJLJNHLWGHU(UPGXQJVIHVWLJNHLWYRP9RUVSDQQXQJV]XVWDQG
'LH ]LWLHUWHQ 8QWHUVXFKXQJHQ ZXUGHQ EHUZLHJHQG DQ GHQ LVROLHUWHQ 6FKUDXEHQ GXUFKJHIKUW
GK GD‰ HQWZHGHU NHLQH VWDWLVFKH 0LWWHOODVW
EH]RJHQH9RUVSDQQNUDIW)9)
YRUKDQGHQ ZDU RGHU GLHVH WRUVLRQVIUHL GXUFK   
GLH 3UIPDVFKLQH DXIJHEUDFKW ZXUGH ,Q GHU >@

9HUELQGXQJVLQG GLH 6FKUDXEHQ KLQJHJHQ WRU >N1@

) $
9 ) IUEHU
VLRQVEHKDIWHW YRUJHVSDQQW VR GD‰ GLH (UJHE )
)
$

VFKOX‰JHZDO]WH
$
HODVWLVFKHV
$Q]LHKHQ
QLVVH QLFKW ]ZDQJVOlXILJ GLUHNW EHUWUDJEDU 
6FKUDXEHQ
'DXHUKDOWEDUNHLW)$

VLQG .83(586 >@ XQWHUVXFKWH GHVKDOE QDFK9',

YRUJHVSDQQWH 6FKUDXEHQ GLH GXUFK XQWHU

VFKOX‰YHUJWHWH
VFKLHGOLFKH 6FKPLHUXQJV]XVWlQGH YDULLHUHQGH 6FKUDXEHQ

7RUVLRQVVSDQQXQJHQ HUKLHOWHQ 'LH 9RUVSDQ QDFK9',

QXQJ ZXUGH EHU GLH /lQJHQlQGHUXQJ GHU 

6FKUDXEH JH]LHOW HLQJHVWHOOW ,P 9HUJOHLFK ]X

9HUVXFKHQ DQ QLFKW YRUJHVSDQQWHQ XQG GXUFK
GLH 3UIPDVFKLQH PLW HLQHU 0LWWHOVSDQQXQJ >N1@
EHDQVSUXFKWHQ6FKUDXEHQZXUGHHLQGHXWOLFKHU 9RUVSDQQNUDIW)9
$EIDOO GHU HUWUDJEDUHQ 6SDQQXQJVDPSOLWXGHQ
IHVWJHVWHOOW GHU YRQ .83(586 DXI GLH 7RUVL $EELOGXQJ $EKlQJLJNHLWGHU'DXHUKDOWEDUNHLWYRQ
RQVDQWHLOH GHU %HDQVSUXFKXQJ ]XUFNJHIKUW 9RUVSDQQNUDIWXQG*HZLQGHIHUWLJXQJ
QDFK6&+1(,'(5>@
ZXUGH ,P *HJHQVDW] GD]X HUJLEW VLFK EHL
6&+1(,'(5 >@JHQDXGLHJHJHQWHLOLJH7HQGHQ]QlPOLFKHLQH(UK|KXQJGHU'DXHUIHVWLJNHLW
WRUVLRQVEHKDIWHWYRUJHVSDQQWHU6FKUDXEHQGLH6&+1(,'(5 DXIGLH(LQHEQXQJYRQ8QHEHQKHLWHQ
6HLWH 9HUVXFKVHUJHEQLVVH]XU(UPGXQJVIHVWLJNHLW

LQGHQUHODWLY]XHLQDQGHUEHZHJWHQ*HZLQGHIODQNHQ]XUFNIKUW'DEHLEHLGHQ9HUVXFKVUHLKHQ
GLHGXUFK,PSHUIHNWLRQHQGHU6FKUDXEHQXQGGHU$XIODJHIOlFKHQYRUKDQGHQHQ%LHJHVSDQQXQJHQ
QLFKWIHVWJHVWHOOWZXUGHQLVWKLHUHLQP|JOLFKHU(UNOlUXQJVDQVDW]IUGLHVH'LVNUHSDQ]]XVHKHQ
9HUVFKLHGHQH8QWHUVXFKXQJHQZHLVHQGDUDXIKLQGD‰GLH6FKZLQJIHVWLJNHLWPLWVWHLJHQGHU0LW
WHOVSDQQXQJ DXFK RKQH EHUODJHUWH 7RUVLRQ DEIlOOW )U GHQ =HLWIHVWLJNHLWVEHUHLFK D[LDO EHDQ
VSUXFKWHU6FKUDXEHQLVWGLHV]%EHL%28:0$1 >@]XHUNHQQHQ6&+1(,'(5 >@JHODQJW
TXDOLWDWLY]XlKQOLFKHQ(UJHEQLVVHQ)UELHJHEHDQVSUXFKWH6FKUDXEHQZLUGGLHVH7HQGHQ]YRQ
%58&.>@EHVWlWLJW(QWJHJHQIUKHUHU)HVWVWHOOXQJHQ>@NDQQGLHVHU=XVDPPHQKDQJZRKO
]XPLQGHVWIUVFKOX‰JHZDO]WH6FKUDXEHQDOVEHVWlWLJWDQJHVHKHQZHUGHQ(QWJHJHQ$QJDEHQ]%
EHL :,(*$1' (7 $/  >@ VWHOOW 6&+1(,'(5  DXFK IU VFKOX‰YHUJWHWH 6FKUDXEHQ HLQH 9RU
VSDQQNUDIWDEKlQJLJNHLWIU)9!Â)IHVW$EELOGXQJ'DGHU1HQQZHUWGHU9RUVSDQQNUDIW
QDFK',17HLODOV0LQGHVWZHUWDXIJHID‰WZLUGXQGLQGHU5HDOLWlWGHVKDOEPLWK|KHUHQ
9RUVSDQQNUlIWHQ]XUHFKQHQLVWOLHJWP|JOLFKHUZHLVHHLQHhEHUVFKlW]XQJGHU'DXHUIHVWLJNHLWEHL
+96FKUDXEHQ YRU GD GLH ]XJUXQGHOLHJHQGHQ 9HUVXFKH LPPHU PLW )9 Â) GXUFKJHIKUW
ZXUGHQ(VJLEWELVODQJDOOHUGLQJVNHLQH$XVVDJHQ]XGLHVHP(LQIOX‰LP=HLWIHVWLJNHLWVEHUHLFK
 :HUWXQJ
'LHGXUFKJHIKUWH$XVZHUWXQJYRQ'DXHUVFKZLQJYHUVXFKHQDXVGHU/LWHUDWXUOl‰W HLQH (LQRUG
QXQJKRFKIHVWHUIHXHUYHU]LQNWHU+96FKUDXEHQXQWHUD[LDOHU%HDQVSUXFKXQJLQGLH.HUEJUXSSH
VLQQYROOHUVFKHLQHQ(LQH(LQVWXIXQJLQGLH.HUEJUXSSHE]Z GUIWHHWZDV]XJQVWLJ
]X VHLQ XD DXFK ZHLO GLH WRUVLRQVEHKDIWHW YRUJHVSDQQWHQ 6FKUDXEHQ EHL .83(586 QLHGULJHUH
(UPGXQJVIHVWLJNHLWHQDXIZLHVHQDOVGLHWRUVLRQVIUHLYRUJHVSDQQWHQ6FKUDXEHQ'DEHL/$&+(5
XQG9$/7,1$7HEHQIDOOVWRUVLRQVIUHLYRUJHVSDQQWH6FKUDXEHQJHSUIWZXUGHQVLQGGLH:HUWHIU
YRUJHVSDQQWH 9HUELQGXQJHQ JJI DOV HWZDV ]X JQVWLJ ]X EHZHUWHQ )U GLH $QZHQGXQJ LP
:LQGHQHUJLHDQODJHQEDX NRPPW KLQ]X GD‰ GLH 9HUVXFKH PLW 6FKUDXEHQ ELV 0 GXUFKJHIKUW
ZXUGHQIUJU|‰HUH$QODJHQDEHUPLWWOHUZHLOH6FKUDXEHQELV0]XP(LQVDW]NRPPHQXQGGLH
6FKUDXEHQKHUVWHOOHU LKU $QJHERW GHU]HLW DXI 0 DXVZHLWHQ 'D EHL JU|‰HUHQ 6FKUDXEHQGXUFK
PHVVHUQPLWHLQHU$EQDKPHGHU(UPGXQJVIHVWLJNHLW]XUHFKQHQLVWPX‰GHU*U|‰HQHLQIOX‰EH
UFNVLFKWLJWZHUGHQ
'LH(LQRUGQXQJLQHLQHNRUULJLHUWH(UPGXQJVIHVWLJNHLWVNXUYH RGHU HUVFKHLQWQDFKGHQ
YRUOLHJHQGHQ9HUVXFKVHUJHEQLVVHQIUDJZUGLJ'LHVH0D‰QDKPHZlUHVLQQYROOZHQQGHU=HLWIH
VWLJNHLWVEHUHLFK LP 9HUJOHLFK ]XU 'DXHUIHVWLJNHLW K|KHU OlJH VR GD‰ VLFK EHL NRUUHNWHU (LQVWX
IXQJLP=HLWIHVWLJNHLWVEHUHLFKHLQH]XJUR‰H'DXHUIHVWLJNHLWHUJHEHQZUGH$QKDQGGHUYRUKDQ
GHQHQ9HUVXFKVHUJHEQLVVHOl‰WVLFKDEHUJHUDGHGLHJHJHQWHLOLJH7HQGHQ]DEOHVHQGKGLH'DXHU
IHVWLJNHLWZLUGVHOEVWPLWHLQHU.QLFNVFKZLQJVSLHO]DKO1 ÂGHXWOLFKXQWHUVFKlW]WZHQQGLH
(LQVWXIXQJLQHLQH.HUEJUXSSHGHP=HLWIHVWLJNHLWVEHUHLFKIROJW
)UGLH%HDQVSUXFKXQJGXUFK%LHJXQJE]ZGLHNRPELQLHUWH%HDQVSUXFKXQJHUODXEHQGLHYRUOLH
JHQGHQ (UJHEQLVVH QRFK NHLQH HQGJOWLJH %HZHUWXQJ YRQ GHU 7HQGHQ] LVW DOOHUGLQJV HLQGHXWLJ
HLQH K|KHUH %HDQVSUXFKEDUNHLW IU GLH NRPELQLHUWH %HODVWXQJ ]X HUNHQQHQ $XV GHQ 8QWHUVX
FKXQJHQYRQ.$03)VRZLHGHQ9RUYHUVXFKHQYRQ/$&+(5ZLUGGDV9HUKlOWQLVGHUHUWUDJEDUHQ
%LHJHVSDQQXQJHQ]XGHQHUWUDJEDUHQ1RUPDOVSDQQXQJHQPLW'V0'V1 DEJHVFKlW]W
,QVJHVDPW ]HLJHQ GLH YRUOLHJHQGHQ 9HUVXFKH GD‰ WURW] HUKHEOLFKHU $QVWUHQJXQJHQ QRFK NHLQH
HQGJOWLJH %HZHUWXQJ GHU (UPGXQJVIHVWLJNHLW YRUJHVSDQQWHU IHXHUYHU]LQNWHU +96FKUDXEHQ
P|JOLFK LVW :HLWHUH )RUVFKXQJ LVW GULQJHQG HUIRUGHUOLFK IU GHQ $QZHQGXQJVEHUHLFK :LQG
HQHUJLHDQODJHQZLUGHLQ9HUVXFKVNRQ]HSWLQ$EVFKQLWWYRUJHVWHOOW
(UPGXQJVIHVWLJNHLWVQDFKZHLV 6HLWH

 9RUVFKODJ]XU%HKDQGOXQJGHUNRPELQLHUWHQ%HDQVSUXFKXQJ
=XU)KUXQJHLQHV(UPGXQJVIHVWLJNHLWVQDFKZHLVHVZLUGGLHLQ$QOHKQXQJDQ.$03)>@JH
ZlKOWH ,QWHUDNWLRQVEH]LHKXQJ  DXI GLH JHVDPWH (UPGXQJVIHVWLJNHLWVNXUYH LP IROJHQGHQ
DOV().DEJHNU]WEHUWUDJHQ:LHHUOlXWHUWLVWGHU]HLWGLH)UDJHQDFKGHQ1HQQZHUWHQGHU().
IU 1RUPDONUDIW 'V&1 XQG %LHJHPRPHQW 'V&0 QRFK QLFKW ]ZHLIHOVIUHL JHNOlUW 1DFK GHQ LP
YRUKHULJHQ $EVFKQLWW DQJHVWHOOWHQ 8QWHUVXFKXQJHQ ZLUG IU GLH 1RUPDONUDIWVSDQQXQJHQ .HUE
JUXSSHIUGLH%LHJHVSDQQXQJHQ.HUEJUXSSHDQJHVHW]WGDPLWHUJLEWVLFK HLQ 9HUKlOWQLV
YRQ'V&0'V&1YRQHWZD'DV9RUJHKHQEHLGHUOLQHDUHQ,QWHUSRODWLRQGHUJHVDPWHQ().
YHUDQVFKDXOLFKW$EELOGXQJ

'V
(U ORJ1 ORJDPÂORJ'V5
P
UHL XQG
QH JV
% IH
LHJ VWL
HE JNH
HDQ LWV 'V0
VSU NXU K 
XF YH  'V1'V0
K X I
(U
P  QJ U 'V&0
UHL GXQ
QH
=X JVIH P
JE VWLJ
HDQ NH
VSU LWVN
XF XUY
KX
QJ HIU
KÂ'V&0'V&1

'V&1
(UPGXQJVIHVWLJNHLWVNXUYHIU
GLHNRPELQLHUWH%HDQVSUXFKXQJ
'V'

1
   Â 

 
$EELOGXQJ ,QWHUSRODWLRQGHU(UPGXQJVIHVWLJNHLWVNXUYHIUNRPELQLHUWH%HDQVSUXFKXQJ3ULQ]LSGDUVWHOOXQJ
)UGHQ1DFKZHLVLVWGLHHUWUDJEDUH6SDQQXQJVVSLHO]DKO1LIUHLQ6SDQQXQJVQLYHDXHUIRUGHUOLFK
'LHVHHUJLEWVLFKIUGLHLQWHUSROLHUWH().ZLHIROJW

ORJ D 0  1 ORJ D 0  1 

101
'V 5
P
 'V 1  'V 0 P
$QVWDWWGLHVHULP(XURFRGHYHUZHQGHWHQ'DUVWHOOXQJVIRUPNDQQDXFKZLHVLFKOHLFKW]HLJHQOl‰W
ZHVHQWOLFKHLQIDFKHUJHVFKULHEHQZHUGHQ

§ 'V ·
1 1 & ˜ ¨ & ¸ IU 'V t 'V ' 
© 'V ¹

§ 'V ·
1 1 ' ˜ ¨ ' ¸ IU 'V  'V ' 
© 'V ¹
6HLWH 9RUVFKODJ]XU%HKDQGOXQJGHUNRPELQLHUWHQ%HDQVSUXFKXQJ

 $QPHUNXQJHQ]XUJHZlKOWHQ,QWHUDNWLRQ
'LH,QWHUDNWLRQ]ZLVFKHQ1RUPDOXQG%LHJHVSDQQXQJV ,QWHUDNWLRQ)RUP
DQWHLOHQNDQQLQXQWHUVFKLHGOLFKHU)RUPGDUJHVWHOOWZHU
GHQ,P0DVFKLQHQEDX]%.$03)>@ZLUGGLHLQ 'V&01 *HVDPWVSDQQXQJ
$EELOGXQJPLWWLJGDUJHVWHOOWH)RUPKlXILJHUYHUZHQ
'V&0
GHW EHL GHU GLH HUWUDJEDUH 1RUPDOVSDQQXQJVDPSOLWXGH
DXI GHU 2UGLQDWH XQG GLH ]XVlW]OLFK HUWUDJEDUH %LHJH
VSDQQXQJVDPSOLWXGH DXI GHU $EV]LVVH GDUJHVWHOOW ZLUG
'LH KLHU JHZlKOWH JHUDGOLQLJH ,QWHUSRODWLRQ GHU (UP YHUPXWOLFK
GXQJVIHVWLJNHLW IU GLH NRPELQLHUWH %HDQVSUXFKXQJ LQ 'V&1 UHDO
$EKlQJLJNHLWGHV%LHJHDQWHLOHVDQGHU*HVDPWVSDQQXQJ K
$EELOGXQJ REHQ EHGHXWHW NHLQH OLQHDUH ,QWHUDNWLRQ  
EHLGHU]ZHLWHQ'DUVWHOOXQJVIRUP'LH)RUPGHU .XUYH ,QWHUDNWLRQ)RUP
LVWYRQGHQ:HUWHQIU'V&1XQG'V&0DEKlQJLJ)U
'V&1  1PPð XQG 'V&0  1PPð HUJLEW VLFK 'V1
QRFK HLQH DQQlKHUQG OLQHDUH $EKlQJLJNHLW IU 'V&1
'V&1  1PPð XQG 'V&0  1PPð ZLUG GLH YHUPXWOLFK
$EKlQJLJNHLW KLQJHJHQ GHXWOLFK QLFKWOLQHDU $EELOGXQJ
HUWUDJEDUH
UHDO

1RUPDOVS
XQWHQ
$XV GHU $EELOGXQJ ZLUG DXFK GHXWOLFK GD‰ GLH OLQHDUH
,QWHUSRODWLRQDXIGHUVLFKHUHQ6HLWHOLHJWGDGLHYRUKDQ
'V0
GHQHQ9HUVXFKVHUJHEQLVVHHKHUHLQHQIOOLJHUHQ9HUODXI  HUWUDJEDUH
GHU ,QWHUDNWLRQVNXUYH YHUPXWHQ ODVVHQ 'LHV PX‰ DEHU 'V&0
%LHJHVSDQQXQJ
HUVW GXUFK ZHLWHUH )RUVFKXQJVHUJHEQLVVH EHVWlWLJW ZHU

GHQ 'V1

(LQH ,QWHUSRODWLRQVYRUVFKULIW GLH GHP LQ $EELOGXQJ  'V&1 
VNL]]LHUWHQYHUPXWOLFKUHDOHQ9HUODXIQlKHUNRPPWLVW  'V&0 

'V & 0  1  
'V &  1  K  K  ˜ 'V & 0  'V &  1   

 $EJUHQ]XQJGHU,QWHUSRODWLRQ 
'V&1 
,QWHUHVVDQW LVW GDV 9HUKlOWQLV GHU HUWUDJEDUHQ 6SDQ  'V&0 
'V0
QXQJVVSLHOH LP 9HUJOHLFK ]XU $Q]DKO GHU 6SDQQXQJV 
VSLHOH GLH EHL 9HUQDFKOlVVLJXQJ GHV %LHJHDQWHLOV HU
      
WUDJEDUVLQG
$EELOGXQJ 'DUVWHOOXQJVIRUPHQGHU,QWHU
'DV 9HUKlOWQLV GHU HUWUDJEDUHQ 6SDQQXQJVVSLHOH HUJLEW
DNWLRQ]ZLVFKHQ%LHJXQJXQG
VLFKPLWP E]ZP ]X 1RUPDONUDIWXQG%HLVSLHO

10 1 'V & 1  K ˜ 'V & 0  K ˜ 'V &  1  ˜ 'V 1

P P


11 'V 1  'V 0 P ˜ 'V & 1 P
1 01
'LH%LHJHVSDQQXQJZlUHRKQH(LQIOX‰ZHQQJLOW 
11
+LHUDXVZLUGGHU1HQQZHUWGHU(UPGXQJVIHVWLJNHLWVNXUYHIUGHQ0RPHQWHQDQWHLOHUPLWWHOWGHU
GLHVH%HGLQJXQJHUIOOW(VHUJLEWVLFKQDFKHLQLJHQ8PIRUPXQJHQ
(UPGXQJVIHVWLJNHLWVQDFKZHLV 6HLWH

§  · § 'V 0 ·
'V & 0 'V &  1 ˜ ¨¨  ¸¸ 'V &  1 ˜ ¨¨   ¸¸ 
©   K  ¹ © 'V 1 ¹

$EKlQJLJYRP6SDQQXQJVYHUKlOWQLVKHUJLEWVLFKEHLGLHVHP9HUKlOWQLVXQWHUNRPELQLHUWHU%H
DQVSUXFKXQJ GLH JOHLFKH 6FKlGLJXQJ ZLH EHL GHU 6FKlGLJXQJVUHFKQXQJ PLW GHP 1RUPDOVSDQ
QXQJVDQWHLODOOHLQH
)ROJHQGH*UHQ]ZHUWHN|QQHQDEJHOHVHQZHUGHQ
K o   'V &  0  ˜ 'V &  1 

K o   'V &0 o f 

'DV9HUKlOWQLVLVWDQVFKDXOLFKORJLVFK%HL9HUJU|‰HUXQJGHU5DQGVSDQQXQJXP'V0HUJLEWVLFK
PLWGHU1HQQZHUWGHU().]X
'V & 0  1 'V &  1  K ˜ 'V & 0  'V &  1 
'V 0 § ª 'V 0 º ·
'V &  1  ˜ ¨¨ 'V &  1 ˜ «  »  'V &  1 ¸¸
'V 0  'V 1 © ¬ 'V 1 ¼ ¹
'V 0 § 'V 0 ·
'V &  1  ˜ 'V &  1 ˜ ¨¨  ¸¸
'V 0  'V 1 © 'V 1 ¹
§ 'V 0 § 'V 0 · ·
'V &  1 ˜ ¨¨  ˜ ¨¨  ¸¸ ¸
¸
© 'V 0  'V 1 © 'V 1 ¹¹
'V 0  'V 1
Ÿ 'V & 0  1 'V &  1 ˜ 
'V 1
'LH().ZLUGDOVRJHQDXZLHGHUDXIGLHHUK|KWH5DQGVSDQQXQJDQJHKREHQ
)UGLHSUDNWLVFKH%HUHFKQXQJEHGHXWHWGDVGD‰1HQQZHUWHGHU().GLHIU%LHJXQJPHKUDOV
GRSSHOW VR JUR‰ VLQG ZLH IU 1RUPDONUDIW SK\VLNDOLVFK NHLQH VLQQYROOHQ (UJHEQLVVH OLHIHUQ GD
GLH6FKlGLJXQJXQWHUNRPELQLHUWHU(LQZLUNXQJIUEHVWLPPWH6SDQQXQJVYHUKlOWQLVVHNOHLQHUZl
UHDOVGLHMHQLJHXQWHU1RUPDOVSDQQXQJVDQWHLODOOHLQH
)UGLHDOWHUQDWLYH,QWHUSRODWLRQVIRUPHOOLHJWGLHVH*UHQ]HEHL 'V & 0  ˜ 'V &  1 

 9HULILNDWLRQDQKDQGGHU9HUVXFKHYRQ3(7(56(1
$QKDQGGHU9HUVXFKHYRQ3(7(56(1 >@ZLUGHLQH9HULILNDWLRQGHUYRUJHVFKODJHQHQ,QWHUSR
ODWLRQ YRUJHQRPPHQ 'LH :HUWH GLH QLFKW GHU 9HU|IIHQWOLFKXQJ HQWQRPPHQ ZHUGHQ N|QQHQ
ZHUGHQGXUFK)(5HFKQXQJEHVWLPPW=XGHQ9HUVXFKHQGLHLQ>@QXUJUDSKLVFKGDUJHVWHOOW
VLQGODJHQGHP9HUIDVVHUGLH=DKOHQZHUWHYRU'LH9HUVXFKHELVZXUGHQPLWGHILQLHUWHQ
.RQWDNWIOlFKHQGXUFKJHIKUWXQGVLQGLQGLHVH%HWUDFKWXQJHQQLFKWHLQEH]RJHQZRUGHQ
6HLWH 9RUVFKODJ]XU%HKDQGOXQJGHUNRPELQLHUWHQ%HDQVSUXFKXQJ

$EELOGXQJ  ]HLJW ]XQlFKVW GHQ 9HU

 )V)Y N1 JOHLFK]ZLVFKHQJHPHVVHQHPXQGEHUHFK
)V)Y N1 QHWHP 6FKUDXEHQNUDIWYHUODXI 'LH hEHU

HLQVWLPPXQJ LP HUVWHQ $VW GHU %HOD
VWXQJVJHVFKLFKWH LVW VHKU JXW EHL GHQ
6FKUDXEHQNUDIW>N1@


ZHLWHUHQ%HODVWXQJVVFKULWWHQOLHJWGLH)(
 %HUHFKQXQJXQWHUKDOEGHU9HUVXFKVNXUYH
'LH (UNOlUXQJ IU GLHVHV 9HUKDOWHQ OLHJW
 LQ GHU 3ODVWL]LHUXQJ GHU 6FKUDXEH ZR
 GXUFK HLQ lKQOLFKHV 9HUKDOWHQ ZLH EHLP
9HUVXFK 3ODVWL]LHUHQ GHV )ODQVFKHV YHUXUVDFKW
 ZLUGYJO$EVFKQLWW
 )UGLH$XVZHUWXQJZLUGZLHIROJWYRUJH
      JDQJHQ 'D GLH LP 9HUVXFK YHUZHQGHWHQ
=XJNUDIW>N1@ =XJNUlIWH QLFKW PLWJHWHLOW VLQG ZLUG ]X
QlFKVW DXV GHQ DQJHJHEHQHQ 6FKUDXEHQ
$EELOGXQJ9HUJOHLFK9HUVXFK>@)(5HFKQXQJ NUlIWHQ DQKDQG GHU )(%HUHFKQXQJ IU
)9  N1 GLH =XJNUDIW HUPLWWHOW PLW
GHUGHU9HUVXFKGXUFKJHIKUWZXUGH$XVHLQHU5HLKHYRQ)(%HUHFKQXQJHQPLWGHUYHUVFKLH
GHQHYRUKDQGHQH9RUVSDQQNUlIWHDEJHGHFNWZHUGHQ$EELOGXQJZLUGGDQQGLH%HUHFKQXQJ
DXVJHZlKOW IU GLH GLH YRQ 3(7(56(1  DQJHJHEHQH =XJNUDIWVFKZLQJEUHLWH QDFK  /DVWVSLHOHQ
HUUHLFKWZLUG$XVGLHVHU%HUHFKQXQJZLUGGHU]XJHK|ULJH:HUWIUGDV6FKUDXEHQELHJHPRPHQW
HQWQRPPHQ'LHHUPLWWHOWHQ6FKUDXEHQPRPHQWHVLQGDOVRHYWOHWZDV]XKRFKGDGLHYRQ3HWHU
VHQ JHPHVVHQH 6FKUDXEHQ]XVDW]NUDIW EHL HLQHP JHULQJHUHQ $EIDOO GHU 9RUVSDQQNUDIW HUUHLFKW
ZXUGHDOVDXVGHU)(5HFKQXQJHUPLWWHOWYJO$EELOGXQJ
 
 )V)Y N1 0V)Y N1
)V)Y N1  0V)Y N1

)V)Y N1 0V)Y N1
 )V)Y N1 0V)Y N1
6FKUDXEHQPRPHQW>1P@
6FKUDXEHQNUDIW>N1@






 

 

 
                   
=XJNUDIW>N1@ =XJNUDIW>N1@

$EELOGXQJ %HUHFKQHWH6FKUDXEHQNUlIWHXQGPRPHQWHGHV9HUVXFKVN|USHUVDXV>@IUYHUVFKLHGHQH9RU
VSDQQNUlIWH
'LH6FKUDXEHGHU)(5HFKQXQJZXUGHPLWGHQ$QWHLOHQDXV*HZLQGHXQG0XWWHUQDFKJLHELJNHLW
IUGLH%LHJHQDFKJLHELJNHLWQDFK9', DEJHVWLPPW VLHKH $EVFKQLWW  'LH 6FKlGLJXQ
JHQZHUGHQYHUJOHLFKHQGPLWGHUYRQ3(7(56(1 HUPLWWHOWHQ().XQGGHU,QWHUSRODWLRQEHUHFKQHW
(VVROOWHQVLFKGDEHLLQHWZDJOHLFKH6FKlGLJXQJHQHUJHEHQ'LH,QWHUSRODWLRQPLWGHQYRUJHJH
EHQ:HUWHQOLHJWGDQQDXIGHUVLFKHUHQ6HLWHZHQQJU|‰HUH6FKlGLJXQJHQHUPLWWHOWZHUGHQ
(UPGXQJVIHVWLJNHLWVQDFKZHLV 6HLWH

3HWHUVHQ $XVZDKO)( .* .*

9HUVXFKV ')6 'V1 1 '3HW =R )9 '06 'V0 K 'V& ' 'V& '
 
1U >N1@ >1PP @ >±@ >±@ >N1@ >N1@ >1P@ >1PP @ >±@ >1PP@ >±@ >1PP@ >±@
             
             
9HUVXFKH'REPHLHU

             
             
             
             
             
             
             
             
             
             
9HUVXFKH3HWHUVHQ

             
             
             
             
             
             
             
             
             
             
             
             
             
9HUVXFKH3HWHUVHQ

             
             
             
             
             
             
             
             
             
   (          

0LWWHO  0LWWHO  

7DEHOOH 6FKlGLJXQJVEHUHFKQXQJIUGLH9HUVXFKHQDFK3(7(56(1>@XQG>@PLWOLQHDUHU,QWHUSRODWLRQ
GHU().]ZLVFKHQ.HUEJUXSSH1RUPDOVSDQQXQJXQG%LHJHVSDQQXQJE]Z.HUEJUXSSH
1RUPDOVSDQQXQJXQG%LHJHVSDQQXQJ

'LH (UJHEQLVVH GHU %HUHFKQXQJHQ ]HLJW 7DEHOOH  IU 'V&1  1PPð XQG 'V&0 
1PPðE]ZIU'V&1 1PPðXQG'V&0 1PPð'LHHUUHFKQHWHQ6FKlGLJXQJHQOLH
JHQ LP 0LWWHO LQ EHLGHQ )lOOHQ EHU GHQ PLW GHU YRQ3(7(56(1  DQJHJHEHQHQ (). HUPLWWHOWHQ
:HUWHQGLH ,QWHUSRODWLRQ OLHJW DOVR DXI GHU VLFKHUHQ 6HLWH 'HU $QWHLO GHU %LHJHVSDQQXQJHQ DQ
GHQ*HVDPWVSDQQXQJHQEHWUlJWKLHU]ZLVFKHQXQG
6HLWH 9RUVFKODJ]XU%HKDQGOXQJGHUNRPELQLHUWHQ%HDQVSUXFKXQJ

'LH%HUHFKQXQJPLWGHQ.HUEJUXSSHQXQGOLHIHUW6FKlGLJXQJHQGLHNQDSSREHUKDOEGHUHU
OLHJHQGLHPLWGHUYRQ3(7(56(1DQJHJHEHQ().HUPLWWHOWZHUGHQ'LH6FKlGLJXQJHQGLHPLW
GHQ.HUEJUXSSHQXQGHUPLWWHOWZHUGHQOLHJHQGHPJHJHQEHUGHXWOLFKK|KHU
3HWHUVHQ $XVZDKO)( .* .*
9HUVXFKV ')6 'V1 1 '3HW =R )9 '06 'V0 K 'V& ' 'V& '
   
1U >N1@ >1PP @ >±@ >±@ >N1@ >N1@ >1P@ >1PP @ >±@ >1PP @ >±@ >1PP @ >±@
             
             
9HUVXFKH'REPHLHU

             
             
             
             
             
             
             
             
             
             
9HUVXFKH3HWHUVHQ

             
             
             
             
             
             
             
             
             
             
             
             
             
9HUVXFKH3HWHUVHQ

             
             
             
             
             
             
             
             
             
   (          

0LWWHO  0LWWHO  

7DEHOOH 6FKlGLJXQJVEHUHFKQXQJIUGLH9HUVXFKHQDFK3(7(56(1>@XQG>@PLW,QWHUSRODWLRQGHU().
QDFK,QWHUSRODWLRQVYRUVFKULIW]ZLVFKHQ.HUEJUXSSH1RUPDOVSDQQXQJXQG
%LHJHVSDQQXQJE]Z.HUEJUXSSH1RUPDOVSDQQXQJXQG%LHJHVSDQQXQJ
(UPGXQJVIHVWLJNHLWVQDFKZHLV 6HLWH

7DEHOOH]HLJW]XP9HUJOHLFKGLHPLWGHUDOWHUQDWLYHQ,QWHUSRODWLRQVYRUVFKULIWEHUHFKQH

WHQ6FKlGLJXQJHQKLHUIUGLH.RPELQDWLRQHQXQG%HLGH9DULDQWHQOLHJHQDXIGHU
VLFKHUHQ6HLWHZRKLQJHJHQLQGLHVHP)DOOPLWGHQ.HUEJUXSSHQGHXWOLFK]XNOHLQH6FKl
GLJXQJHQ HUPLWWHOW ZRUGHQ ZlUHQ VR GD‰ GLHVH .RPELQDWLRQ DOV ]X JQVWLJ HLQJHVWXIW ZHUGHQ
PX‰$QKDQGGLHVHU9HUJOHLFKVUHFKQXQJLVWDXFKGLH]ZHLWH,QWHUSRODWLRQVYRUVFKULIW]XUHFKWIHU
WLJHQ'HU]HLWZLUGDXVIROJHQGHQ*UQGHQWURW]GHPGLH9HUZHQGXQJGHUOLQHDUHQ,QWHUSRODWLRQ
PLWGHQ.HUEJUXSSHQIUGLH1RUPDONUDIWVSDQQXQJHQXQGIUGLH%LHJHVSDQQXQJHQHPS
IRKOHQ
 (V KDQGHOW VLFK EHL GHP YRUOLHJHQGHQ 9HUJOHLFK XP HLQ (LQ]HOHUJHEQLV PLW %LHJHVSDQ
QXQJVDQWHLOHQ]ZLVFKHQXQG'LHJQVWLJHUH,QWHUSRODWLRQVK\SRWKHVHVROOWH
YRULKUHUDOOJHPHLQHQ9HUZHQGXQJDXFKLQDQGHUHQ%HUHLFKHQDEJHVLFKHUWZHUGHQ
 )UGLH1RUPDONUDIWEHDQVSUXFKXQJKDWVLFKDXVGHQ9HUVXFKVHUJHEQLVVHQGLH.HUEJUXSSH
DOVVWDWLVWLVFKDEJHVLFKHUWHUXQWHUHU)UDNWLOZHUWHUJHEHQVRGD‰]XQlFKVWIUGLHVHQ$Q
WHLONHLQHK|KHUH.HUEJUXSSHDQJHVHW]WZLUG
 'HU HYWO XQJQVWLJH (LQIOX‰ HLQHU K|KHUHQ 9RUVSDQQNUDIW DOV GHU 1HQQYRUVSDQQXQJ LVW
QLFKWHUID‰WGD3(7(56(1 GLH9RUVSDQQNUlIWHDQKDQGGHUJHPHVVHQHQ'HKQXQJHQJH]LHOW
DXIGHQ1HQQZHUWHLQJHVWHOOWKDW
 %HL SODQPl‰LJHU hEHUVSDQQXQJ GHU 6FKUDXEH OLHJW LQIROJH GHV VWHWV YRUKDQGHQHQ %LHJH
PRPHQWVQDFKGHP9RUVSDQQHQ|UWOLFKHLQHQRFKVWlUNHUH%HDQVSUXFKXQJYRU'HU(LQIOX‰
GLHVHUÄORNDOHQhEHUVSDQQXQJ³LVWXQJHNOlUWXQGNDQQVLFKHEHQIDOOVXQJQVWLJDXVZLUNHQ
 'LHHUPLWWHOWHQ%LHJHPRPHQWHVLQGYHUPXWOLFK]XJUR‰VRVRGD‰GDGXUFKDXFKJU|‰HUH
6FKlGLJXQJHQHUPLWWHOWZHUGHQ
 'LH 9HUVXFKH ZXUGHQ PLW JUR‰HQ 6SDQQXQJVVFKZLQJEUHLWHQ GXUFKJHIKUW GLH PLW $XV
QDKPHHLQHV'XUFKOlXIHUVQDFK/DVWZHFKVHO]DKOHQYRQPD[1 Â]XP%UXFKJH
IKUWKDEHQ'LHhEHUWUDJEDUNHLWDXINOHLQH6FKZLQJEUHLWHQPLW/DVWVSLHO]DKOHQELV1 
LVW QLFKW VLFKHUJHVWHOOW REZRKO YHUPXWHW ZHUGHQ NDQQ GD‰ GLH 'DXHUIHVWLJNHLW ZLH EHL
D[LDOHU%HDQVSUXFKXQJLP9HUJOHLFK]XP=HLWIHVWLJNHLWVEHUHLFKKRFKOLHJW
 )UJU|‰HUH6FKUDXEHQDOV0LVWGXUFKGHQ*U|‰HQHLQIOX‰HLQHQLHGULJHUH(UPGXQJVIH
VWLJNHLW]XHUZDUWHQ
 'HU KRKH 9RUVSDQQNUDIWDEIDOO GHXWHW GDUDXI KLQ GD‰ GLH %HODVWXQJVK|KH ZDKUVFKHLQOLFK
EHL DOOHQ 9HUVXFKHQ LQ HLQHP %HUHLFK ODJ LQ GHP EHUHLWV SODVWLVFKH 'HKQXQJHQ LQ GHU
6FKUDXEHHUIROJWVLQGGLHVLFKQDFK>@GDXHUIHVWLJNHLWVVWHLJHUQGDXVZLUNHQ'DGHUPLW
GHUhEHUODVWXQJYHUEXQGHQH9RUVSDQQNUDIWDEIDOODEHUYHUPLHGHQZHUGHQPX‰NDQQGLHVH
9HUEHVVHUXQJGHU'DXHUKDOWEDUNHLWEHLUHDOHQ9HUELQGXQJHQQLFKWJHQXW]WZHUGHQ
'LH(LQVWXIXQJGHU%LHJHEHDQVSUXFKXQJHUIROJWGHVKDOE]XQlFKVWNRQVHUYDWLYLQ.HUEJUXSSH
GLH(UJHEQLVVHOLHJHQGDPLWDXIGHUVLFKHUHQ6HLWH'XUFKGLHZHLWHUH)RUVFKXQJ]%DQKDQGGHV
9RUVFKODJVLQ$EVFKQLWWNDQQJJIHLQHDQGHUH,QWHUSRODWLRQVIXQNWLRQRGHUHLQHK|KHUH(LQ
VWXIXQJGHU%LHJHEHDQVSUXFKXQJYRUJHQRPPHQZHUGHQ

 5HJHOXQJLP:LQGHQHUJLHDQODJHQ%HUHLFK
)U:LQGHQHUJLHDQODJHQGHU0HJDZDWWNODVVHZHUGHQJUR‰H6FKUDXEHQDE0YHUZHQGHW'LHVH
6FKUDXEHQVLQGZlKUHQGGHU/HEHQVGDXHUGHU$QODJHQ/DVWZHFKVHO]DKOHQLP%HUHLFKYRQELV
DXVJHVHW]WVRGD‰EHUHLWVNOHLQH6SDQQXQJVVFKZLQJEUHLWHQGLHGDIUPLWHLQHUJUR‰HQ$Q
]DKODQ6SDQQXQJVVSLHOHQDXIWUHWHQHUPGXQJVZLUNVDPVHLQN|QQHQ
6HLWH 5HJHOXQJLP:LQGHQHUJLHDQODJHQ%HUHLFK

,QGHPLQGHU'LVNXVVLRQEHILQGOLFKHQ1HXHQWZXUIGHU',%W5LFKWOLQLHIU:($>@ZLUGYRU
JHVHKHQ GD‰ GHU 1DFKZHLV IU GLH 1RUPDOVSDQQXQJ DOOHLQH PLW GHU .HUEJUXSSH   HUIROJHQ
NDQQEHL%HUFNVLFKWLJXQJGHU%LHJHDQWHLOHGDUI.HUEJUXSSH DQJHVHW]WZHUGHQ7DEHOOH
9DUL 6SDQQXQJ .HQQZHUWH (UWUDJEDUH6SDQQXQJVVSLHOH
DQWH GHU(). 'V t 'V ' 'V d 'V '
>1PPð@ >1PPð@ >±@ >±@
 'V 'V 1 'V&      
11  ˜  ˜ 
11  ˜ 
'V '  'V 1 'V 1
 'V 'V&   
10  1  ˜ ˜ 10  1  ˜
'V 1  'V 0 'V '  'V 0  'V 1  'V0  'V 1 

7DEHOOH1DFKZHLVYDULDQWHQQDFK',%W5LFKWOLQLHIU:($>@
'DVEHGHXWHWGD‰EHL%LHJHVSDQQXQJHQELV]XHLQHP$QWHLOYRQ
'V 0 
K 
'V 0  'V 1   
GHU*HVDPWVSDQQXQJHQPLWGHUÄ'DUI³%HVWLPPXQJJQVWLJHUH(UJHEQLVVHHU]LHOWZHUGHQ'LHVHV
9HUKlOWQLV JLOW IU GLH JHVDPWH (). %HL JU|‰HUHQ %LHJHVSDQQXQJVDQWHLOHQ OLHIHUW GLH ]ZHLWH
1DFKZHLVIRUPXQJQVWLJHUH(UJHEQLVVHVRGD‰GDYRQDXV]XJHKHQLVWGD‰VLHLQGHU3UD[LVQXU
EHLJHULQJHU%LHJHEHDQVSUXFKXQJDQJHZHQGHWZLUG
,PIROJHQGHQZLUGHUPLWWHOWDEZHOFKHP%LHJHVSDQQXQJVDQWHLOGLH5HJHOXQJGHU',%W5LFKWOLQLH
XQVLFKHUH (UJHEQLVVH OLHIHUW 'DEHL ZLUG YRQ GHU $QQDKPH DXVJHJDQJHQ GD‰ GLH OLQHDUH ,QWHU
SRODWLRQGHU().HLQH]XOlVVLJH1lKHUXQJLVW
'LHHUWUDJEDUH6SDQQXQJVVSLHO]DKOIUGLHNRPELQLHUWH%HDQVSUXFKXQJLVWJOHLFKGHUMHQLJHQIU
GHQ1RUPDONUDIWDQWHLODOOHLQHZHQQJLOW'DUVWHOOXQJIUP 

 ˜  
˜
>'V & 1  K ˜ 'V & 0  'V &  1 @


 ˜  ˜
'V & 1 

'V 0  'V 1  'V 1


PLW 'V & 1 .HUEJUXSSHEHL9HUQDFKOlVVLJXQJGHU%LHJHDQWHLOH QDFK>@XQG>@

'DUDXVIROJWIUGLHHUWUDJEDUH]XVlW]OLFKH%LHJHVSDQQXQJVVFKZLQJEUHLWH
§¨   ˜ 'V  'V   ˜ 'V ˜'V  'V   'V  ·¸
&1 & 0 & 1 & 1 & 0 & 0
'V 0 © ¹ ˜ 'V 
1
 ˜ 'V & 1

)UGHQ%HUHLFKP HUJLEWVLFKGDVJOHLFKH(UJHEQLV
(UPGXQJVIHVWLJNHLWVQDFKZHLV 6HLWH

=DKOHQEHLVSLHO
'V& 1  1PPð .HUEJUXSSH

'V & 1  1PPð .HUEJUXSSHIU]HQWULVFKH%HDQVSUXFKXQJ

'V &0  1PPð .HUEJUXSSHIU%LHJHEHDQVSUXFKXQJ

'V 0 
Ÿ 'V 0  ˜ 'V 1 Ÿ K 
'V 1  'V 0   
:HQQGLH$QQDKPHQ]XOlVVLJVLQGGDQQLVWHLQ$QWHLOYRQGHU1RUPDOVSDQQXQJDOV]XVlW]
OLFKH %LHJHVSDQQXQJ GXUFK GHQ 1DFKZHLV DEJHGHFNW GLHV HQWVSULFKW  $QWHLO GHU %LHJH
VSDQQXQJHQ DQ GHU *HVDPWVSDQQXQJ 'LHVHU :HUW ZLUG DXFK GXUFK GLH 8QWHUVXFKXQJHQ YRQ
3(7(56(1 >@EHVWlWLJW'HU%LHJHVSDQQXQJVDQWHLOODJEHLVHLQHQ9HUVXFKHQHWZDEHLK 
ELVK VLHKH7DEHOOHGLHDXVGHQ9HUVXFKHQHUPLWWHOWHDXIGLH1RUPDOVSDQQXQJHQEH
]RJHQH(UPGXQJVIHVWLJNHLWVNXUYHVWLPPW]XPLQGHVWLP%HUHLFKJUR‰HU/DVWZHFKVHO]DKOHQHW
ZDPLW.HUEJUXSSH EHUHLQ,P%HUHLFKNOHLQHU/DVWZHFKVHO]DKOHQOLHJWGLHYRQ3(7(56(1
HUPLWWHOWH().VRJDUQRFKEHUGHUMHQLJHQIU.HUEJUXSSH 
(LQHSDXVFKDOH$XVVDJHGDUEHUREHLQHVLFKHUH%HPHVVXQJXQWHU9HUQDFKOlVVLJXQJGHU%LHJH
DQWHLOHP|JOLFKLVWNDQQQLFKWHUIROJHQ-HQDFK*HRPHWULHGHV)ODQVFKHVWUHWHQXQWHUVFKLHGOLFKH
%LHJHVSDQQXQJVDQWHLOHDXIGLHKlXILJDX‰HUKDOEGHUKLHUHUPLWWHOWHQ*UHQ]HYRQK OLH
JHQ'HVKDOEVROOWHGLH%HPHVVXQJPLWHLQHP9HUIDKUHQHUIROJHQGDVGLH(UPLWWOXQJGHU%LHJH
DQWHLOHHUP|JOLFKW

 9HUZHQGXQJYRQ5DLQIORZ0DWUL]HQ
'LH %HODVWXQJ HLQHU :LQGHQHUJLHDQODJH $Q]DKOGHU
ZLUG LD GXUFK 6LPXODWLRQVUHFKQXQJHQ 6SDQQXQJVVSLHOH>@
HUPLWWHOW'LHLQQHUKDOEGHU6LPXODWLRQV
GDXHU DXIWUHWHQGHQ %HODVWXQJHQ ZHUGHQ Â
HQWVSUHFKHQG HLQHU YRUJHJHEHQHQ (LQ
WHLOXQJ NODVVLHUW XQG PLWWHOV GHV 5DLQ Â
IORZ=lKOYHUIDKUHQV >@ DXVJH]lKOW
'LH 'DUVWHOOXQJ HUIROJW HQWZHGHU GXUFK Â
GLH YROOVWlQGLJH 5DLQIORZPDWUL[ RGHU
DOWHUQDWLY DXFK GXUFK GDV $PSOLWXGHQ Â
NROOHNWLYGDVDXFKDOVÄ5DLQIORZYHNWRU³
Â
1@ 

EH]HLFKQHWZHUGHQN|QQWH
>N RQ
K´ LWL

,Q GHU 5DLQIORZPDWUL[ ZHUGHQ GHU %H

DF RV


³Q OWHQS

JLQQ XQG GDV (QGH HLQHV %HODVWXQJV]\ =HLOHQSRV

LWLRQ³YRQ
NOXV DEJHOHJW VR GD‰ GLH ,QIRUPDWLRQ ´>N1@
D
6S

EHU GHQ 0LWWHOZHUW GHU %HDQVSUXFKXQJ

LPSOL]LWHQWKDOWHQLVW,P9HUJOHLFKGD]X $EELOGXQJ'DUVWHOOXQJHLQHU5DLQIORZPDWUL[
ZLUG EHL GHU 'DUVWHOOXQJ LQ )RUP GHV $PSOLWXGHQNROOHNWLYV LQ .XU]IRUP DOV Ä.ROOHNWLY³ EH
]HLFKQHW OHGLJOLFK GLH 6XPPHQKlXILJNHLW GHU 6FKZLQJEUHLWHQ DEJHOHJW 'LH ,QIRUPDWLRQ EHU
GHQ0LWWHOZHUWGHU%HODVWXQJV]\NOHQJHKWVRPLWYHUORUHQ%HGLQJWGXUFKGHQQLFKWOLQHDUHQ9HU
ODXIGHU6FKUDXEHQNUDIWIXQNWLRQVRZLHGHVEHUODJHUWHQ%LHJHPRPHQWHVPX‰GHU(UPGXQJVIH
VWLJNHLWVQDFKZHLV YRQ )ODQVFKYHUELQGXQJHQ PLW GHU YROOVWlQGLJHQ 5DLQIORZPDWUL[ $EELOGXQJ
GHU%HODVWXQJGXUFKJHIKUWZHUGHQ
 6HLWH 9HUZHQGXQJYRQ5DLQIORZ0DWUL]HQ

'DV SULQ]LSLHOOH 9RUJHKHQ ]XU (UPLWWOXQJ GHU %HDQVSUXFKXQJHQ LVW LQ $EELOGXQJ  LOOXVWULHUW
=XMHGHU.ODVVH GHU 5DLQIORZPDWUL[ VLQG GLH ]XJHK|ULJHQ 6FKUDXEHQNUlIWH XQG ELHJHPRPHQWH
]XHUPLWWHOQDXVGHU'LIIHUHQ]GHU%HDQVSUXFKXQJHQZLUGPLWGHU$Q]DKOGHU6SDQQXQJVVSLHOH
GHU 6FKlGLJXQJVDQWHLO HUPLWWHOW 'LH YROOVWlQGLJH 1DFKZHLVIKUXQJ LVW LQ 5HFKHQDQZHLVXQJ 
6HLWH]XVDPPHQJHID‰W
%HL GHU %HUHFKQXQJ LVW GDUDXI ]X DFKWHQ GD‰ IU GLH $EODJH GHU 'DWHQ LQ GHU 5DLQIORZPDWUL[
YHUVFKLHGHQH9RUJHKHQVZHLVHQH[LVWLHUHQHVLVWGHVKDOE]XXQWHUVFKHLGHQREGLH(LQWUlJHLQGHU
0DWUL[IUKDOEHRGHUJDQ]H6FKZLQJVSLHOHVWHKHQ
-HQDFK8PIDQJGHU5DLQIORZPDWUL[EHGHXWHWGLHVHV9RUJHKHQHLQHQHUKHEOLFKHQ$XIZDQGGHU
QXU PLW +LOIH HLQHV JHHLJQHWHQ 3URJUDPPHV ]X EHZlOWLJHQ LVW 'HU 1DFKZHLV PLW GHP DXV GHU
0DWUL[ JHZRQQHQHQ =XJNUDIWVFKZLQJEUHLWHQNROOHNWLY $PSOLWXGHQNROOHNWLY LVW DEHU QLFKW DXV
UHLFKHQG GD GDEHL GLH 6FKZLQJEUHLWHQ YRQ 6FKUDXEHQNUDIW XQG 6FKUDXEHQELHJHPRPHQW XQWHU
VFKlW]WZHUGHQN|QQHQ

)606 =

')6'06
)6
=³YRQ´

06
'=

=
=³QDFK´

$EELOGXQJ3ULQ]LSGHU%HDQVSUXFKXQJVHUPLWWOXQJEHL9HUZHQGXQJHLQHU5DLQIORZPDWUL[
'LH9HUZHQGXQJGHV/DVWNROOHNWLYVLVWLQGHVQLFKWLPPHUXQVLFKHU:LHLQ$EELOGXQJDQKDQG
]ZHLHU %HLVSLHOH YHUDQVFKDXOLFKW ZLUG NDQQ GLH 9HUZHQGXQJ GHU 5DLQIORZPDWUL[ VRZRKO ]X
NOHLQHUHQ DOV DXFK ]X JU|‰HUHQ 6FKZLQJEUHLWHQ GHU 6FKUDXEHQEHDQVSUXFKXQJ IKUHQ ,P )DOO 
OLHJWGLH8QWHUJUHQ]HGHV6SDQQXQJVVSLHOVLP'UXFNEHUHLFKGLH2EHUJUHQ]HOLHJWLP=XJEHUHLFK
'DEHL9HUZHQGXQJGHV.ROOHNWLYVGHU0LWWHOZHUWQLFKWEHDFKWHWZLUGZLUGGDV6SDQQXQJVVSLHO
LDYRQ1XOOEHJLQQHQGDQJHVHW]W'DGLH6WHLJXQJGHU%HDQVSUXFKXQJVIXQNWLRQHQVWHWLJJU|‰HU
ZLUGZHUGHQEHL9HUZHQGXQJGHV.ROOHNWLYVJU|‰HUH%HDQVSUXFKXQJHQHUPLWWHOW,P)DOOOLHJW
GLH JOHLFK JUR‰H %HODVWXQJVVFKZLQJEUHLWH NRPSOHWW LP =XJEHUHLFK VR GD‰ EHL %HDFKWXQJ GHV
0LWWHOZHUWV GK EHL 9HUZHQGXQJ GHU 5DLQIORZPDWUL[ GHXWOLFK JU|‰HUH %HDQVSUXFKXQJHQ HU
PLWWHOWZHUGHQ2EOHW]WOLFKLQGHU6XPPHPLWGHP.ROOHNWLYJU|‰HUHRGHUNOHLQHUH6FKlGLJXQ
JHQEHUHFKQHWZHUGHQDOVPLWGHU5DLQIORZPDWUL[KlQJWYRQGHU)RUPGHU0DWUL[GHUPD[LPDO
DXIWUHWHQGHQ %HODVWXQJVK|KH XQG GHP 9HUODXI GHU 6FKUDXEHQEHDQVSUXFKXQJHQ EHL VWHLJHQGHQ
lX‰HUHQ=XJNUlIWHQDE
(LQHDOOJHPHLQH$XVVDJH]XP6LFKHUKHLWVQLYHDXEHL9HUZHQGXQJGHV.ROOHNWLYVNDQQGHP]XIRO
JH QLFKW JHWURIIHQ ZHUGHQ VR GD‰ DXV *UQGHQ GHU 6LFKHUKHLW LPPHU GLH 5DLQIORZPDWUL[ YHU
ZHQGHWZHUGHQVROOWH=XU9HUGHXWOLFKXQJGHVP|JOLFKHQ(LQIOXVVHVZHUGHQGDUXP%HLVSLHOEH
UHFKQXQJHQGXUFKJHIKUW8PUHDOLVWLVFKH9HUJOHLFKVZHUWH]XHUKDOWHQZHUGHQJHPHVVHQHE]Z
VLPXOLHUWH5DLQIORZPDWUL]HQYRQJUR‰HQ:LQGHQHUJLHDQODJHQYHUZHQGHW
(UPGXQJVIHVWLJNHLWVQDFKZHLV 6HLWH

)606
=
')6'06
)6
)9 06

=
)DOO
)DOO %HDQVSUXFKXQJEHL9HUZHQGXQJ
'=5DLQ GHV.ROOHNWLYVJU|‰HUDOVEHL
9HUZHQGXQJGHU5DLQIORZPDWUL[
'=.ROO
)DOO
'=.ROO '=5DLQ )DOO %HDQVSUXFKXQJEHL9HUZHQGXQJ
'=5DLQ GHU5DLQIORZPDWUL[JU|‰HUDOVEHL
9HUZHQGXQJGHV.ROOHNWLY
$EELOGXQJ 8QWHUVFKLHGLQGHU%HDQVSUXFKXQJVHUPLWWOXQJEHL9HUZHQGXQJGHUNRPSOHWWHQ5DLQIORZPDWUL[E]Z
GHVGDUDXVH[WUDKLHUWHQHLQSDUDPHWULJHQ/DVWNROOHNWLYV
=XU'XUFKIKUXQJGHU6FKlGLJXQJVUHFKQXQJZXUGHYRP9HUIDVVHUHLQ3URJUDPPHQWZLFNHOWGDV
GLHIROJHQGHQ(LJHQVFKDIWHQKDW
 0|JOLFKNHLW]XP(LQOHVHQHLQHU5DLQIORZPDWUL[
 %HUHFKQXQJ GHU ]X GHQ .ODVVHQ JHK|ULJHQ 6FKUDXEHQNUlIWH XQG JJI 6FKUDXEHQELHJHPR
PHQWHQDFKGHQ%HUHFKQXQJVYHUIDKUHQDXV.DSLWHORGHUDXVHLQHU)(%HUHFKQXQJ
 'XUFKIKUXQJ GHU 6FKlGLJXQJVUHFKQXQJ PLW LQWHUSROLHUWHQ (UPGXQJVIHVWLJNHLWVNXUYHQ
QDFK$EVFKQLWW
'LH ]X VSH]LHOOHQ :LQGHQHUJLHDQODJHQ JHK|UHQGHQ 5DLQIORZPDWUL]HQ GLH ]% 0H‰GDWHQ GHV
7XUPVFKXEVRGHUGHV7XUPIX‰ELHJHPRPHQWHVHQWKDOWHQZHUGHQIUGLH%HLVSLHOUHFKQXQJHQDQ
DQGHUHQ$QODJHQGHUDUWVNDOLHUWGD‰]XGHPK|FKVWHQLQGHU0DWUL[HQWKDOWHQHQ:HUWGHV%LH
JHPRPHQWV JHUDGH GLH J)IDFKH 7UDJIlKLJNHLW GHV 6HJPHQWHV E]Z GLH *UHQ]EHXOVSDQQXQJ GHU
7XUPVFKDOHJHK|UW'LH)RUPGHU0DWUL[EOHLEWDOVZLFKWLJVWHV&KDUDNWHULVWLNXPHUKDOWHQXQGHV
ZHUGHQVLQQYROOH:HUWHIUGLH=XJNUDIWVFKZLQJEUHLWHQLQGHU7XUPZDQGHUUHLFKW
'HU*U|‰WZHUWGHULP%HWULHEV]XVWDQGDXIWUHWHQGHQ=XJNUDIWHUJLEWVLFK]X
­ = 8 G  J )
PD[ = V PD[ ˜ F ˜ V PLQ ® 
¯V [6 5 G ˜ F ˜ V  J )
PLW =8G %HPHVVXQJVZHUWGHU*UHQ]WUDJIlKLJNHLWGHV6HJPHQWHVYJO.DSLWHO
 V [65 G *UHQ]EHXOVSDQQXQJQDFK*OLQ',1>@
J)  7HLOVLFKHUKHLWVEHLZHUWDXIGHU/DVWVHLWH
FV %UHLWHGHV6HJPHQWHVXQG'LFNHGHU7XUPZDQGYJO$EELOGXQJ
(VOLHJWGHPGLH$QQDKPH]XJUXQGHGD‰GLH0D[LPDOODVWGLHPLWGHP7HLOVLFKHUKHLWVEHLZHUWJ)
PXOWLSOL]LHUWIUGHQ1DFKZHLVLP*UHQ]]XVWDQGGHU7UDJIlKLJNHLWDQJHVHW]WZLUGLQGHU0DWUL[
HQWKDOWHQLVW'LHVH$QQDKPHIUGHQPD[LPDOHQ:HUWLP*HEUDXFKV]XVWDQGLVWNRQVHUYDWLYGD
GHU%HPHVVXQJVZHUWDXFKGXUFKHLQH([WUHPVLWXDWLRQZLH]%HLQHQ6W|UIDOODXIWUHWHQNDQQGLH
6HLWH 9HUZHQGXQJYRQ5DLQIORZ0DWUL]HQ

EHL JHPHVVHQHQ 'DWHQ LP 0H‰]HLWUDXP QLFKW DXIJHWUHWHQ LVW %HL GHU (UPLWWOXQJ GHU *UHQ]
EHXOVSDQQXQJZLUGQDFK>@GHU%HLZHUW&[DXV*OLQ',1>@QlKHUXQJVZHL
VH]X&[ JHVHW]WGDGHU$QWHLOGHU1RUPDOVSDQQXQJHQJHULQJLVW
)UGLH%HLVSLHOUHFKQXQJHQZHUGHQYLHU)ODQVFKHYHUZHQGHWGHUHQ6FKUDXEHQNUDIWIXQNWLRQHQLQ
GHUIROJHQGHQ$EELOGXQJGDUJHVWHOOWVLQG,P%HUHLFKQHJDWLYHU%HODVWXQJ'UXFNNUDIWZLUG
GLH6FKUDXEHQNUDIWZLHLPHUVWHQ$VWGHUSRVLWLYHQ%HODVWXQJHUPLWWHOWVLHKH$EVFKQLWW'LH
'DUVWHOOXQJGHU.XUYHQHUIROJWELV]X= Â=PD['LHVHQWVSULFKWGHUPD[LPDOHQ$PSOLWXGH
GLHEHL9HUZHQGXQJGHV.ROOHNWLYVYHUZHQGHWZLUGGDGDVJU|‰WHLQGHU%HLVSLHOPDWUL[HQWKDOWH
QH6SDQQXQJVVSLHO]ZLVFKHQÂ=PD[XQG=PD[VWDWWILQGHW
)ODQVFK )ODQVFK
DEFWV 6FKUDXEH0 DEFWV 6FKUDXEH0
)V>N1@ )V>N1@
 
3HWHUVHQELOLQHDU 3HWHUVHQELOLQHDU
6FKPLGW1HXSHU  6FKPLGW1HXSHU

3HWHUVHQ3RO\QRP 3HWHUVHQ3RO\QRP
9',.UHLVERJHQ  9',.UHLVERJHQ
 3DUDEHODQVDW] 3DUDEHODQVDW]
)(0  )(0
 6HLGHO 6HLGHO





 
 
         
=XJNUDIW=LP0DQWHOEOHFK>N1@ =XJNUDIW=LP0DQWHOEOHFK>N1@

)ODQVFK )ODQVFK
DEFWV 6FKUDXEH0 DEFWV 6FKUDXEH0
)V>N1@ )V>N1@

 3HWHUVHQELOLQHDU 3HWHUVHQELOLQHDU
6FKPLGW1HXSHU  6FKPLGW1HXSHU
 3HWHUVHQ3RO\QRP  3HWHUVHQ3RO\QRP
9',.UHLVERJHQ 9',.UHLVERJHQ
 3DUDEHODQVDW]  3DUDEHODQVDW]
)(0 )(0
 6HLGHO  6HLGHO
 





 
 
                   
=XJNUDIW=LP0DQWHOEOHFK>N1@ =XJNUDIW=LP0DQWHOEOHFK>N1@
$EELOGXQJ6FKUDXEHQNUDIWYHUOlXIHGHU%HLVSLHOIODQVFKH0D‰HHQWVSUHFKHQG$EELOGXQJ
(UPGXQJVIHVWLJNHLWVQDFKZHLV 6HLWH

 %HLVSLHOPDWUL[(QURQ7:
'LHHUVWHYHUZHQGHWH0DWUL[VWDPPWDXVGHP)RUVFKXQJVSURMHNWÄ(UPLWWOXQJYRQ(UPGXQJVOD
VWHQDQJUR‰HQ:LQGNUDIWDQODJHQ³>@'LH0DWUL[LVWLQ$EELOGXQJGDUJHVWHOOWVLHHQWKlOW
GLH'DWHQIUGLH'HKQXQJHQDXIGHU=XJVHLWHGHV7XUPHVLQ+DXSWZLQGULFKWXQJXQGHQWVSULFKW
VRPLW GHU IU GHQ 1DFKZHLV GHU 5LQJIODQVFKYHUELQGXQJ PD‰JHEHQGHQ 6WHOOH 'LH YHUPHVVHQH
$QODJHLVWHLQH%ODWW$QODJHPLWHLQHU1HQQOHLVWXQJYRQN:EHLHLQHP5RWRUGXUFKPHVVHU
YRQPXQGHLQHU1DEHQK|KHYRQP'LHZlKUHQGHLQHUGUHLPRQDWLJHQ0H‰NDPSDJQHDXI
JHQRPPHQHQ'DWHQZXUGHQPLW+LOIHGHUSDUDOOHOJHPHVVHQHQ:LQGGDWHQXQGGHU]XJHK|ULJHQ
/DQJ]HLWVWDWLVWLNDXIHLQH-DKUHV0DWUL[H[WUDSROLHUW'LHVHZLUGGXUFK0XOWLSOLNDWLRQPLWGHP
)DNWRUDOV/HEHQVGDXHUPDWUL[YHUZHQGHW
'LH 0D[LPDOZHUWH GHU %HODVWXQJ WUHWHQ EHL GLHVHP $QODJHQW\S EHL 1HQQZLQGJHVFKZLQGLJNHLW
GKEHLGHU:LQGJHVFKZLQGLJNHLWEHLGHUGLH1HQQOHLVWXQJYRQN:HUUHLFKWZLUGDXI'D
QDFK JHKW GLH %HODVWXQJ GXUFK GLH HLQVHW]HQGH %ODWWZLQNHOYHUVWHOOXQJ ]XUFN (V LVW DOVR UHDOL
VWLVFKGLH0D[LPDOZHUWHGHU0DWUL[DOVHUPGXQJVZLUNVDPH*U|‰H]XYHUZHQGHQ'LH*HVDPW
]DKOGHU/DVWVSLHOHEHWUlJW1 Â
'LH%HLVSLHOUHFKQXQJHQVLQGLQ7DEHOOHLQEH]RJHQHU)RUPGDUJHVWHOOW$OV%H]XJVZHUWZLUG
GLH6FKlGLJXQJXQWHU9HUZHQGXQJYRQ1RUPDONUDIWXQG%LHJHPRPHQWYHUZHQGHWGLHVLFKDXV
GHQ:HUWHQGHU)(%HUHFKQXQJIUGLH5DLQIORZPDWUL[HUJLEW
)ODQVFK )ODQVFK )ODQVFK )ODQVFK
6FKlGLJXQJ5HI    
.ROOHNWLY 5DLQIORZ .ROOHNWLY 5DLQIORZ .ROOHNWLY 5DLQIORZ .ROOHNWLY 5DLQIORZ
0RGHOO,        
0RGHOO,,        
0RGHOO,,,        
0RGHOO,,,        
9',        
3DUDEHO        
)(        
6HLGHO        
)(01        
6HLGHO01        

7DEHOOH 5HODWLYH6FKlGLJXQJHQIUYLHU%HLVSLHOIODQVFKHIUYHUVFKLHGHQH%HUHFKQXQJVYHUIDKUHQVLHKH$E

VFKQLWWXQGXQWHU9HUZHQGXQJGHUNRPSOHWWHQ5DLQIORZPDWUL[E]ZGHV]XJHK|ULJHQ.ROOHNWLYV

 %HLVSLHOPDWUL[(QURQ7:V
'LH]ZHLWH%HLVSLHOPDWUL[VWDPPWDXVGHU6LPXODWLRQVUHFKQXQJLP=HLWEHUHLFKGHU$QODJH(QURQ
7: V JHUHFKQHW IU :LQG]RQH ,, QDFK ',%W5LFKWOLQLH >@ 'LH 'DWHQ GLHVHU %HUHFKQXQJ
ZXUGHQGHU7\SHQSUIXQJ>@]XJUXQGHJHOHJWGLH$Q]DKOGHU/DVWVSLHOHEHWUlJW1 Â
6HLWH (LQIOX‰GHU9RUVSDQQNUDIWDXIGLH6FKlGLJXQJ

)ODQVFK )ODQVFK )ODQVFK )ODQVFK

6FKlGLJXQJ5HI    
.ROOHNWLY 5DLQIORZ .ROOHNWLY 5DLQIORZ .ROOHNWLY 5DLQIORZ .ROOHNWLY 5DLQIORZ
0RGHOO,        
0RGHOO,,        
0RGHOO,,,        
0RGHOO,,,        
9',        
3DUDEHO        
)(        
6HLGHO        
)(01        
6HLGHO01        

7DEHOOH 5HODWLYH6FKlGLJXQJHQIUYLHU%HLVSLHOIODQVFKHIUYHUVFKLHGHQH%HUHFKQXQJVYHUIDKUHQXQGXQWHU
9HUZHQGXQJGHUNRPSOHWWHQ5DLQIORZPDWUL[E]ZGHV]XJHK|ULJHQ.ROOHNWLYV

 %HZHUWXQJ
$QKDQGGHU(UJHEQLVVHLQ7DEHOOHXQG7DEHOOHZLUGGHXWOLFKZLHVWDUNGLHHUPLWWHOWH6FKl
GLJXQJYRQGHQ5DQGEHGLQJXQJHQÄ)ODQVFKJHRPHWULH³XQGÄ%HODVWXQJ³DEKlQJW(VNDQQIHVWJ H
VWHOOWZHUGHQ
 'HU6FKlGLJXQJVDQWHLOGHV%LHJHPRPHQWHVLVWEHWUlFKWOLFK%HL9HUQDFKOlVVLJXQJGHU%L H
JHVSDQQXQJHQEHWUlJWGLH6FKlGLJXQJQXUUXQG·GHU6FKlGLJXQJPLW%LHJHDQWHLOHQ
 'DVHLJHQH9HUIDKUHQOLHIHUWJHJHQEHUGHU)(5HFKQXQJEHLDOOHQ%HLVSLHOHQ6FKlGLJX Q
JHQGLHDXIGHUVLFKHUHQ6HLWHOLHJHQ'HU$EVWDQG]XU)(5HFKQXQJYDULLHUWGDEHLMHQDFK
)ODQVFKJHRPHWULH
 %HL GHP ELOLQHDUHQ 9HUIDKUHQ QDFK 3(7(56(1  OLHIHUW GLH 9HUZHQGXQJ YRQ .ROOHNWLY XQG
5DLQIORZPDWUL[JOHLFKH(UJHEQLVVHGDEHLGHQ %HLVSLHOHQ GLH 0D[LPDOODVW LP HUVWHQ $VW
GHU6FKUDXEHQNUDIWIXQNWLRQOLHJWVRGD‰GLH6WHLJXQJIUDOOH/DVWVSLHOHNRQVWDQWLVW%HL
JUR‰HU %HODVWXQJVK|KH NDQQ GLH 6FKlGLJXQJ DXFK PLW GLHVHP 9HUIDKUHQ GHXWOLFK XQWH U
VFKlW]WZHUGHQ
 0LW GHQ 9HUIDKUHQ QDFK 9',5LFKWOLQLH ZHUGHQ EHUZLHJHQG GHXWOLFK ]X NOHLQH 6FKlG L
JXQJHQEHUHFKQHW
 'LH9HUZHQGXQJGHV.ROOHNWLYVHUJLEWJHJHQEHUGHU5DLQIORZPDWUL[QLFKWSDXVFKDOXQV L
FKHUH(UJHEQLVVHEHLGHQPHLVWHQ%HUHFKQXQJHQLVWGLHPLWGHU5DLQIORZPDWUL[HUPLWWHOWH
6FKlGLJXQJDEHUJU|‰HU
'LH (UJHEQLVVH ]HLJHQ VRPLW GHXWOLFK GLH :LFKWLJNHLW HLQHV UHDOLWlWVQDKHQ %HUHFKQXQJVYHUID K
UHQVVRZLHGHUNRUUHNWHQ%HUFNVLFKWLJXQJGHU%HDQVSUXFKXQJDXI

 (LQIOX‰GHU9RUVSDQQNUDIWDXIGLH6FKlGLJXQJ
'LH+|KHGHUZLUNVDPHQ9RUVSDQQNUDIWEHVWLPPWPD‰JHEOLFKGLH%HDQVSUXFKXQJGHU6FKUDXEH
LP%HWULHE$QKDQGHLQHV%HLVSLHOVVROOJH]HLJWZHUGHQZLHJUR‰GHU(LQIOX‰EHL9HUZHQGXQJ
UHDOHU%HODVWXQJVGDWHQLVW
)U HLQHQ %HLVSLHOIODQVFK HLQHU $QODJH GHU 0:.ODVVH $EPHVVXQJHQ ZLH )ODQVFK  DXV
$EELOGXQJVLQGGLH6FKUDXEHQ]XVDW]NUDIWXQG6FKUDXEHQELHJHPRPHQWYHUOlXIHIUYLHUYHU
VFKLHGHQH9RUVSDQQNUlIWH) 9 XQGN1LQGHUIROJHQGHQ $EELOGXQJGDU
JHVWHOOW(VLVWHUNHQQEDUGD‰6FKUDXEHQNUDIWXQGELHJHPRPHQWEHLVLQNHQGHU9RUVSDQQNUDIWLQ
JOHLFKHU:HLVHDQVWHLJHQ6RODQJHGLH9HUELQGXQJQLFKWNODIIWVLQGGLH%HDQVSUXFKXQJHQLGH Q
(UPGXQJVIHVWLJNHLWVQDFKZHLV 6HLWH

WLVFKHUVWDE%HJLQQGHU.ODIIXQJDXIGHU=XJVHLWHXQWHUVFKHLGHQVLFKGLH9HUOlXIH'LHVHV9HU
KDOWHQLVWJUXQGVlW]OLFK]XEHREDFKWHQVRGD‰IUGLHQLFKWNODIIHQGH9HUELQGXQJGLH+|KHGHU
9RUVSDQQNUDIWRKQH(LQIOX‰DXIGLH6FKlGLJXQJLVW'DEHLVLQNHQGHU9RUVSDQQXQJDEHUDXFKGLH
=XJNUDIW EHL GHU GDV .ODIIHQ EHJLQQW DEVLQNW PX‰ DXFK EHL GHU QLHGULJHUHQ 9RUVSDQQXQJ GLH
)XJHXQWHU%HWULHEVODVWHQJHVFKORVVHQVHLQ
)UGLH%HUHFKQXQJ GHU 6FKlGLJXQJ ZXUGH GLH 5DLQIORZPDWUL[ DXV $EVFKQLWW  YHUZHQGHW
GLH6NDOLHUXQJZXUGHZLHLQ$EVFKQLWWEHVFKULHEHQGXUFKJHIKUW
')6>N1@ 06>1P@
 
 )Y N1 )Y N1

 )Y N1 )Y N1
 )Y N1  )Y N1
 )Y N1 )Y N1


 



 




         

=XJNUDIW>N1@ =XJNUDIW>N1@

$EELOGXQJ6FKUDXEHQ]XVDW]NUlIWHXQGELHJHPRPHQWHIUXQWHUVFKLHGOLFKH9RUVSDQQNUlIWH)(5HFKQXQJ
,Q7DEHOOHVLQGGLHDEVROXWHQXQGGLHUHODWLYHQ6FKlGLJXQJHQGHV%HLVSLHOVDXIJHWUDJHQ'LH
6FKlGLJXQJGHU6FKUDXEHZXUGHPLWIROJHQGHQ5DQGEHGLQJXQJHQHUPLWWHOW
 J0I J)I 
 'V&1 1PPð'V&0 1PPð
%HDQVSUXFKXQJDXV)(5HFKQXQJ %HDQVSUXFKXQJQDFK6(,'(/
9RUVSDQQXQJ ' '' ' ''
>N1@ >±@ >±@ >±@ >±@
    
    
    
    
7DEHOOH (UPLWWHOWH6FKlGLJXQJHQPLWGHQ%HDQVSUXFKXQJHQDXV)(5HFKQXQJE]ZDXVGHPYRUJHVFKODJHQHQ
%HUHFKQXQJVPRGHOO
$QKDQGGHUUHODWLYHQ 6FKlGLJXQJHQ ZLUG GHQQRFK GHU EHVWLPPHQGH (LQIOX‰ GHU 9RUVSDQQNUDIW
GHXWOLFK%HUHLWVEHLHLQHU8QWHUVFKUHLWXQJYRQQXUN1GHU1HQQYRUVSDQQXQJVWHLJWGLH
6FKlGLJXQJXPEHU%HLHLQHU8QWHUVFKUHLWXQJGHV1HQQZHUWHVXPJXWDXIN1
VWHLJWGHU:HUWGHU6FKlGLJXQJDXIGDVIDFKHGHV:HUWHVIUYROOH9RUVSDQQXQJ,QVEHVRQGHUH
EHL UHFKQHULVFK KRFK DXVJHODVWHWHQ 9HUELQGXQJHQ VROOWH GHVKDOE GLH (LQKDOWXQJ GHU 1HQQYRU
VSDQQXQJ HIIHNWLY NRQWUROOLHUW XQG VLFKHUJHVWHOOW ZHUGHQ 'LH QDFK GHP HLJHQHQ 9HUIDKUHQ HU
PLWWHOWHQ6FKlGLJXQJHQOLHJHQMHZHLOVEHUGHQHQGHU)(5HFKQXQJGLHhEHUVFKUHLWXQJHQEHWUD
JHQ·
6HLWH 9RUVFKODJIUHLQHQ1DFKZHLVRKQH%HUHFKQXQJGHU6FKUDXEHQNUDIWIXQNWLRQ

 9RUVFKODJIUHLQHQ1DFKZHLVRKQH%HUHFKQXQJGHU6FKUDXEHQNUDIWIXQNWLRQ
$XVJHKHQGYRQGHQ%H]LHKXQJHQIUGDV.ODIIHQGHU9HUELQGXQJELV]XU6FKUDXEHQDFKVHZLUG
IROJHQGHU 9RUVFKODJ IU HLQHQ 1DFKZHLV RKQH %HUHFKQXQJ GHU YROOVWlQGLJHQ 6FKUDXEHQNUDIW
IXQNWLRQXQGRKQH6FKlGLJXQJVQDFKZHLVJHPDFKW
(LQJHQDXHUHU1DFKZHLVNDQQHQWIDOOHQZHQQIROJHQGH%HGLQJXQJHQHUIOOWVLQG
 = %HWULHE d = .ODII QDFK*O

= %HWULHE §) 0 ·
 ˜ ¨¨ 6NODII  6NODII ¸¸ d 'V &0  1 
= .ODII © $6 :6 ¹
 PLW)6QDFK*O06QDFK*O
'LHLP%HWULHEPD[LPDODXIWUHWHQGH=XJNUDIWDP6HJPHQWHUPLWWHOWVLFKDXV
= %HWULHE J )I ˜ J 0I ˜ V PD[ ˜ F ˜ V 

VPD[ ZLUG GDEHL EOLFKHUZHLVH GXUFK HLQHQ ([WUHPODVWIDOO DXIWUHWHQ XQG HUJLEW VLFK DXV GHP
+|FKVWZHUW GHU /DVWHQ GHU 5DLQIORZPDWUL[ IU GLH /HEHQVGDXHU GHU $QODJH E]Z DXV GHQ ([
WUHPODVWHQGHV/DVWJXWDFKWHQV)UGLH%HWULHEVODVWHQVLQGGHVKDOEGHXWOLFKNOHLQHUH6SDQQXQJV
VFKZLQJEUHLWHQ ]X HUZDUWHQ ,Q *OHLFKXQJ  NDQQ DOWHUQDWLY DXFK PLW GHQ ]XU 0D[LPDOODVW
JHK|ULJHQLWHUDWLYEHUHFKQHWHQ6FKUDXEHQEHDQVSUXFKXQJHQJHDUEHLWHWZHUGHQ
'LH%HUHFKQXQJGHU(LQJDQJVZHUWHHUIROJWQDFK5HFKHQDQZHLVXQJ6HLWH'HU(LQIOX‰GHV
.UDIWYHUKlOWQLVVHV)LVWJHULQJVRGD‰KLHUGLH1lKHUXQJ) DXVUHLFKHQGJHQDXLVW,VWGHU
1DFKZHLV QLFKW HUIOOW PX‰ GHU YROOVWlQGLJH 1DFKZHLV PLW +LOIH GHU 5DLQIORZPDWUL[ EHU GLH
6FKDGHQVVXPPHHUIROJHQ
'HU1DFKZHLVJHJHQ'V&01HUVFKHLQWDXVIROJHQGHQ*UQGHQVLQQYROO
 'LH$XVZHUWXQJEHNDQQWHU(UPGXQJVIHVWLJNHLWVYHUVXFKHKDWHUJHEHQGD‰IHXHUYHU]LQNWH
+96FKUDXEHQ XQWHU ]HQWULVFKHU %HDQVSUXFKXQJ ]ZDU LP =HLWIHVWLJNHLWVEHUHLFK LQ GLH
.HUEJUXSSH  HLQ]XRUGQHQ VLQG GLH 'DXHUIHVWLJNHLW DEHU PLW 'V' |  1PPð VRJDU
QRFKEHUGHP1HQQZHUWGHU.HUEJUXSSH'V& 1PPðOLHJW
 ,Q GHQ EOLFKHQ %HODVWXQJVVSHNWUHQ YRQ :($ WULWW GLH +|FKVWODVW QXU PLW JHULQJHU /DVW
ZHFKVHO]DKO DXI 'HU 1DFKZHLV JHJHQ 'V' HQWVSUHFKHQG (XURFRGH  ZlUH GHPQDFK VHKU
NRQVHUYDWLY
9RQGHQLQ$EVFKQLWWEHUHFKQHWHQ)ODQVFKHQHUIOOWQXU)ODQVFKGLH%HGLQJXQJ%HL
GLHVHPZXUGHGLHNOHLQVWH6FKlGLJXQJYRQ' 7DEHOOHIHVWJHVWHOOWVRGD‰GLH(UIO
OXQJGHV1DFKZHLVHVIUGLHVHQ)ODQVFKIROJHULFKWLJLVW
'HUJHVDPWH1DFKZHLVLVWLQ5HFKHQDQZHLVXQJ6HLWH]XVDPPHQJHID‰W

 9RUVFKODJIUZHLWHUH9HUVXFKH
'HUNXU]H$EUL‰GHUYRUKDQGHQHQ)RUVFKXQJVDUEHLWHQLQ$EVFKQLWWKDWJH]HLJWGD‰GLH)UDJH
GHU (UPGXQJVIHVWLJNHLW YRQ 6FKUDXEHQ LQVEHVRQGHUH XQWHU NRPELQLHUWHU %HDQVSUXFKXQJ QRFK
QLFKWEHIULHGLJHQGJHO|VWLVW:lKUHQGHVIU6FKZLQJIHVWLJNHLWVYHUVXFKH]HQWULVFKEHDQVSUXFKWHU
6FKUDXEHQ3UIQRUPHQJLEW]%',1>@LQGHQHQXDDXFKGHU9HUVXFKVDXIEDXZHLWJH
KHQGYRUJHVFKULHEHQLVWLVWGLHVIUH[]HQWULVFKEHDQVSUXFKWH6FKUDXEHQQLFKWGHU)DOO=XU(U
PLWWOXQJ UHDOLVWLVFKHU (UPGXQJVIHVWLJNHLWVNXUYHQ ZHUGHQ GHVKDOE GUHL 9HUVXFKVUHLKHQ LQ $Q
OHKQXQJDQGLHYRQ3(7(56(1 >@GXUFKJHIKUWHQ9HUVXFKHPLW3UIXQJGHU6FKUDXEHLPYHU
VSDQQWHQ )ODQVFKVHJPHQW HPSIRKOHQ 8P GHQ (LQIOX‰ GHU %LHJHVSDQQXQJHQ EHZHUWHQ ]X N|Q
(UPGXQJVIHVWLJNHLWVQDFKZHLV 6HLWH

QHQPX‰GDEHLLQMHGHU9HUVXFKVUHLKHGHU%LHJHVSDQQXQJVDQWHLOKDXIDOOHQ3UIKRUL]RQWHQNRQ
VWDQW JHKDOWHQ ZHUGHQ VR GD‰ YROOVWlQGLJH DXI GLH PD[LPDOH 5DQGVSDQQXQJ EH]RJHQH (UP
GXQJVIHVWLJNHLWVNXUYHQHUPLWWHOWZHUGHQN|QQHQ'LH)ODQVFKJHRPHWULHQPLWGHQHQGLHVH%LHJH
VSDQQXQJVDQWHLOH HUUHLFKW ZHUGHQ N|QQHQ PLW +LOIH HLQHV NDOLEULHUWHQ )(0RGHOOV ]% GHV LQ
.DSLWHOYRUJHVWHOOWHQYRUDEHUPLWWHOWZHUGHQ(UJHEQLVGHU8QWHUVXFKXQJHQVLQGGDQQGUHL(U
PGXQJVIHVWLJNHLWVNXUYHQ GLH MHZHLOV IU HLQHQ %LHJHVSDQQXQJVDQWHLO JOWLJ VLQG ZRPLW VLFK
GLH DXIJHVWHOOWH ,QWHUSRODWLRQVK\SRWKHVH YHULIL]LHUHQ Ol‰W 8P GHQ P|JOLFKHUZHLVH XQJQVWLJHQ
(LQIOX‰ HLQHU K|KHUHQ 9RUVSDQQNUDIW EHL VFKOX‰YHUJWHWHQ 6FKUDXEHQ ]X HUIDVVHQ VROOWHQ GLH
6FKUDXEHQ JH]LHOW DXI ]% )9 Â) DQVWDWW )9 Â) YRUJHVSDQQW ZHUGHQ 'HU (LQIOX‰
GHUK|KHUHQ9RUVSDQQNUDIWLVWEHLGHU$XVOHJXQJGHU)ODQVFKVHJPHQWH]XEHDFKWHQ
'LH9RUWHLOHGLHVHU9RUJHKHQVZHLVHVLQG
 'LH3UIVLWXDWLRQHQWVSULFKWKLQVLFKWOLFKGHUYRUKDQGHQHQ9RUVSDQQNUDIWVRZLHGHUEHUOD
JHUWHQ7RUVLRQUHDOHQ9HUKlOWQLVVHQXQGLVWGDPLWDPEHVWHQIUHLQH%HXUWHLOXQJGHU(U
PGXQJVIHVWLJNHLWJHHLJQHW
 'LH:LHGHUKROEDUNHLWGHU9HUVXFKHLVWZLHDQKDQGGHUHLJHQHQ9HUVXFKVHUJHEQLVVHJH]HLJW
ZHUGHQNRQQWHEHLJOHLFKHQ)ODQVFKHQKHUYRUUDJHQGVRGD‰]XYHUOlVVLJGLHJHZQVFKWHQ
%LHJHDQWHLOHLQGHQ6FKUDXEHQHUUHLFKWZHUGHQ
 'XUFKGLH$QRUGQXQJGHU6FKUDXEHLP)ODQVFKVLQNHQGLH$QIRUGHUXQJHQDQGLH3UIPD
VFKLQH:lKUHQG]%EHLP9HUVXFKVIODQVFKHLQH3UINUDIWYRQN1IUHLQH=XVDW]
NUDIWYRQUXQGN1HUIRUGHUOLFKLVWP‰WHEHLLVROLHUWHU3UIXQJGHU6FKUDXEHGLHYROOH
=XJNUDIWYRQN1YRQGHU0DVFKLQHJHOHLVWHWZHUGHQZHQQGLH1HQQYRUVSDQQNUDIWDOV
0LWWHOODVWDXIJHEUDFKWZHUGHQVROO
$OV1DFKWHLOHVLQG]XQHQQHQ
 'LH 9HUZHQGXQJ YRQ )ODQVFKVHJPHQWHQ PLW GHQHQ GLH JHZQVFKWH .RPELQDWLRQ YRQ
1RUPDO XQG %LHJHVSDQQXQJHQ HUUHLFKW ZLUG NDQQ GD]X IKUHQ GD‰  YHUVFKLHGHQH
)ODQVFKVHJPHQWHQlPOLFKIUMHZHLOVIQI6SDQQXQJVKRUL]RQWHLQGUHL9HUVXFKVUHLKHQJH
IHUWLJWZHUGHQPVVHQ
 %HLGUHL9HUVXFKVUHLKHQVLQGPLQGHVWHQV(LQ]HOYHUVXFKHGXUFK]XIKUHQ
 =XU.RQWUROOHGHU%HDQVSUXFKXQJPVVHQWURW]GHUVHKUJXWHQ:LHGHUKROEDUNHLWDXIDOOHQ
6FKUDXEHQPLQGHVWHQV]ZHL'06DSSOL]LHUWZHUGHQGDPLWGLHJHZQVFKWH9RUVSDQQNUDIW
HUUHLFKW ZLUG XQG GLH %HDQVSUXFKXQJ NRQWUROOLHUW ZHUGHQ NDQQ :lKUHQG GHU 9HUVXFKH
PX‰ SHULRGLVFK EHUSUIW ZHUGHQ LQZLHZHLW GLH 9RUVSDQQNUDIW GXUFK 6HW]YRUJlQJH ]X
UFNJHJDQJHQLVW
$XFKZHQQPLWGHUYRUJHVFKODJHQHQ9RUJHKHQVZHLVHHLQQLFKWXQHUKHEOLFKHU$XIZDQGYHUEXQ
GHQLVWVWHOOWVLH]XPLQGHVWHLQH0HWKRGHGDUPLWGHUGDVJHZQVFKWH=LHOVLFKHUHUUHLFKWZHUGHQ
NDQQ*JI HPSILHKOW VLFK VRJDU GLH $XVGHKQXQJ GHU 8QWHUVXFKXQJHQ DXI DQGHUH 9RUVSDQQYHU
IDKUHQ]%GDV'UHKZLQNHOYHUIDKUHQRGHUNRPELQLHUWH9HUIDKUHQXPGLHVH(LQIOVVHHEHQIDOOV
]XHUIDVVHQ'LH$Q]DKOGHUHUIRUGHUOLFKHQ9HUVXFKHZUGHVLFKGDQQHQWVSUHFKHQGHUK|KHQHV
N|QQWHQDEHULPPHUKLQGLHJOHLFKHQ)ODQVFKVHJPHQWHYHUZHQGHWZHUGHQ
6HLWH (UJHEQLVVH

 (UJHEQLVVH
¾
$[LDOEHDQVSUXFKWHIHXHUYHU]LQNWH+96FKUDXEHQVLQGLQGLH.HUEJUXSSHQDFK(XURFRGH
HLQ]XVWXIHQ'LH'DXHUIHVWLJNHLWOLHJWQDFK6LFKWXQJGHUYRUKDQGHQHQ/LWHUDWXUDOOHUGLQJVEHU
GHPLP(XURFRGHIUGLH.HUEJUXSSHDQJHJHEHQHQ1LYHDX
¾
'LH%HDQVSUXFKEDUNHLWXQWHUVFKZLQJHQGHU%LHJHEHDQVSUXFKXQJLVWK|KHUDOVGLHXQWHU]HQWUL
VFKHU =XJEHDQVSUXFKXQJ 'LH YRUKDQGHQHQ 9HUVXFKH HUODXEHQ DEHU QRFK NHLQH HQGJOWLJH
%HXUWHLOXQJ GHU ]XVDPPHQJHVHW]WHQ %HDQVSUXFKXQJ E]Z GHU UHLQHQ %LHJHEHDQVSUXFKXQJ
$OVNRQVHUYDWLYH$EVFKlW]XQJNDQQGLHUHLQH%LHJHEHDQVSUXFKXQJLQGLH.HUEJUXSSHHLQ
JHVWXIW ZHUGHQ EHL NRPELQLHUWHU %HDQVSUXFKXQJ NDQQ LQ $EKlQJLJNHLW YRP %LHJHDQWHLO DQ
GHU*HVDPWEHDQVSUXFKXQJOLQHDU]ZLVFKHQGHQ.HUEJUXSSHQXQGLQWHUSROLHUWZHUGHQ
¾
=XU (UPLWWOXQJ GHU VFKlGLJXQJVUHOHYDQWHQ %HDQVSUXFKXQJVVFKZLQJEUHLWHQ GHU 6FKUDXEH LVW
GLH DXI GLH 7XUPZDQGXQJ EH]RJHQH 5DLQIORZPDWUL[ GHU %HDQVSUXFKXQJHQ ]X YHUZHQGHQ
$XIJUXQGGHVQLFKWOLQHDUHQ=XVDPPHQKDQJV]ZLVFKHQlX‰HUHU%HODVWXQJXQGGHQ6FKUDXEHQ
NUDIW E]Z 6FKUDXEHQELHJHPRPHQWHQYHUOlXIH NDQQ VRQVW EHL 9HUQDFKOlVVLJXQJ GHV 0LWWHO
ODVWQLYHDXVHLQHGHXWOLFKH8QWHUVFKlW]XQJGHU6FKlGLJXQJGLH)ROJHVHLQ
¾
(UVWGXUFKGLH$XVZHUWXQJGHU6FKlGLJXQJHQLQIROJHHLQHUUHDOLWlWVQDKHQ%HODVWXQJ]HLJWVLFK
GLH %HGHXWXQJ GHU NRUUHNWHQ (UPLWWOXQJ GHU %HDQVSUXFKXQJVIXQNWLRQ %HL XQJQVWLJHU
)ODQVFKJHRPHWULHN|QQHQPLWGHQJlQJLJHQ9HUIDKUHQWHLOVZHLWDXIGHUXQVLFKHUHQ6HLWHOLH
JHQGH(UJHEQLVVHHUKDOWHQZHUGHQ
¾
=XU NRUUHNWHQ %HXUWHLOXQJ GHU (UPGXQJVIHVWLJNHLW LVW HV ]ZLQJHQG HUIRUGHUOLFK GLH %LHJH
DQWHLOHGHU6FKUDXEHQEHDQVSUXFKXQJ]XEHUFNVLFKWLJHQ
¾
'LH+|KHGHU9RUVSDQQNUDIWKDWGDQQHLQHQ(LQIOX‰DXIGLH6FKlGLJXQJZHQQGLH9HUELQGXQJ
LP*HEUDXFKVODVWEHUHLFKNODIIW'DGLHVEHLGHQPHLVWHQ*HRPHWULHYHUKlOWQLVVHQGHU)DOOLVW
LVWGLHYRUKDQGHQH9RUVSDQQXQJ]XYHUOlVVLJHLQ]XEULQJHQ
¾
)U JHULQJ EHDQVSUXFKWH 9HUELQGXQJHQ ZXUGH HLQ HLQIDFKHV 1DFKZHLVYHUIDKUHQ YRUJHVFKOD
JHQXPGHQJUR‰HQ$XIZDQGGHUYROOVWlQGLJHQ6FKlGLJXQJVEHUHFKQXQJ]XYHUPHLGHQ
=HLWXQGODVWDEKlQJLJHV9HUKDOWHQ 6HLWH

 =HLWXQGODVWDEKlQJLJHV9HUKDOWHQ
,Q$EVFKQLWWZXUGHEHLVSLHOKDIWJH]HLJWZLHGHXWOLFKGHU(LQIOX‰GHU9RUVSDQQNUDIWDXIGLH
6FKlGLJXQJ GHU 6FKUDXEH VHLQ NDQQ )U HLQHQ VLFKHUHQ %HWULHE LVW HV GHVKDOE XQHUOl‰OLFK GD‰
GLH 9RUVSDQQNUDIW ]XYHUOlVVLJ LQ GHU JHIRUGHUWHQ +|KH DXIJHEUDFKW ZLUG XQG HLQWUHWHQGH 9RU
VSDQQNUDIWYHUOXVWHEHLGHU%HPHVVXQJEHUFNVLFKWLJWE]ZDXVJHJOLFKHQZHUGHQ

 9RUVSDQQNUDIWXQGPRPHQW
,QGHQ/DERUYHUVXFKHQZXUGHQGLH6FKUDXEHQPLWHLQHPK\GUDXOLVFKHQ9RUVSDQQJHUlWVRYRUJH
VSDQQWGD‰LQHWZDGLH1HQQYRUVSDQQXQJHUUHLFKWZXUGH'DVGD]XQRWZHQGLJH$Q]LHKGUHKPR
PHQWZXUGHDQKDQGGHU0HVVXQJZlKUHQGGHV$Q]LHKYRUJDQJHVHLQJHVWHOOW,P*HJHQVDW]GD]X
ZXUGHQGLH6FKUDXEHQLP)HOGYHUVXFKHOHNWULVFKPLWGHILQLHUWHP$Q]LHKGUHKPRPHQWDQJH]RJHQ
GDEHLZXUGHNHLQ8QWHUVFKLHG]ZLVFKHQGHQ0H‰VFKUDXEHQXQGGHQEULJHQ6FKUDXEHQJHPDFKW
'LH9RUVSDQQNUlIWHZHLFKHQGDKHUYRP1HQQZHUWGHU9RUVSDQQXQJDE'LHVHV9RUJHKHQZXUGH
JHZlKOWXPHLQH9HUJOHLFKEDUNHLWPLWGHQDQGHUHQ6FKUDXEHQGHV)ODQVFKHVKHU]XVWHOOHQ
'LH]HQWULVFKH.RPSRQHQWHGHU9RUVSDQQNUDIWZLUGEHUODJHUWYRQLQLKUHU5LFKWXQJ]XIlOOLJHQ
%LHJHPRPHQWHQ GLH QDFKIROJHQG DOV 9RUVSDQQPRPHQWH 0 9 EH]HLFKQHW ZHUGHQ 6LH VLQG ]X
XQWHUVFKHLGHQ YRQ GHQ $Q]LHKGUHKPRPHQWHQ 0$ PLW GHQHQ GLH 6FKUDXEHQ WRUVLRQVEHKDIWHW
YRUJHVSDQQWZHUGHQ'DVYRUKDQGHQH0RPHQW HQWVWHKW GXUFK HLQH .RPELQDWLRQ YRQ ,PSHUIHN
WLRQHQGHU6FKUDXEHGHU6FKHLEHQGHU0XWWHUVRZLHGHU)ODQVFKHGLHLQEHOLHELJHU.RPELQDWLRQ
DXIWUHWHQN|QQHQ%HDFKWOLFKLVW GLH *U|‰HQRUGQXQJ GHU GXUFK GLH YRUKDQGHQHQ %LHJHPRPHQWH
DXIWUHWHQGHQ=XVDW]VSDQQXQJHQ'LH+lXILJNHLWGHUUHODWLYHQ%LHJHVSDQQXQJHQLVWLQEH]RJHQHU
)RUP LQ $EELOGXQJ  GDUJHVWHOOW ,P 0LWWHO VLQG LP /DERUYHUVXFK =XVDW]ELHJHVSDQQXQJHQ LQ
+|KHYRQXQGLP)HOGYHU
VXFK YRQ  YRQ GHU 1RU +lXILJNHLW>@

PDOVSDQQXQJHQ DXIJHWUHWHQ %H
/DERUYHUVXFKH
]RJHQ DXI GHQ 6SDQQXQJVTXHU 
VFKQLWW ODJHQ GLH PD[LPDOHQ )HOGYHUVXFKH
/lQJVVSDQQXQJHQ LP /DERUYHU 
VXFK EHL V  1PPð XQG LP 
)HOGYHUVXFKEHLV 1PPð
,Q .RPELQDWLRQ PLW GHQ 6FKXE 
VSDQQXQJHQ DXV GHP 7RUVLRQV

PRPHQW LVW KLHU GHP]XIROJH DXI
MHGHQ )DOO GHU HODVWLVFKH %HUHLFK 
YHUODVVHQ ZRUGHQ VR GD‰ VHOEVW
EHL QXU JHULQJHU hEHUVFKUHLWXQJ 























GHU 1HQQYRUVSDQQXQJ ZLH LP

/DERUYHUVXFK JH]LHOW HLQJHVWHOOW UHO=XVDW]ELHJHVSDQQXQJHQV0V1>@
]XPLQGHVW 7HLOH GHU 6FKUDXEH LQ
GHQ EHUHODVWLVFKHQ %HUHLFK YRU $EELOGXQJ5HODWLYH%LHJHVSDQQXQJHQLP9RUVSDQQ]XVWDQG
JHVSDQQWVHLQN|QQHQ
:lKUHQGGHV9RUVSDQQYRUJDQJHVZXUGHQLP)HOGYHUVXFKGLHQDFKIROJHQGLQ7DEHOOH]XVDP
PHQJHVWHOOWHQ 0D[LPDOZHUWH GHU 9RUVSDQQNUlIWH XQG PRPHQWH DXIJH]HLFKQHW D06FKUDXEH EH
]HLFKQHWGHQ:LQNHOGHV%LHJHPRPHQWVEH]RJHQDXIGLH6FKUDXEHD0)ODQVFKLVWGHU:LQNHOEH
]RJHQDXIGHQ)ODQVFKVLHKHGD]X$EVFKQLWWVRZLH$EELOGXQJ



%H]HLFKQXQJQDFK:,(*$1'>@LQ',17HLOZLUGGDV$Q]LHKGUHKPRPHQWPLW09EH]HLFKQHW
6HLWH 9RUVSDQQNUDIWXQGPRPHQW

03 6FKUDXEH 6SDOW (LQEDXZLQNHO )9 09 07 D06FKUDXEH D0)ODQVFK

>PP@ GHU6FKUDXEH >N1@ >1P@ >1P@
   ƒ    ƒ ƒ
  ± ƒ    ƒ ƒ
   ƒ    ƒ ƒ

 ƒ    ƒ ƒ
   ƒ    ƒ ƒ
   ƒ    ƒ ƒ
7DEHOOH(LQEDXSRVLWLRQHQGHU6FKUDXEHQXQG9RUVSDQQ]XVWDQG
1DFKGHP9RUVSDQQHQVLQGEHLDOOHQ6FKUDXEHQGLHJU|‰WHQ=XJVSDQQXQJHQDXIGHUGHP0DQ
WHOEOHFK]XJHZDQGWHQ6HLWHYJO$EELOGXQJ]XILQGHQGLHVH6SDQQXQJHQZHUGHQGXUFKGLH
%LHJHPRPHQWH DXV GHP %HWULHE YHUJU|‰HUW :LH VSlWHU LQ $EVFKQLWW  HUOlXWHUW ZLUG KDW GHU
:LQNHOVSDOWNHLQHQ(LQIOX‰DXIGLH%LHJHPRPHQWHLQIROJH9RUVSDQQXQJGHU6FKUDXEHZHQQHU
QDFKGHP9RUVSDQQHQJHVFKORVVHQLVW'LHYRUKDQGHQHQ%LHJHPRPHQWHVLQGGHVKDOEQLFKWGXUFK
GLH.ODIIXQJYHUXUVDFKWVRQGHUQGXUFKGLH1HLJXQJHQYRQ)ODQVFK6FKUDXEHQNRSIXQG8QWHU
OHJVFKHLEH'LH1HLJXQJGHV)ODQVFKHVZLUG]XP7HLOGXUFKGLH]XU$EGLFKWXQJJHJHQ:DVVHU
HLQJHEUDFKWH .OHEVWRIIVFKLFKW VLHKH $EELOGXQJ  YHUXUVDFKW $OV GDV ]ZHLWH 7XUPVHJPHQW
DXIJHVHW]WZXUGHZDUGLH'LFKWPDVVHEHUHLWVWHLOJHKlUWHWVRGD‰GLH$XVEUHLWXQJHLQJHVFKUlQNW
JHZHVHQVHLQ GUIWH 'LH .OHEHVFKLFKW XQEHNDQQWHU 'LFNH VRUJW GDIU GD‰ GHU )ODQVFK DXI GHU
6HLWH ]XP 0DQWHOEOHFK KLQ HWZDV DQJHKREHQ LVW GDUDXV UHVXOWLHUW HLQH JU|‰HUH /lQJXQJ GHU
6FKUDXEHDXIGLHVHU6HLWH

/DJHGHV6SDQQXQJVPD[LPXPV
0DQWHOEOHFK

03 03 03 03 03

6FKUDXEH 6FKUDXEH 6FKUDXEH 6FKUDXEH 6FKUDXEH
ƒ ƒ ƒ

ƒ
ƒ









ƒ


ƒ
ƒ

ƒ
ƒ
ƒ

ƒ
 ƒ ƒ ƒ ƒ
ƒ

ƒ

$EELOGXQJ 'UHKZLQNHO GHU 6FKUDXEHQ XQG /DJH GHV 6SDQQXQJVPD[LPXPV QDFK GHP 9RUVSDQQHQ 'UDXIVLFKW
DXIGLH0XWWHUGHVKDOE(LQEDXZLQNHOPDWKHPDWLVFKQHJDWLYGUHKHQG
$XVGHPYRUKDQGHQHQ%LHJHPRPHQWNDQQDXIGLH6FKLHIVWHOOXQJGHV6FKUDXEHQNRSIHVJHVFKORV
VHQ ZHUGHQ KLHU DP %HLVSLHO YRQ 6FKUDXEH 0 1U  GLH GDV PD[LPDOH %LHJHPRPHQW DXI
ZHLVW
M PD[ 0 ˜ E  1P ˜  ˜  ˜     1PP  Ö q



'DGLH9RUVSDQQNUDIWYRQ6FKUDXEH1UQDFK0LQXWHQEHUHLWVDXIN1DEJHVXQNHQZDUZXUGHQRFKHLQ
PDOQDFKJHVSDQQW
=HLWXQGODVWDEKlQJLJHV9HUKDOWHQ 6HLWH

'LH %LHJHQDFKJLHELJNHLW E ZXUGH GDEHL QDFK 9',5LFKWOLQLH  XQWHU %HUFNVLFKWLJXQJ GHV
DEJHGUHKWHQ%HUHLFKHVGHU0H‰VFKUDXEHHUPLWWHOW'LH6FKLHIVWHOOXQJYHUWHLOWVLFKDXIGLHEHLGHQ
)ODQVFKVHLWHQVRGD‰LP0LWWHOHLQH)ODQVFKEODWWQHLJXQJYRQPD[ƒMH6HLWHDXIWULWWZDVHL
QHU+|KHQGLIIHUHQ]YRQPP PPEHUGLH%UHLWHGHU8QWHUOHJVFKHLEHHQWVSULFKW'LHVH
N|QQWHGXUFKHLQH.OHEVWRIIVFKLFKWYRQLQVJHVDPWPP'LFNHHUNOlUWZHUGHQ'LHWDWVlFKOL
FKH6FKLFKWKDWHLQHJHULQJHUH'LFNHDGGLWLYNRPPHQ%LHJHPRPHQWHLQIROJHGHUQRUPDOHQ,P
SHUIHNWLRQHQKLQ]X
'LH HU]LHOWHQ 0D[LPDOZHUWH GHU 9RUVSDQQXQJ GLH ZlKUHQG GHV 9RUVSDQQYRUJDQJHV HUUHLFKW
ZXUGHQ XQG GDQDFK VFKQHOO DEIDOOHQ OLHJHQ VHKU QLHGULJ 1XU GLH 6FKUDXEH 1U  HUUHLFKW GLH
1HQQYRUVSDQQXQJYRQN1DOOHDQGHUHQOLHJHQELV]XXQWHUGLHVHP:HUW8QWHU%HUFN
VLFKWLJXQJGHV9RUVSDQQNUDIWDEIDOOVVLHKH$EVFKQLWWOLHJHQGLH:HUWHELV]XXQWHU
KDOEGHU1HQQYRUVSDQQXQJ'LHVNDQQYHUVFKLHGHQH*UQGHKDEHQ
 'LH6FKUDXEHQZXUGHQ]XU$SSOLNDWLRQGHU'06XQWHU9HUZHQGXQJYRQ.KOVFKPLHUVWRII
DEJHGUHKW(VNDQQQLFKWDXVJHVFKORVVHQZHUGHQGD‰GDEHLDXFKGDV*HZLQGHPLWGLHVHP
6WRIIYHUXQUHLQLJWXQGGXUFK9HUlQGHUXQJGHV2EHUIOlFKHQ]XVWDQGHVHLQK|KHUHU5HLEEHL
ZHUWYHUXUVDFKWZXUGH
 'XUFKGLH+\VWHUHVH9HUVXFKHODJHLQH9RUEHDQVSUXFKXQJLP*HZLQGHEHUHLFKYRU$XFK
KLHUN|QQHQ9HUlQGHUXQJHQLQGHU*HRPHWULHGXUFK3ODVWL]LHUXQJXQG2EHUIOlFKHQEHVFKDI
IHQKHLWGXUFK%HVFKlGLJXQJGHU9HU]LQNXQJHQWVWDQGHQVHLQ
 'DV9RUVSDQQJHUlWN|QQWHHLQ]XJHULQJHV$Q]LHKPRPHQWJHOLHIHUWKDEHQ
=XU.RQWUROOHGHU5HLEYHUKlOWQLVVHZXUGHQGHVKDOEGLH5HLEEHLZHUWHDXVGHPJHPHVVHQHQ7RU
VLRQVPRPHQWEHUHFKQHWVLHKH$EVFKQLWW
'LH hEHUVLFKW LQ 7DEHOOH  ]HLJW GD‰ 6FKUDXEH )9PD[>N1@ P* P.
GLH 5HLEEHLZHUWH LP *HZLQGH EHL IDVW
DOOHQ 6FKUDXEHQ DX‰HUKDOE E]Z DQ GHU 01U   
REHUHQ *UHQ]H GHV DQJHVWUHEWHQ %HUHL 01U   
FKHV YRQ P* } ODJHQ /HGLJ 01U   
OLFKGLHEHUGHQ6ROOZHUWYRUJHVSDQQWH
01U   
6FKUDXEH 1U  ODJ PLW P*  LP
HUIRUGHUOLFKHQ )HQVWHU (V NDQQ GDKHU 7DEHOOH hEHUVLFKWEHUHUUHLFKWH9RUVSDQQNUlIWHXQG
GDYRQ DXVJHJDQJHQ ZHUGHQ GD‰ GDV EHUHFKQHWH5HLEEHLZHUWH
9RUVSDQQJHUlW GDV HUIRUGHUOLFKH 'UHKPRPHQW DXIJHEUDFKW KDW XQG DOOH DQGHUHQ 6FKUDXEHQ GLH
0LQGHVWZHUWH HUUHLFKHQ 8QWHU GHU $QQDKPH GD‰ GDV YROOH 'UHKPRPHQW DXIJHEUDFKW ZXUGH
ZXUGH ]XGHP GHU 5HLEXQJVEHLZHUW GHV 6FKUDXEHQNRSIHV EHVWLPPW 'LH :HUWH YRQ .RSI XQG
*HZLQGHUHLE]DKO NRUUHOLHUHQ JXW VR GD‰ GLH REHQ JHQDQQWHQ *UQGH IU GLH QLHGULJH 9RUVSDQ
QXQJ]XWUHIIHQGVHLQGUIWHQ

 6HW]YHUKDOWHQ
'LH9RUVSDQQNUDIWYHUOXVWHLQIROJH6HW]XQJZXUGHQLP/DERUXQGLP)HOGYHUVXFKDQYHUVFKLHGH
QHQ)ODQVFKHQHUPLWWHOW,P/DERUYHUVXFKZXUGHQGDEHL0HVVXQJHQDQEHVFKLFKWHWHQXQGDQXQ
EHVFKLFKWHWHQ)ODQVFKHQGXUFKJHIKUW
,Q $EELOGXQJ  LVW GHU SULQ]LSLHOOH 9HUODXI GHV 9RUVSDQQYRUJDQJHV GDUJHVWHOOW 'LH 6FKUDXEH
ZLUG]XPLQGHVWEHLGHU0RQWDJHLP)HOG]XQlFKVWDXIHWZDGHU1HQQYRUVSDQQXQJWHLOYRU
JHVSDQQW'DQDFKWULWWHLQHHUVWH7HLOVHW]XQJHLQGLHEHLGHQYRUOLHJHQGHQ6FKUDXEHQLQGHU*U|
‰HQRUGQXQJYRQI=|PPODJ'DEHUHLWVZlKUHQGGHV9RUVSDQQYRUJDQJHV6HW]EHWUlJHWHLOZHL
VHDXVJHJOLFKHQZHUGHQLVWHVDEHUYHUPXWOLFKQLFKWVDFKJHUHFKWGLH6HW]EHWUlJHQDFKHLQDQGHU
6HLWH 6HW]YHUKDOWHQ

GXUFKJHIKUWHU9RUVSDQQYRUJlQJHHLQIDFK]XDGGLHUHQ$XVGLHVHP*UXQGHZLUGGHU6HW]EHWUDJ
QDFK$XIEULQJHQGHU7HLOYRUVSDQQXQJQLFKWLQGLH$XVZHUWXQJEHUQRPPHQ
'DQDFK ZHUGHQ GLH 6FKUDXEHQ PLW GHP 1HQQGUHKPRPHQW YROO YRUJHVSDQQW 'HU ZlKUHQG GHV
9RUVSDQQYRUJDQJHVJHPHVVHQH0D[LPDOZHUWGHU6FKUDXEHQNUDIWZLUGPLW)9PD[EH]HLFKQHW'LH
*U|‰HGLHVHV0D[LPDOZHUWHVKlQJWXDYRQGHU0H‰UDWHDEGDLP%HUHLFKGHUJU|‰WHQ9RUVSDQ
QXQJ HLQH VFKQHOOH bQGHUXQJ GHV :HUWHV HUIROJW 'LH 9RUVSDQQNUDIW IlOOW LP $QVFKOX‰ DQ GHQ
9RUVSDQQYRUJDQJ]XQlFKVWVWHLODEGLH6WHLJXQJQLPPWGDEHLNRQWLQXLHUOLFKDE:HQQGLHGLUHNW
EHQDFKEDUWH6FKUDXEHDQJHVSDQQWZLUGLVWHLQ]XVlW]OLFKHU5FNJDQJGHU9RUVSDQQNUDIW]XYHU
]HLFKQHQ GHU DXI GLH HODVWLVFKH 6WDXFKXQJ GHU )ODQVFKH ]XUFN]XIKUHQ LVW XQG PLW ')9Q EH
]HLFKQHWZLUG'LHVHULVWEHLGHU(UPLWWOXQJYRQ6HW]EHWUlJHQDXVGHP9RUVSDQQNUDIWUFNJDQJ]X
EHDFKWHQ
)6
$XVVFKQLWWVYHUJU|‰HUXQJ
)9PD[
)6 $QVSDQQHQGHU
)9PD[
1HEHQVFKUDXEH

')9Q
WHLOZHLVHV
9RUVSDQQHQ YROOHV9RUVSDQQHQ
W
W)'PD[
)9YRU
W

$EELOGXQJ3ULQ]LSLHOOHU9HUODXIGHU6FKUDXEHQNUDIW

 6HW]YHUKDOWHQGHUXQEHODVWHWHQ)ODQVFKHLP/DERUYHUVXFK
8P]XQlFKVWHLQHQ(LQGUXFNGHU]XHUZDUWHQGHQ6HW]YHUOXVWH]XHUKDOWHQZLUGPLWGHQJOHLFKHQ
1lKHUXQJHQZLHLQ$EVFKQLWWPLW*OVRZLHGHQLQGHU9',5LFKWOLQLHJHQDQQWHQ
:HUWHQIUGLH6HW]EHWUlJHVLHKH$EVFKQLWWZLHIROJWDEJHVFKlW]W
I=
)= | I = ˜  ˜ G 
G 3  G6
PLW G 6FKUDXEHQGXUFKPHVVHULQPP
I= 6HW]EHWUDJLQPP$EVFKlW]XQJQDFK9',·PP
)= 9RUVSDQQNUDIWYHUOXVWLQN1
(VLVW]XEHDFKWHQGD‰GLHLQGHU9',5LFKWOLQLHJHQDQQWHQ6HW]EHWUlJHHLJHQWOLFKQXUIUXQEH
VFKLFKWHWH)ODQVFKHXQGQLFKWIHXHUYHU]LQNWH6FKUDXEHQJHOWHQ
)U6FKUDXEHQ0XQG0HUJHEHQVLFKGDUDXV9RUVSDQQNUDIWYHUOXVWHYRQ
0 )= PLQ  ˜   ˜  ˜   N1  )= PD[  N1
0 )=PLQ  ˜   ˜  ˜   N1  )= PD[  N1

%H]RJHQDXIGHQ1HQQZHUWGHU9RUVSDQQNUDIWOLHJHQGLH0D[LPDOZHUWHEHLHWZDÂ)96ROO%HL
)ODQVFKGLFNHQW!ÂGZLUGGHU9RUVSDQQNUDIWYHUOXVWJHULQJHU
=HLWXQGODVWDEKlQJLJHV9HUKDOWHQ 6HLWH

1DFKGHP(QGHGHV9RUVSDQQYRUJDQJHVEHJLQQWGLH6HW]XQJGHULP.UDIWIOX‰OLHJHQGHQ7HLOH
$EELOGXQJ]HLJWEHLVSLHOKDIWGHQ5FN )9>N1@
JDQJGHU9RUVSDQQNUDIWIU6FKUDXEH0
1U  EHJLQQHQG V QDFK GHP LP 9RU 
VSDQQYRUJDQJ DXIJH]HLFKQHWHQ 0D[LPXP )9
YRQ)9PD[ N1%HLORJDULWKPLVFKHU 
6NDOLHUXQJGHU=HLWDFKVHLVWHLQQDKH]XEL
OLQHDUHU 9HUODXI HUNHQQEDU 'HU HUVWH $VW 
GHUHWZDVQDFKGHP0D[LPDOZHUWHQGHW
XQG GXUFK HLQHQ VHKU VWHLOHQ $EIDOO JH 
NHQQ]HLFKQHW LVW EHLQKDOWHW GDV HODVWLVFKH
5FNIHGHUQ GHV 6\VWHPV VRZLH HUVWH JU| 
‰HUH6HW]EHWUlJH'DQDFKEHJLQQWGLH3KD
W
VH GHU NRQWLQXLHUOLFKHQ 6HW]XQJ GLH PLW 
HLQHP GHXWOLFKHQ 5FNJDQJ GHV *UDGLHQ ( ( ( (
WHQ YHUEXQGHQ LVW LP ORJDULWKPLVFKHQ =HLW>V@
0D‰VWDEQLPPWGHU*UDGLHQW]XLPOLQHD
UHQZLUGHUJHULQJHU6HOEVWQDFKVFD $EELOGXQJ $EIDOOGHU9RUVSDQQNUDIWEHL6FKUDXEH
01U
 7DJH LVW DEHU NHLQ 6WLOOVWDQG ]X HU
NHQQHQ 'LHVHV 9HUKDOWHQ ZXUGH SULQ]LSL
HOOEHLDOOHQ(UVWNULHFKYHUVXFKHQEHREDFKWHW
'LH*U|‰HGHU9RUVSDQQNUDIWNDQQGHPQDFKEHUIROJHQGH%H]LHKXQJEHVFKULHEHQZHUGHQ
)9  W  )9   I ˜ ORJ W  ORJ W   
PLW )9 9RUVSDQQNUDIW EHL %HJLQQ GHV ]ZHLWHQ $VWHV GHU .ULHFKJHVFKLFKWH %HL 9HUZHQGXQJ
YRQ)9PD[OLHJWGLH%HUHFKQXQJDXIGHUVLFKHUHQ6HLWH
W =HLWLQ>V@DE%HJLQQGHV.ULHFKHQV
W =HLWLQ>V@EHL)9
I 6WHLJXQJGHU*HUDGHQLPORJDULWKPLVFKHQ0D‰VWDE
+LQZHLV'DV=DKOHQSDDUW)9LVWHLQHUHLQH5HFKHQJU|‰HGLH]XU([WUDSRODWLRQYRQ9HUVXFKV
GDWHQYHUZHQGHWZLUG
=XP9HUJOHLFKGHU9HUVXFKVHUJHEQLVVHXQWHUHLQDQGHUPVVHQGLH9RUVSDQQNUDIWYHUOXVWHDXIHL
QHQHLQKHLWOLFKHQ=HLWUDXPEH]RJHQZHUGHQ'DLP)HOGYHUVXFKGLH$QODJHHUVWQDFKVFD
7DJHDQGDV1HW]DQJHVFKORVVHQZXUGHXQGGLH6HW]XQJELV]XGLHVHP=HLWSXQNWZHLWJH
KHQGRKQH%HHLQIOXVVXQJGXUFKHLQH%HODVWXQJHUIROJHQNRQQWHZLUGGLHVHU=HLWUDXPDOV%H]XJ
YHUZHQGHW 'LH 9RUVSDQQNUDIWYHUOXVWH ZHUGHQ QDFK *OHLFKXQJ  H[WUDSROLHUW VRIHUQ GHU
6HW]YRUJDQJ EHU HLQHQ NU]HUHQ =HLWUDXP DXIJH]HLFKQHW ZXUGH $QKDQG YRQ *OHLFKXQJ 
ZLUGDXIGLH6HW]EHWUlJHJHVFKORVVHQ'HU9HUJOHLFKGHU6HW]EHWUlJHLVWDXVVDJHNUlIWLJHUDOVGHU
UHODWLYH9RUVSDQQNUDIWUFNJDQJGDGLHVHUYRQGHQ6WHLILJNHLWHQGHU6FKUDXEHXQGGHUYHUVSDQQ
WHQ7HLOHDEKlQJW'LH6HW]EHWUlJHVLQG]XGHPGLHHLJHQWOLFKHSK\VLNDOLVFKH8UVDFKHIUGLH9RU
VSDQQNUDIWYHUOXVWHGHUHQDEVROXWH*U|‰HMHQDFK$QZHQGXQJVIDOOGDUDXV]XHUPLWWHOQLVW
=XGHUhEHUVLFKWEHUGLH6HW]YHUVXFKHLQ7DEHOOHLVW]XEHPHUNHQ
 'DEHLGHQ9HUVXFKHQPLWEHVFKLFKWHWHQ)ODQVFKHQPHKUHUH6FKUDXEHQQHEHQHLQDQGHUJH
SUIWZXUGHQZXUGHGHU$QWHLO')9QDXVGHP$Q]LHKHQGHUEHQDFKEDUWHQ6FKUDXEHQYRQ
)9PD[DEJH]RJHQGDPLWGHUDXV )= )9 PD[  )9 W HUPLWWHOWH9RUVSDQQNUDIWYHUOXVWQXUGLH
UHLQHQ6HW]YHUOXVWHEHLQKDOWHW
6HLWH 6HW]YHUKDOWHQ

 %HLDOOHQ9HUVXFKHQZXUGHQQHXH0XWWHUQXQG6FKHLEHQYHUZHQGHWGLH)ODQVFKHZXUGHQ
PHKUIDFKHLQJHVHW]W
 'LHHUVWHQ9HUVXFKHPLW6FKUDXEHQ0ZXUGHQDQYRUEHODVWHWHQ)ODQVFKHQGXUFKJHIKUW
'HU $EIDOO GHU 9RUVSDQQNUDIW LVW DOVR ZHQLJHU DXI GLH 6HW]XQJ GHU YHUVSDQQWHQ 7HLOH DOV
YLHOPHKUDXIGLH6HW]XQJGHU6FKUDXEHQJDUQLWXUDQVLFK]XUFN]XIKUHQ
 'LH6HJPHQWHPLWGHQ6FKUDXEHQ0ZDUHQKLQJHJHQQLFKWYRUEHODVWHW
 'LH 6HJPHQWH PLW GHQ 6FKUDXEHQ 1U  ZXUGHQ ]XVlW]OLFK PHFKDQLVFK EHDUEHLWHW 'LH
2EHUIOlFKHQGHU%HUKUXQJVHEHQHZDUHQPHWDOOLVFKEODQNVRGD‰KLHUYRQJHULQJHUHQ6HW
]XQJHQDOVEHLXQEHDUEHLWHWHQ)ODQVFKHQDXVJHJDQJHQZHUGHQNDQQ
9HUVXFK 6FKUDXEH )9PD[ )9W (V )= I= I ')9
>N1@ >N1@ >N1@ >PP@ >@ >@
. 01U      
. 01U      
. 01U      

. 01U      

. 01U      
. 01U      
. 01U      

. 01U      

. 01U      

%HVFKLFKWHWH)ODQVFKH
. 01U      
. 01U      
. 01U      
. 01U      
7DEHOOH 9RUVSDQQNUDIWYHUOXVWHXQGEHUHFKQHWH6HW]EHWUlJHLP/DERUYHUVXFK%H]XJV]HLWUDXPW V
$QKDQGGHU(UJHEQLVVHN|QQHQIROJHQGH(UNHQQWQLVVHJH]RJHQZHUGHQ
 'LH6HW]EHWUlJHGHU6FKUDXEHQLQGHQYRUEHODVWHWHQXQGGHQEHDUEHLWHWHQ)ODQVFKVHJPHQ
WHQOLHJHQLQlKQOLFKHU*U|‰HQRUGQXQJLP0LWWHOHUJLEWVLFKHLQ6HW]EHWUDJYRQFDPP
'LHVHU:HUWOLHJWLP,QWHUYDOOGHULQGHU9',5LFKWOLQLHJHQDQQWHQ*U|‰HQRUGQXQJ
 'LH6HW]EHWUlJHGHU6FKUDXEHQ01UXQG1UVLQGJU|‰HUDOVGLH6HW]EHWUlJHGHUDQ
GHUHQ 6FKUDXEHQ 'LHV LVW YHUPXWOLFK DXI JU|‰HUH =LQNVFKLFKWGLFNHQ EHL GHQ JU|‰HUHQ
6FKUDXEHQ]XUFN]XIKUHQ:LUGGLH'LIIHUHQ]]ZLVFKHQ(UVWXQG=ZHLWYHUVXFKDOV$QWHLO
GHU )ODQVFKH DP *HVDPWVHW]EHWUDJ JHZHUWHW GDQQ LVW GHU $QWHLO GHU QLFKW YRUEHODVWHWHQ
)ODQVFKHPLW·PPNOHLQHUDOVGHU6HW]EHWUDJGHU6FKUDXEHQPLW·PP
 'LH 6HW]EHWUlJH GHU EHVFKLFKWHWHQ )ODQVFKH OLHJHQ PLW $XVQDKPH YRQ 9HUVXFK . EHL
PP'HUQLHGULJHUH6HW]EHWUDJEHL9HUVXFK.LVWGXUFKGHQQLFKWNRQWLQXLHUOLFKGXUFK
JHIKUWHQ9RUVSDQQYRUJDQJEHJUQGHW:HJHQ3UREOHPHQPLWGHP$Q]LHKJHUlWPX‰WHLQ
GHU1lKHGHU1HQQYRUVSDQQXQJPHKUIDFKDQJHVHW]WZHUGHQZRGXUFK7HLOHGHV6HW]EHWUD
JHVEHUHLWVZlKUHQGGHV9RUVSDQQYRUJDQJHVNRPSHQVLHUWZXUGHQ
=HLWXQGODVWDEKlQJLJHV9HUKDOWHQ 6HLWH

 'LH%HVFKLFKWXQJGHU)ODQVFKHYHUXUVDFKWHLQHQ]XVlW]OLFKHQ6HW]EHWUDJLQGHU*U|‰HQRUG
QXQJYRQ·PP
 'LH UHODWLYHQ 9RUVSDQQNUDIWYHUOXVWH QDFK V ODJHQ EHL DOOHQ )ODQVFKHQ XQWHUKDOE YRQ
IUGLHXQEHVFKLFKWHWHQ)ODQVFKHPHLVWXQWHU%HLGLFNHUHQ)ODQVFKHQEHLGHQHQ
GLH6XPPHGHU1DFKJLHELJNHLWHQG6G3JU|‰HUZLUGYHUXUVDFKHQGLHJOHLFKHQ6HW]EHWUlJH
JU|‰HUH UHODWLYH 9RUVSDQQNUDIWYHUOXVWH 'LHV EHNUlIWLJW GLH $XVVDJH GD‰ GLH $QJDEH GHU
UHODWLYHQ 9RUVSDQQNUDIWYHUOXVWH JHQHUHOO ZHQLJHU DXVVDJHNUlIWLJ LVW DOV GLH $QJDEH GHU
6HW]EHWUlJH
 6HW]YHUKDOWHQEHLG\QDPLVFKHU%HDQVSUXFKXQJ
(UJlQ]HQG]XGHQ6HW]YHUVXFKHQRKQH%HODVWXQJZXUGHQHLQLJH9HUVXFKH]XU8QWHUVXFKXQJGHV
(LQIOXVVHVHLQHUG\QDPLVFKHQ%HODVWXQJGXUFKJHIKUW
9HUVXFK 6FKUDXEH ')9VWDW I=VWDW /DVW =\NOHQ ')9G\Q 'I=G\Q 'I=G\QI=VWDW 6'I=G\QI=VWDW
>N1@ >PP@ >N1@ >N1@ >PP@
' 01U       

   
    

    

' 01U    Â   

 Â    
' 01U       
   
    

    

7DEHOOH9RUVSDQQNUDIWYHUOXVWEHLG\QDPLVFKHU%HDQVSUXFKXQJ
7DEHOOH]HLJWGHQ9RUVSDQQNUDIWDEIDOOEHLG\QDPLVFKHU%HDQVSUXFKXQJIUGUHL9HUVXFKH'D
GHU6HW]YRUJDQJGHU6HJPHQWH]XYRUHWZDGUHL0RQDWHXQEHODVWHWEHODVVHQZXUGHZDUGLHRKQH
KLQHLQWUHWHQGH6HW]XQJEHUHLWVZHLWJHKHQGHLQJHWUHWHQVRGD‰KLHUQXUGLH]XVlW]OLFKHQ$QWHLOH
DXVGHUG\QDPLVFKHQ%HDQVSUXFKXQJJHPHVVHQZXUGHQ'LH9HUVXFKHDXV7DEHOOHVLQG ZLH
IROJW GHQ 9HUVXFKHQ DXV 7DEHOOH  ]X]XRUGQHQ .o' .o' .o' *HJHQEHU
7DEHOOHVLQGGLHHLQJHWUHWHQHQVWDWLVFKHQ6HW]EHWUlJHZHJHQGHVOlQJHUHQ%HREDFKWXQJV]HLW
UDXPHVYHUJU|‰HUW
'LH%HODVWXQJZXUGHLQ]ZHL/DVWVWXIHQDXIJHEUDFKW'LHHUVWH/DVWVWXIHHQWVSULFKWGHPLQHWZD
]X HUZDUWHQGHQ /DVWHQ LP *HEUDXFKV]XVWDQG GLH ]ZHLWH /DVWVWXIH OLHJW LP %HUHLFK VHOWHQHU ]X
HUZDUWHQGHU/DVWHQ
'LH6HW]EHWUlJHZHUGHQIUMHGH/DVWVWXIHJHWUHQQWDQJHJHEHQHEHQVRGLHSUR]HQWXDOH(UK|KXQJ
GHV 6HW]EHWUDJHV JHJHQEHU GHU VWDWLVFKHQ 6HW]XQJ =XP 9HUJOHLFK LVW GHU 9RUVSDQQNUDIWUFN
JDQJRKQH%HODVWXQJLQGHU7DEHOOHDOV')9VWDWDQJHJHEHQ
'HUZHLWHUH9RUVSDQQNUDIWUFNJDQJEHWUlJWLQVJHVDPWHWZD·GHV9RUVSDQQNUDIWYHUOXVWHV
LQIROJH6HW]XQJRKQH%HODVWXQJ$XIGDVQLHGULJH%HODVWXQJVQLYHDXGDVGHQEOLFKHQ%HWULHEV
ODVWHQ HQWVSULFKW HQWIlOOW HWZD HLQ )QIWHO GLHVHV 5FNJDQJHV 'HU *UR‰WHLO GHV 9RUVSDQQNUDI
WUFNJDQJHVZLUGDXIEHLGHQ/DVWVWXIHQEHUHLWVEHLGHQHUVWHQ/DVWZHFKVHOQHUUHLFKW'DLP)HOG
YHUVXFKGXUFKGHQ%HWULHEGHU$QODJHHEHQIDOOVNHLQHVLJQLILNDQWK|KHUHQ6HW]EHWUlJHHUPLWWHOW
ZXUGHQZXUGHQNHLQHZHLWHUHQ9HUVXFKH GXUFKJHIKUW 2IIHQVLFKWOLFK LVW KLHU QLFKW PLW DX‰HU
JHZ|KQOLFKHP6HW]YHUKDOWHQ]XUHFKQHQVRODQJHGLH%HDQVSUXFKXQJLPHODVWLVFKHQ%HUHLFKYHU
EOHLEW
6HLWH 6HW]YHUKDOWHQ

 6HW]YHUKDOWHQLP)HOGYHUVXFK
'HU]HLWOLFKH9HUODXIGHU6HW]XQJHQ LP )HOGYHUVXFK LVW LQ $EELOGXQJ  GDUJHVWHOOW ZREHL GLH
=HLWDFKVH ZLHGHUXP LP ORJDULWKPLVFKHQ 0D‰VWDE VNDOLHUW LVW =XU ,QWHUSUHWDWLRQ GHU (UJHEQLVVH
VLQGGLH5DKPHQEHGLQJXQJHQGHUHLQ]HOQHQ6FKUDXEHQ]XEHDFKWHQ
 6FKUDXEH 1U  ZXUGH DOV (UVDW] IU 6FKUDXEH 1U  QHEHQ 0H‰SXQNW  HLQJHEUDFKW
QDFKGHP EHL GLHVHU HLQ '06 DXVJHIDOOHQ ZDU =XYRU ZDU DQ GLHVHU 6WHOOH HLQH QRUPDOH
6FKUDXEHHLQJHVHW]WXQGDXFKYRUJHVSDQQWZRUGHQ
 6FKUDXEH1UZXUGHQDFK0LQXWHQQDFKJHVSDQQWGDGLH9RUVSDQQNUDIWXQWHUN1
JHIDOOHQZDU'HU(UVWDQ]LHKYRUJDQJZXUGH]XGHPQLFKWNRQWLQXLHUOLFKGXUFKJHIKUW
 6FKUDXEH 1U  XQG 6FKUDXEH 1U  ZXUGHQ RKQH %HVRQGHUKHLWHQ SODQPl‰LJ YRUJH
VSDQQW
)6>N1@ 9RUVSDQQNUDIWDEIDOO )6>N1@ 9RUVSDQQNUDIWDEIDOO
 
 



 
 
 



01U
 01U 
 
( ( ( ( ( ( ( ( ( (
=HLW>V@ =HLW>V@

)6>N1@ 9RUVSDQQNUDIWDEIDOO )6>N1@ 9RUVSDQQNUDIWDEIDOO

 





 



 01U  01U
 
( ( ( ( ( ( ( ( ( (
=HLW>V@ =HLW>V@

$EELOGXQJ9HUODXIGHU9RUVSDQQXQJHQLP)HOGYHUVXFK
=HLWXQGODVWDEKlQJLJHV9HUKDOWHQ 6HLWH

'HU]HLWOLFKH9HUODXIGHV9RUVSDQQNUDIWUFNJDQJHVGHUSODQPl‰LJEHKDQGHOWHQ6FKUDXEHQ1U
XQG 1U  LVW VHKU lKQOLFK GLH HUPLWWHOWHQ 6HW]EHWUlJH 7DEHOOH  VLQG QDKH]X LGHQWLVFK ,P
=HLWYHUODXILVWGDV$QVSDQQHQGHUEHQDFKEDUWHQ6FKUDXEHQGXUFKHLQHQNXU]HQVWHLOHUHQ$EIDOO
GHU 9RUVSDQQNUDIW ]X HUNHQQHQ 'HU 5FNJDQJ EHWUlJW HWZD  N1 ZDV HLQHP 6HW]EHWUDJ YRQ
UXQGPPHQWVSULFKW'HU$EIDOOGHU9RUVSDQQNUDIWLVW]XQlFKVWELVHWZDVOLQHDUXQGNQLFNW
GDQDFKLQHLQHQZHLWHUHQOLQHDUHQ$VWDE
'LHQDFKWUlJOLFKHLQJHVHW]WH6FKUDXEH1U]HLJWTXDOLWDWLYGHQJOHLFKHQ9HUODXIDOOHUGLQJVPLW
YHUULQJHUWHU6WHLJXQJGDGXUFKGLH]XQlFKVWHLQJHVHW]WH6FKUDXEHHLQ7HLOGHV6HW]EHWUDJHVYRU
ZHJJHQRPPHQ ZXUGH (LQ TXDOLWDWLY DQGHUHU 9HUODXI LVW EHL 6FKUDXEH 1U  ]X HUNHQQHQ ,P
*HJHQVDW]]XGHQDQGHUHQ6FKUDXEHQ]HLJWVLFKKLHUNHLQDXVJHSUlJWHUELOLQHDUHU9HUODXI
7DEHOOH]HLJWGLHhEHUVLFKWEHUGLH9RUVSDQQNUDIWYHUOXVWHVRZLHGLHGDUDXVHUPLWWHOWHQ6HW]
EHWUlJHQDFKV
9HUVXFK 6FKUDXEH )9PD[ )9W (V )= I= I ')9
>N1@ >N1@ >N1@ >PP@ >@ >@
. 01U      
. 01U      
. 01U      
. 01U      
7DEHOOHhEHUVLFKWEHU9RUVSDQQNUDIWYHUOXVWHXQGEHUHFKQHWH6HW]EHWUlJHLP)HOGYHUVXFKW V
=XUhEHUVLFKWGHU6HW]EHWUlJHLVW]XEHDFKWHQ
 %HLGHQ6FKUDXEHQ01UXQG1UZXUGHQGLH9RUVSDQQNUDIWUFNJlQJHDXVGHP
$Q]LHKHQ GHU EHQDFKEDUWHQ 6FKUDXEHQ ')9Q YRP 9RUVSDQQNUDIWUFNJDQJ DEJH]RJHQ GD
VLHQLFKWDXI6HW]XQJVRQGHUQDXIGLHHODVWLVFKH6WDXFKXQJGHV)ODQVFKHV]XUFN]XIKUHQ
VLQG
 6FKUDXEH 1U  ZXUGH PHKUIDFK QDFKJHVSDQQW :HQQ DOOH ELV ]XP 1DFKVSDQQHQ HLQJH
WUHWHQHQ 9RUVSDQQNUDIWYHUOXVWH YRQ ')= N1 DGGLWLY EHUFNVLFKWLJW ZHUGHQ EHWUlJW
GHU 6HW]EHWUDJ GLHVHU 0H‰VWHOOH I=  PP 'LHVHU :HUW OLHJW EHU GHQMHQLJHQ GHU
6FKUDXEHQ1UXQG1U'DPLWZLUGLQGLUHNWEHVWlWLJWGD‰GLH$GGLWLRQYRQ6HW]EH
WUlJHQVHTXHQWLHOOHU9RUVSDQQYRUJlQJHYHUPXWOLFK]XU(UPLWWOXQJEHUK|KWHU*HVDPWVHW]
EHWUlJHIKUW
'LH6HW]EHWUlJHNXU]YRUGHP1DFKVSDQQHQGHU6FKUDXEHQEHWUXJHQ
9HUVXFK 6FKUDXEH )9PD[ )9W|G )= I= ')9
>N1@ >N1@ >N1@ >PP@ >@
. 01U     
. 01U     
. 01U     
. 01U     
7DEHOOHhEHUVLFKWEHU9RUVSDQQNUDIWYHUOXVWHXQGEHUHFKQHWH6HW]EHWUlJHLP)HOGYHUVXFKW|G
'HU5FNJDQJDQ9RUVSDQQNUDIWNRPPWQDFKFD7DJHQ]XP6WLOOVWDQGGLHGDQDFKHLQWUH
WHQGHQ9HUOXVWHODJHQLQQHUKDOEYRQZHLWHUHQ7DJHQXQWHUKDOEYRQN1
9HUJOLFKHQ PLW GHQ 6FKLFKWGLFNHQ GHU LP .UDIWIOX‰ OLHJHQGHQ .RQWDNWIOlFKHQ YRQ UXQG 
PPYJO7DEHOOHEHGHXWHQGLH(QGVHW]EHWUlJHLQGHU*U|‰HQRUGQXQJYRQPPHLQH
VHW]XQJVZLUNVDPH6WDXFKXQJGHU%HVFKLFKWXQJYRQUXQGGHU$XVJDQJVVFKLFKWGLFNH
6HLWH 6HW]YHUKDOWHQ

06>N1P@ 06>N1P@
 



 



 


 01U 01U
 
( ( ( ( ( ( ( ( ( (
=HLW>V@ =HLW>V@

06>N1P@ 06>N1P@
 
 









 
01U 01U
 
( ( ( ( ( ( ( ( ( (
=HLW>V@ =HLW>V@

$EELOGXQJ=HLWOLFKHU9HUODXIGHU9RUVSDQQPRPHQWHLP)HOGYHUVXFK
'LH%LHJHPRPHQWHGHU6FKUDXEHQIDOOHQHUZDUWXQJVJHPl‰QLFKWSDUDOOHO]XGHQ1RUPDONUlIWHQ
DE %HL HLQHU XPODXIHQG JOHLFKPl‰LJHQ 6HW]XQJ XQG GDPLW HLQKHUJHKHQGHU NRQVWDQWHU 6FKLH I
VWHOOXQJGHU6FKUDXEHQDXIODJHIOlFKHQZlUHHLQNRQVWDQWHV%LHJHPRPHQW]XEHREDFKWHQ$EZH L
FKXQJHQ YRQ GHU 5RWDWLRQVV\PPHWULH EHZLUNHQ YHUlQGHUOLFKH %LHJHPRPHQWH $EELOGXQJ 
]HLJW GLH 9HUOlXIH GHU 9RUVSDQQPRPHQWH 0 9 IU GLH 6FKUDXEHQ LP )HOGYHUVXFK :lKUHQG EHL
GHQ6FKUDXEHQ1UXQG1UHLQNRQWLQXLHUOLFKDEIDOOHQGHU9HUODXI]XHUNHQQHQLVWVLQGEHL
6FKUDXEH1UXQG1UVRZRKODQVWHLJHQGHDOVDXFKDEIDOOHQGH$EVFKQLWWH]XYHU]HLF KQHQ
'LH7RUVLRQVPRPHQWH]HLJHQZLHGHUXPHLQPRQRWRQDEIDOOHQGHV9HUKDOWHQZREHLVLFKGLH9H U
OlXIHWHLOZHLVHTXDOLWDWLYXQWHUVFKHLGHQVLHKH $EELOGXQJ'LHhEHUVLFKWLQ7DEHOOHHQWKlOW
QHEHQ GHQ 0D[LPDO XQG 0LQLPDOZHUWHQ GHU JHPHVVHQHQ 7RUVLRQVPRPHQWH GLH :HUWH QDFK
W V'HUUHODWLYH5FNJDQJZLUGMHZHLOVEHUGHQ.HQQZHUW
W
N 
W PD[
EHVFKULHEHQZREHLWGLH6FKXEVSDQQXQJLQIROJH7RUVLRQ]XHLQHPEHOLHELJHQ=HLWSXQNWWLVW
=HLWXQGODVWDEKlQJLJHV9HUKDOWHQ 6HLWH

N>@

01U

01U
 01U
01U









$EELOGXQJ=HLWOLFKHU9HUODXIGHU
( ( ( ( ( ( ( ( 7RUVLRQVPRPHQWHGHU,Q6LWX0HVVXQJLQ
=HLW>V@ EH]RJHQHU'DUVWHOOXQJ

*HJHQEHUGHQ0D[LPDOZHUWHQLP0RQWDJH]XVWDQGVLQGGLH7RUVLRQVPRPHQWHEHLW VLQ
GUHLYRQYLHU)lOOHQEHUHLWVXQWHUGHV0D[LPDOZHUWHVJHIDOOHQ'LH0LQLPDOZHUWHQDFKHWZD
HLQHPKDOEHQ-DKU6WDQG]HLWOLHJHQEHL·GHU0D[LPDOZHUWH
9HUVXFK 6FKUDXEH 07PD[ 07W V N 07PLQ NPLQ '07
>N1P@ >N1P@ >@ >N1P@ >@ >N1P@
. 01U      
. 01U      
. 01U      
. 01U      
7DEHOOHhEHUVLFKWEHUGLHLP)HOGYHUVXFKJHPHVVHQHQ7RUVLRQVPRPHQWH

 *HVDPWEHUVLFKW]XP6HW]YHUKDOWHQ
$EELOGXQJ]HLJWGLHhEHUVLFKWDOOHU6HW]EHWUlJHIUGHQHLQKHLWOLFKHQ%H]XJV]HLWUDXPW V
,QVJHVDPWZLUGHLQHJXWHhEHUHLQVWLPPXQJGHUHLQ]HOQHQ:HUWHHUUHLFKWZREHLGLH9HUVXFKHDQ
GHQXQEHVFKLFKWHWHQ6HJPHQWHQPLW0HWZDVJU|‰HUH:HUWHHUJHEHQDOVGLHDQGHUHQ)ODQVFKH
'LHEHVFKLFKWHWHQ)ODQVFKHLP/DERU ZHLVHQ HWZDV NOHLQHUH :HUWH DOV GLH 6FKUDXEHQ LP 7XUP
DXIGDGXUFKGLH1DFKODFNLHUXQJGHU7XUPIODQVFKHQDFKGHU$SSOLNDWLRQLP:HUNHWZDVJU|‰HUH
6FKLFKWGLFNHQYRUODJHQDOVEHLGHQQRUPDOEHVFKLFKWHWHQ)ODQVFKHQ
$XV GLHVHQ 8QWHUVXFKXQJHQ HUJHEHQ VLFK GHPQDFK DXIJHUXQGHW IROJHQGH 6HW]EHWUlJH GLH DOV
6FKlW]ZHUWHIUGLH6HW]XQJYHUZHQGHWZHUGHQN|QQHQ
W G W G
6HW]EHWUDJ6FKUDXEHDOOHLQH PP PP
6HW]EHWUDJXQEHVFKLFKWHWHU)ODQVFK PP PP
6HW]EHWUDJEHVFKLFKWHWHU)ODQVFK PP PP
7DEHOOH$QKDOWVZHUWHIU6HW]EHWUlJHYRUJHVSDQQWHU)ODQVFKYHUELQGXQJHQ

'HUHUPLWWHOWH6HW]EHWUDJIUGHQEHVFKLFKWHWHQ)ODQVFKLVWYRP6FKLFKWDXIEDXDEKlQJLJXQGJLOW
QXU IU GLH KLHU YHUZHQGHWH %HVFKLFKWXQJ )U GHQ NRQNUHWHQ $QZHQGXQJVIDOO VLQG JHQDXHUH
8QWHUVXFKXQJHQHPSIHKOHQVZHUW
6HLWH 9RUVSDQQNUDIWYHUOXVWHLQIROJHORNDOHU3ODVWL]LHUXQJLP)ODQVFK

I=>PP@ 6HW]EHWUlJHQDFK V










)HOGYHUVXFKH
/DFNLHUWH
01U

01U

01U
01U
01U
01U

01U
01U
01U

01U
01U

01U
01U

01U

01U
01U
01U
$EELOGXQJ6HW]EHWUlJHGHU
)ODQVFKHQDFKV

$XFKGLH6WHLJXQJHQGHU6HW]JHUDGHQLP ORJDULWKPLVFKHQ =HLWPD‰VWDE ]HLJHQ HLQH LP 5DKPHQ

GHU ]X HUZDUWHQGHQ 6WUHXXQJHQ JXWH hEHUHLQVWLPPXQJ )U HLQHQ EHVFKLFKWHWHQ )ODQVFK NDQQ
GHPQDFKPLWHLQHP:HUWI ·YJO6GHU]HLWOLFKH9HUODXIDEJHVFKlW]WZHUGHQ'LHV
LVWDEHULDQLFKWHUIRUGHUOLFKGDLPYRUDXVRKQHKLQNHLQHJHQDXHQ'DWHQEHU]XJHK|ULJH%HOD
VWXQJLP=HLWYHUODXIEHNDQQWVLQG

 9RUVSDQQNUDIWYHUOXVWHLQIROJHORNDOHU3ODVWL]LHUXQJLP)ODQVFK
1HEHQ 6HW]YRUJlQJHQ N|QQHQ DXFK
ORNDOH 3ODVWL]LHUXQJHQ IU HLQHQ 9RU
VSDQQNUDIWDEIDOO YHUDQWZRUWOLFK VHLQ
,QGHQHLJHQHQ9HUVXFKHQLVWGLHVEHL 9HUVXFKVIODQVFK
9HUVXFKVIODQVFK]XEHREDFKWHQ JH 3ODVWL]LHUXQJEHL= N1
%HUHFKQXQJPLWI\N 1PPð
ZHVHQ XQG NRQQWH DXFK LQ GHU )(
HQWVSUHFKHQG$EQDKPHSUI]HXJQLV
5HFKQXQJ QDFKYROO]RJHQ ZHUGHQ
VLHKH$EVFKQLWW$EELOGXQJ
]HLJWGD]XGLHSODVWLVFKHQ'HKQXQJHQ
IUHLQH%HODVWXQJ= N1
=XU 9HUKLQGHUXQJ YRQ 9RUVSDQQ
NUDIWYHUOXVWHQ LQIROJH 3ODVWL]LHUXQJ
NDQQ HLQ *HEUDXFKVWDXJOLFKNHLWV
QDFKZHLV JHIKUW ZHUGHQ 'LH 3ODVWL $EELOGXQJ3ODVWL]LHUXQJLP)ODQVFK)(%HUHFKQXQJ
]LHUXQJ ZLUG LP )ODQVFK LP %HUHLFK
GHV%RKUORFKHVVWDWWILQGHQGDKLHUGLHJU|‰WHQ%LHJHPRPHQWHPLWGHPNOHLQVWHQ:LGHUVWDQG]X
VDPPHQWUHIIHQ$QGHU)ODQVFKXQWHUVHLWHHQWVWHKWHLQH=XJVSDQQXQJDXVGHP%LHJHPRPHQWGLH
VLFKXQJQVWLJPLWGHU'UXFNVSDQQXQJDXVGHU.RQWDNWSUHVVXQJEHUODJHUWVRGD‰KLHUQDFKGHU
9RQ0LVHV)OLH‰EHGLQJXQJGLHHUVWH3ODVWL]LHUXQJHLQWULWW'HUKHUUVFKHQGH6SDQQXQJV]XVWDQGLVW
NRPSOL]LHUWXQGPLWHOHPHQWDUHQ0LWWHOQQLFKWEHUHFKHQEDU'XUFKHLQH5HLKHYRQ1lKHUXQJHQ
NDQQDEHUGHQQRFKHLQHUHDOLVWLVFKH$EVFKlW]XQJGHU6SDQQXQJVYHUKlOWQLVVHYRUJHQRPPHQZHU
GHQ%HL9HUQDFKOlVVLJXQJYRQP|JOLFKHQLQ8PIDQJVULFKWXQJZLUNHQGHQ6SDQQXQJHQV\PV
VHQ GLH LQ /lQJVULFKWXQJ GHV )ODQVFKHV DXIWUHWHQGHQ %LHJHVSDQQXQJHQ V[ XQG GLH DXV GHU )Ol
FKHQSUHVVXQJUHVXOWLHUHQGHQ'UXFNVSDQQXQJHQV]HUPLWWHOWZHUGHQ
=HLWXQGODVWDEKlQJLJHV9HUKDOWHQ 6HLWH

=XU(UPLWWOXQJGHULQ)ODQVFKOlQJVULFKWXQJZLUNHQ 'UDXIVLFKWDXIHLQH)ODQVFKKlOIWH
GHQ 6SDQQXQJHQ V[ ZLUG GDV VWDWLVFKH 6\VWHP DXV
$EELOGXQJ  YHUZHQGHW 'LH )OlFKHQSUHVVXQJ DXV
G% ÂU
GHU8QWHUOHJVFKHLEHZLUGLQ]ZHL$QWHLOHDXIJHWHLOW
'HU JUDX KLQWHUOHJWH 7HLO DX‰HUKDOE GHV %RKUORFKHV F
ZLUG ]X ]ZHL EHLGVHLWLJ GHU %RKUXQJ DQJUHLIHQGHQ
.UlIWHQ)]XVDPPHQJHID‰W,P%HUHLFKGHV%RKUOR \
FKHVZLUGGLHYHUEOHLEHQGH.UDIWGXUFKHLQHJOHLFK
[
Pl‰LJH 6WUHFNHQODVW S LGHDOLVLHUW :LH VLFK DQKDQG
GHU)OlFKHQYHUKlOWQLVVHOHLFKWKHUOHLWHQOl‰WJLOWIU
6FKUDXEHQQDFK',1 [6 [6
) |  ˜ )6 
D E
 ˜ )6
S|  ) S ) =
G%
'HU$QJULIIVSXQNWGHU.UDIW)OLHJWEHL
[ 6 |  ˜ U 
5
,P %HUHLFK GHV %RKUORFKHV JLOW IU GLH 4XHUNUDIW
XQG GDV %LHJHPRPHQW .RRUGLQDWHQV\VWHP VLHKH
$EELOGXQJ ± 
4 [  4$  S ˜ [ 
0$ 
§  ·
0[  0 $  ¨ 4$ ˜ [  ˜ S ˜ [ ¸ 
©  ¹
0RPHQWHQOLQLHTXDOLWDWLYXQGEHLVSLHOKDIW
PLW 4 $ )= 
$EELOGXQJ 6WDWLVFKHV0RGHOO]XU(UPLWWOXQJ
0$ = ˜ E  U   ) ˜ [ 6  U  GHU1RUPDOVSDQQXQJHQ

| = ˜  E  U    ˜ ) ˜ U
=PD[LPDOH=XJNUDIWDXI*HEUDXFKVODVWQLYHDX
'LH)OlFKHQSUHVVXQJLQGHU.RQWDNWIXJHZLUGEHLGHU(UPLWWOXQJGHU6FKQLWWJU|‰HQYHUQDFKOlV
VLJW'LHVH9HUHLQIDFKXQJLVWJHUHFKWIHUWLJWGDGHU)ODQVFKEHL)OLH‰EHJLQQLDEHUHLWVELVQDKH
GHU6FKUDXEHQDFKVHNODIIWXQGGHVKDOEQXUZHQLJ)OlFKHQSUHVVXQJLQGDV*OHLFKJHZLFKWHLQJHKW
:HQQGHU)ODQVFKHQWJHJHQGHU$QQDKPHQXUJHULQJNODIIWGDQQLVWLQIROJHGHUGDPLWYHUEXQGH
QHQJUR‰HQ)ODQVFKGLFNHRKQHKLQNHLQH3ODVWL]LHUXQJ]XEHIUFKWHQ
'DV:LGHUVWDQGVPRPHQWGHV)ODQVFKHVLVWLQIROJHGHU%RKUXQJPLWGHU.RRUGLQDWH[ZLHIROJW
YHUlQGHUOLFK

: [  F   ˜ 
 ˜ [ ˜ U  [ ˜ W   
0LWGHQ*OHLFKXQJHQXQGHUJLEWVLFKGDPLWGLH%LHJHVSDQQXQJ]X
§  ·
0 $  ¨ 4$ ˜ [  ˜ S ˜ [  ¸
©  ¹
V [  r
 
F  ˜ ˜[˜U  [ ˜W  
 

'DV0D[LPXPGLHVHU)XQNWLRQLVW]ZDUWKHRUHWLVFKEHUHFKHQEDUSUDNWLVFKHUJLEWVLFKDEHUNHLQH
DQZHQGEDUH *OHLFKXQJ (V PX‰ GHVKDOE ]% PLW HLQHU 7DEHOOHQNDONXODWLRQ IU GHQ %HUHLFK
6HLWH 9RUVSDQQNUDIWYHUOXVWHLQIROJHORNDOHU3ODVWL]LHUXQJLP)ODQVFK

d[dU GDV 0D[LPXP GXUFK 3URELHUHQ E]Z GXUFK HLQH :HUWHWDEHOOH HUPLWWHOW ZHUGHQ 'HU
%HUHLFKNDQQZLHIROJWHLQJHJUHQ]WZHUGHQ
 = )6    Ÿ0D[LPXPOLHJWLQ6FKUDXEHQDFKVH

 =  )6    Ÿ0D[LPXPOLHJWLQ5LFKWXQJGHV$QJULIIVSXQNWHVGHU=XJNUDIW

 = ! )6    Ÿ0D[LPXPOLHJWDXIGHUGHU=XJNUDIWDEJHZDQGWHQ6HLWHGHU6FKUDXEHQDFKVH

'LH9HUWLNDOVSDQQXQJV]HUJLEWVLFKDXVGHU)OlFKHQSUHVVXQJLQGHU%HUKUXQJVHEHQHGHU)ODQ
VFKH$XFKGLHVHLVWQLFKWHOHPHQWDU]XHUPLWWHOQ$OVJXWH1lKHUXQJNDQQYHUZHQGHWZHUGHQ
)6  ˜ )6
V= D= ˜ D= ˜ 
$ 6FKHLEH 
S ˜ '  G%


G%
PLW D =  ˜ d 
W
)6 t )9 DXIGHUVLFKHUHQ6HLWHOLHJHQGNDQQ)9JHVHW]WZHUGHQ

'HU HPSLULVFKH %HLZHUW D= EHUFNVLFKWLJW GLH 9HUWHLOXQJ GHU 6SDQQXQJHQ EHL ]XQHKPHQGHU
)ODQVFKGLFNH
0LWGHQVRHUPLWWHOWHQ6SDQQXQJHQZLUGGDQQHLQ9HUJOHLFKVVSDQQXQJVQDFKZHLVJHIKUW
 
V9 V [  V =  V [ ˜ V = d I \ G 

)UEUHLWH)ODQVFKHLVWGLHVHV9RUJHKHQQXUHLQJHVFKUlQNWJOWLJZHLOVLFKGDQQEHUGLH%UHLWH
HLQHYHUlQGHUOLFKH6SDQQXQJVYHUWHLOXQJHLQVWHOOW'LH*OWLJNHLWGLHVHU1lKHUXQJZLUGGDUXPLQ
$EKlQJLJNHLWGHV6FKUDXEHQGXUFKPHVVHUVEHVFKUlQNWDXI
F
d 
G
=HLWXQGODVWDEKlQJLJHV9HUKDOWHQ 6HLWH

 %HLVSLHO
$P %HLVSLHO YRQ 9HUVXFKVIODQVFK  ZLUG GHU V>1PPð@
1DFKZHLV GHPRQVWULHUW ,Q GHU )(5HFKQXQJ ZXU 
GHQ HUVWH 3ODVWL]LHUXQJHQ EHL =  N1 IHVWJH
VWHOOW ZDV VLFK PLW GHP 9HUVXFKVHUJHEQLV GHFNW 
YJO $EVFKQLWW  'HU )ODQVFK OLHJW PLW 1PPð
FG LP]XOlVVLJHQ$EPHVVXQJVEHUHLFK 

$EELOGXQJ]HLJWGLHLP%HUHLFKGHV%RKUORFKHV

EHUHFKQHWHQ 6SDQQXQJHQ IU =  N1 XQG
    
)6 N1DXVGHU)(5HFKQXQJHQWQRPPHQ 

D=  ˜  d 
 

 ˜  ˜  1 $EELOGXQJ 6SDQQXQJV[LP%HUHLFKGHV%RKU

V=  ˜ 
S ˜       PP  ORFKHV[  6FKUDXEHQDFKVH

V9       ˜   1  PPð !  1  PPð

'LHHUPLWWHOWH6SDQQXQJOLHJWNQDSSEHUGHU)OLH‰VSDQQXQJXQGVRPLWDXIGHUVLFKHUHQ6HLWH
:HLWHUH%HLVSLHOHLQ.XU]IRUP
)ODQVFKGDWHQ )( 9HUHLQIDFKWHU1DFKZHLVPLW=3O
E F W I\ 6FKUDXEH )V =3O V[ V] D= V9
PP PP PP 1PPð  N1 N1 1PPð 1PPð  1PPð
    0      
    0      
    0      
    0      
    0      
    0      
    0      
    0      
    0      
    0      
    0      
    0      
    0      
    0      
    0      
    0      
    0      
    0      

7DEHOOH%HLVSLHOHIUGHQ*HEUDXFKVWDXJOLFKNHLWVQDFKZHLVJHJHQ)ODQVFKIOLH‰HQ
,Q7DEHOOHVLQGZHLWHUH%HLVSLHOHDXIJHIKUWHVZXUGHMHZHLOVPLWGHU.UDIW=3OIUGLHLQGHU
)(5HFKQXQJ GDV HUVWH )OLH‰HQ LP )ODQVFK DXIWULWW GLH YHUHLQIDFKWH %HUHFKQXQJ GXUFKJHIKUW
'LH hEHUHLQVWLPPXQJ LVW GXUFKZHJ JXW ELV VHKU JXW IU GLH PD‰JHEHQGH .UDIW DXV GHU )(
5HFKQXQJZLUGPLWGHUYHUHLQIDFKWHQ%HUHFKQXQJMHZHLOVHLQ:HUWQDKHGHU9HUJOHLFKVVSDQQXQJ
HUPLWWHOW %LV DXI ]ZHL JHULQJH 8QWHUVFKlW]XQJHQ ZLUG GLH 6SDQQXQJ MHZHLOV DXI GHU VLFKHUHQ
6HLWHOLHJHQGEHUVFKlW]W
6HLWH 9RUVSDQQNUDIWYHUOXVWHLQIROJHORNDOHU3ODVWL]LHUXQJLQGHU6FKUDXEH

 3ODVWL]LHUXQJXQWHUGHP6FKUDXEHQNRSIRGHUXQWHUGHU0XWWHUDXIODJH
'XUFKGLH)OlFKHQSUHVVXQJXQWHUGHP6FKUDXEHQNRSIE]ZGHU0XWWHULVWDXFKGRUWHLQH3ODVWL
]LHUXQJ P|JOLFK ,QIROJH GHU %HODVWXQJ EHUODJHUQ VLFK KLHU 'UXFNQRUPDOVSDQQXQJHQ GLH VLFK
QDFKGHU9RQ0LVHV)OLH‰EHGLQJXQJSRVLWLYDXIGHQ%HDQVSUXFKXQJV]XVWDQGDXVZLUNHQ)UXQ
OHJLHUWH%DXVWlKOHJLEWGLH9',5LFKWOLQLH>@IROJHQGH:HUWHIUGLH]XOlVVLJH)OlFKHQ
SUHVVXQJDQ
:HUNVWRII :HUNVWRII1U *UHQ]IOlFKHQSUHVVXQJ 6WUHFNJUHQ]HQDFK(1
IUWdPP
86W6-5*  1PPð 1PPð
6W(  1PPð 1PPð
7DEHOOH*UHQ]IOlFKHQSUHVVXQJQDFK9',5LFKWOLQLH
%HL$QVDW]HLQHUJOHLFKPl‰LJHQ)OlFKHQSUHVVXQJDXIGHU6FKHLEHQIOlFKHHUJHEHQVLFKGDPLWIU
+9*DUQLWXUHQ QDFK ',1  ]XOlVVLJH 6FKUDXEHQNUlIWH GLH VFKRQ EHLP 6 GHXWOLFK EHU
GHUFKDUDNWHULVWLVFKHQ*UHQ]]XJNUDIWOLHJHQ

 9RUVSDQQNUDIWYHUOXVWHLQIROJHORNDOHU3ODVWL]LHUXQJLQGHU6FKUDXEH
$XFKGXUFKORNDOH3ODVWL]LHUXQJHQLQGHU6FKUDXEHN|QQHQ9RUVSDQQNUDIWYHUOXVWHKHUYRUJHUXIHQ
ZHUGHQZLH]%EHL3(7(56(1 >@]XHUNHQQHQLVW'LHDXIGHQ6SDQQXQJVTXHUVFKQLWWXPJH
UHFKQHWHQJHPHVVHQHQ5DQGVSDQQXQJHQODJHQLQVHLQHQ9HUVXFKHQPLQGHVWHQVEHLP5HFKHQZHUW
GHU'HKQJUHQ]HVRGD‰3ODVWL]LHUXQJHQLP*HZLQGHEHUHLFKDXIJHWUHWHQVLQGGLH]XHUKHEOL
FKHQ9RUVSDQQNUDIWYHUOXVWHQJHIKUWKDEHQ
'LH6FKUDXEHZLUGEHLP9RUVSDQQYRUJDQJGXUFKGLH1RUPDOVSDQQXQJVGLHVLFKDXVSODQPl‰L
JHU 1RUPDOVSDQQXQJ LQIROJH GHU 9RUVSDQQXQJ XQG XQSODQPl‰LJHU EHUODJHUWHU %LHJHVSDQQXQJ
]XVDPPHQVHW]WXQG7RUVLRQVVSDQQXQJWEHDQVSUXFKW
'LH9HUJOHLFKVVSDQQXQJZlKUHQGGHU0RQWDJHLVWGDPLW

V 9 0 V   ˜ W 

)9 0 9
PLW V V1  V0 
$ 6 :6
07 )9 ˜  ˜ 3   ˜ G  ˜ P * 
W YJO$EVFKQLWW
:7 :7
  
G6 G6 G6
$6 S˜  :6 S˜  :7 S˜
  
G  G
G G   ˜ 3  G  G   ˜ 3  G 6 G   ˜ 3

)U )9 LVW ]X EHUFNVLFKWLJHQ GD‰ GHU WDWVlFKOLFKH :HUW YRP 1HQQZHUW DEZHLFKHQ NDQQ 'DV
%LHJHPRPHQWLP9RUVSDQQ]XVWDQGKlQJWYRQGHQ,PSHUIHNWLRQHQGHU9HUELQGXQJDEXQGNDQQ
QLFKWYRUKHUJHVDJWZHUGHQVRQGHUQPX‰DXV(UIDKUXQJVZHUWHQDEJHVFKlW]WZHUGHQ
,P%HWULHEHUKlOWGLH6FKUDXEH=XVDW]VSDQQXQJHQDXVGHUH[]HQWULVFKZLUNHQGHQ%HODVWXQJGLH
7RUVLRQVVSDQQXQJJHKWGDIULP/DXIHGHU=HLWDXIHLQHQ:HUWNÂW]XUFN
,P%HWULHELVWGLH9HUJOHLFKVVSDQQXQJVRPLW
=HLWXQGODVWDEKlQJLJHV9HUKDOWHQ 6HLWH

V 9 %  V  'V     ˜  N ˜ W   

PLW 'V 'V 1  'V 0

$XFK ZHQQ GLH 6FKUDXEH ZlKUHQG GHV 9RUVSDQQYRUJDQJHV SODVWLVFK EHDQVSUXFKW ZLUG YHUKlOW
VLHVLFKEHL:LHGHUEHODVWXQJVRODQJHHODVWLVFKELVGLH0D[LPDOVSDQQXQJGLHZlKUHQGGHV9RU
VSDQQYRUJDQJHV HUUHLFKW ZXUGH EHUVFKULWWHQ ZLUG $XV GHU %HGLQJXQJ V90 V9% IROJW GLH
*U|‰HGHUÄHODVWLVFKHQ5HVHUYH³GLHIUGLH%HWULHEVEHDQVSUXFKXQJ'V]XU9HUIJXQJVWHKW

 V  'V     ˜  N ˜ W   V   ˜ W

Ÿ 'V V    ˜ W  ˜   N    V 
'LH NOHLQVWHQ P|JOLFKHQ 6SDQQXQJV]XZlFKVH HUJHEHQ VLFK KLHU EHL NOHLQHU 7RUVLRQVVSDQQXQJ
GKEHLNOHLQHP*HZLQGHUHLEEHLZHUWP*
:HQQGLH%HDQVSUXFKXQJZlKUHQGGHV9RUVSDQQHQVLPHODVWLVFKHQ%HUHLFKEOHLEWGDQQLVWGHU
$EVWDQG]XU'HKQJUHQ]HDOV]XVlW]OLFKH%HWULHEVVSDQQXQJDXIQHKPEDU

V 9 % V  'V    ˜  N ˜ W 5 S  

5 S     ˜  N ˜ W   V
 
Ÿ 'V 

'LHNOHLQVWHQ6SDQQXQJV]XZlFKVHHUJHEHQVLFKKLHUEHLJUR‰HU7RUVLRQVVSDQQXQJGKEHLJUR
‰HP*HZLQGHUHLEEHLZHUWP*
(VEHVWHKWDOVRHLQHNRPSOH[H$EKlQJLJNHLWGHU]XOlVVLJHQ6SDQQXQJYRQP*)9NXQGV0GLH
VLFKQLFKWPHKUHLQIDFKDQDO\WLVFKDXIO|VHQOl‰W$QKDQGQXPHULVFKHU3DUDPHWHUVWXGLHQIUHLQHQ
UHDOLVWLVFKHQ%HLZHUW N YJO 7DEHOOH]HLJWVLFKGD‰IDVWXQDEKlQJLJYRP6FKUDXEHQ
GXUFKPHVVHU IU %LHJHVSDQQXQJHQ EHLP 9RUVSDQQHQ YRQ V0  1PPð =XVDW]VSDQQXQJHQ
YRQ
'V 'V 1  'V 0  1  PPð
RKQH3ODVWL]LHUXQJHQHUWUDJEDUVLQG%HLJU|‰HUHQ%LHJHVSDQQXQJHQ LQIROJH 9RUVSDQQXQJ HUJH
EHQVLFKNOHLQHUH:HUWHIUV0 1PPðVLQNWGLHHUWUDJEDUH=XVDW]VSDQQXQJDXI'V 
1PPð:HQQHLQ1DFKZHLVHUIROJHQVROOGDQQGUIWHHLQH$EVLFKHUXQJJHJHQ'V1PPð
DXVIROJHQGHQ*UQGHQDXVUHLFKHQGVHLQ
 'HU 5FNJDQJ GHU 7RUVLRQVVSDQQXQJHQ ZDU LQ GHQ 9HUVXFKHQ HKHU JU|‰HU DOV  )U
N  VWHLJW GLH HUWUDJEDUH =XVDW]VSDQQXQJ IU V0  1PPð EHUHLWV DXI GLH YRUJH
VFKODJHQHQ'V 1PPð
 'LH$QQDKPHGD‰VLFKGDV%LHJHPRPHQWLQIROJH9RUVSDQQXQJXQGGLH%HWULHEVVSDQQXQ
JHQXQJQVWLJEHUODJHUQLVWNRQVHUYDWLY
 'LH XQJQVWLJVWHQ :HUWH HUJHEHQ VLFK ZHQQ EHL GHU 0RQWDJH JHQDX GLH 'HKQJUHQ]H
HUUHLFKWZLUGGLHVHU)DOOLVWVHKUXQZDKUVFKHLQOLFK:HQQGLH'HKQJUHQ]HEHURGHU
XQWHUVFKULWWHQZLUGGDQQZHUGHQGLH9HUKlOWQLVVHJQVWLJHU
'LHHUWUDJEDUHQ=XVDW]VSDQQXQJHQYDULLHUHQVHKUVWDUNLQ$EKlQJLJNHLWYRP9RUVSDQQ]XVWDQGLQ
GHQHLJHQHQ9HUVXFKHQODJHQNHLQHGHUDUWXQJQVWLJHQ9RUVSDQQ]XVWlQGHYRUGD‰HLQHUHFKQHUL
VFKH3ODVWL]LHUXQJLP6SDQQXQJVTXHUVFKQLWWHUUHLFKWZXUGH'HUUHFKQHULVFKH1DFKZHLVEHUGHQ
6SDQQXQJVTXHUVFKQLWW PX‰ ]XGHP NULWLVFK JHVHKHQ ZHUGHQ GD GXUFK GLH ORNDOH .HUEZLUNXQJ
YLHOIUKHU3ODVWL]LHUXQJHQDXIWUHWHQ(VNDQQGDUXPDQKDQGGHUYRUOLHJHQGHQ'DWHQQXUVFKZHU
6HLWH (UJHEQLVVH

EHXUWHLOWZHUGHQZLHVLQQYROOHLQ1DFKZHLVEHUKDXSWLVW:HQQHLQ]HOQH6FKUDXEHQLP5LQJ
IODQVFK LQIROJH GHU 3ODVWL]LHUXQJ DQ 9RUVSDQQNUDIW YHUOLHUHQ GDQQ KDW GDV EHL GHQ IROJHQGHQ
/DVWZHFKVHOQHLQHQJU|‰HUHQ$EVWDQG]XU)OLH‰JUHQ]H]XU)ROJHVRGD‰GHU5FNJDQJGDGXUFK
DXWRPDWLVFK EHJUHQ]W ZLUG (LQ 6LFKHUKHLWVULVLNR ZLUG GDUXP QXU EHL H[WUHP XQJQVWLJHQ 9HU
KlOWQLVVHQDXIWUHWHQ

 (UJHEQLVVH
¾
%HL GHU 8QWHUVXFKXQJ YRQ 9RUVSDQQNUDIWYHUOXVWHQ PVVHQ GLH 8UVDFKHQ Ä6HW]HQ³ XQG
Ä3ODVWL]LHUHQGHU)ODQVFKHRGHUGHU6FKUDXEH³VWUHQJYRQHLQDQGHUJHWUHQQWZHUGHQ:lKUHQG
GLH6HW]XQJLPPHUHLQWULWWXQGNRPSHQVLHUWRGHUEHUFNVLFKWLJWZHUGHQNDQQNDQQXQGPX‰
GLH3ODVWL]LHUXQJGHU)ODQVFKHYHUKLQGHUWZHUGHQ]%GXUFKGLH$EVFKlW]XQJPLWGHPLQ$E
VFKQLWW  DQJHJHEHQHQ 1lKHUXQJVYHUIDKUHQ 'LH HLQWUHWHQGHQ 9RUVSDQQNUDIWYHUOXVWH VLQG
GDQQPl‰LJ
¾
'HU 5FNJDQJ GHU 9RUVSDQQNUDIW LQIROJH 6HW]XQJ ODJ EHL GHQ XQWHUVXFKWHQ EHVFKLFKWHWHQ
)ODQVFKHQ XP  ZlKUHQG GHU HUVWHQ GUHL 0RQDWH 'LHVH *U|‰HQRUGQXQJ LVW ZHQQ GLH
1HQQYRUVSDQQXQJEHLP$QVSDQQHQ]XYHUOlVVLJHUUHLFKWZLUGQLFKWEHGHQNOLFK(LQDOOJHPHLQ
DQ]XZHQGHQGHU (UK|KXQJVIDNWRU IU GLH 6FKZLQJZHLWHQ 'V GHU 6FKUDXEHQEHDQVSUXFKXQJ
ZLHHUYRQ 3(7(56(1 >@PLWG YRUJHVFKODJHQZXUGHHUVFKHLQWYRUGLHVHP+LQWHU
JUXQGQLFKWVLQQYROO(LQH8QVLFKHUKHLWEHVWHKWOHGLJOLFK EHLP P|JOLFKHQ 9RUVSDQQNUDIWYHU
OXVWLQIROJH3ODVWL]LHUXQJGHU6FKUDXEHGLHGDUDXV]XHUZDUWHQGHQ(LQIOVVHVLQGZLHLQ$E
VFKQLWWHUOlXWHUWZXUGHQRUPDOHUZHLVHYHUQDFKOlVVLJEDU(LQH$EVFKlW]XQJGHUP|JOLFKHQ
*HIlKUGXQJ EHU GLH LP %HWULHE PD[LPDO DXIWUHWHQGH =XVDW]VSDQQXQJ LVW GHQQRFK HPSIHK
OHQVZHUW
¾
%HLGHU:DKOGHU %HVFKLFKWXQJVV\VWHPH LVW EHU 9HUVXFKH RGHU /LWHUDWXUDQJDEHQ IHVW]XVWHO
OHQLQZHOFKHU*U|‰HQRUGQXQJGLH6HW]EHWUlJH]XHUZDUWHQVLQG+LQZHLVHJLEW',19
 ZREHL KLHU ZHGHU HLQH ]XOlVVLJH *HVDPWVFKLFKWGLFNH QRFK HLQH 'LIIHUHQ]LHUXQJ QDFK GHU
$Q]DKO GHU LP .UDIWIOX‰ OLHJHQGHQ EHVFKLFKWHWHQ .RQWDNWIOlFKHQ DQJHJHEHQ ZLUG +LHU VLQG
.RQNUHWLVLHUXQJHQIUGLH:DKOGHU%HVFKLFKWXQJHQZQVFKHQVZHUW$OOJHPHLQLVWJHJHQEHU
GHU$QJDEHHLQHVSUR]HQWXDOHQ9RUVSDQQNUDIWYHUOXVWHVGLH1HQQXQJGHV6HW]EHWUDJHVYRU]X
]LHKHQ'HU9RUVSDQQNUDIWYHUOXVWNDQQGDUDXVLQHLQIDFKHU:HLVHEHUGLH1DFKJLHELJNHLWHQ
GHU6FKUDXEHXQGGHUYHUVSDQQWHQ7HLOHHUPLWWHOWZHUGHQ
¾
=XU%HUFNVLFKWLJXQJGHU9RUVSDQQNUDIWYHUOXVWHVLQG]ZHL9RUJHKHQVZHLVHQVLQQYROO
$XV GHU .ODVVLILNDWLRQ GHU JHZlKOWHQ %HVFKLFKWXQJ ZLUG HLQH 9RUJHKHQVZHLVH IU GLH 9RU
VSDQQNUDIWDXIEULQJXQJIHVWJHOHJWGLHGXUFKJHHLJQHWH1DFKVSDQQWHUPLQH]XMHGHP=HLWSXQNW
HLQH9RUVSDQQNUDIW)9t)9VROOVLFKHUVWHOOW:HQQQLFKWGXUFKHLQHJHQDXHUH8QWHUVXFKXQJJH
HLJQHWHUH=HLWUlXPHIHVWJHOHJWZHUGHQZLUGIROJHQGHV9RUJHKHQHPSIRKOHQ
 'DGLH0RQWDJHHLQHU$QODJHEOLFKHUZHLVHDQ]ZHL7DJHQHUIROJWLVWHLQ1DFKVSDQQHQGHU
6FKUDXEHQ LP 7XUP DP ]ZHLWHQ 7DJ RKQH JUR‰HQ $XIZDQG P|JOLFK XQG VROOWH GXUFKJH
IKUWZHUGHQ,QQHUKDOEGLHVHV=HLWUDXPHVVLQGEHUHLWVJUR‰H$QWHLOHGHU6HW]XQJHLQJHWUH
WHQVRGD‰QXUQRFKJHULQJHUH$QWHLOHELV]XPQlFKVWHQ1DFKVSDQQHQLP%HWULHEGHU$Q
ODJHIUHLQH9HUJU|‰HUXQJGHU6FKUDXEHQ]XVDW]EHDQVSUXFKXQJVRUJHQN|QQHQ
 %HLGHUUHJHOPl‰LJHQ:DUWXQJVROOWHQDFKHLQHPKDOEHQ-DKUXQGGDQDFKPLQGHVWHQVDOOH
]ZHL-DKUHPLWWHOV'UHKPRPHQWHQYHUIDKUHQQDFKJHVSDQQWZHUGHQ
'LH DXV GHQ 6HW]EHWUlJHQ HUPLWWHOWHQ 9RUVSDQQNUDIWYHUOXVWH ZHUGHQ LQ GHU %HUHFKQXQJ EH
UFNVLFKWLJWLQGHPDQVWDWW)9GLHQDFK$ENOLQJHQGHU6HW]XQJ]XHUZDUWHQGH5HVWYRUVSDQQ
NUDIW)9WofYHUZHQGHWZLUG
1DFKZHLVGHU*UHQ]WUDJIlKLJNHLW 6HLWH

 1DFKZHLVGHU*UHQ]WUDJIlKLJNHLW
,QGLHVHP.DSLWHOZLUGGLH(UPLWWOXQJGHU*UHQ]WUDJIlKLJNHLWZLHVLHLQ$EVFKQLWWGDUJH
VWHOOWZXUGHPLWWHOVHLQHU)(3DUDPHWHUVWXGLHEHUSUIW$QKDQGGHU(UJHEQLVVHZLUGHLQYHUEHV
VHUWHV 0RGHOO IU GQQH )ODQVFKH DEJHOHLWHW GDV GXUFK 9HUVXFKVHUJHEQLVVH YHULIL]LHUW XQG EHL
VSLHOKDIWYRUJHIKUWZLUG
0LW +LOIH GHV )(0RGHOOV
)ODQVFK )*0HWKRGH )(0HWKRGH $E
ZXUGHHLQH3DUDPHWHUVWXGLH
IU GLH 'LFNH YRQ 9HU GLFNHW 7UDJODVW 9HUVDJHQV 7UDJODVW ZHLFKXQJ
VXFKVIODQVFK  GXUFK PRGXV
JHIKUW ZHLWHUH $EPHV >PP@ >N1@ >±@ >N1@
VXQJHQ VLHKH $EELOGXQJ   &  
 )U GLH %HUHFKQXQJ
ZXUGH IU )ODQVFK XQG   &  
6FKDOHHLQELOLQHDUHV0DWH   &   
ULDOJHVHW]PLWGHQFKDUDNWH   &   
ULVWLVFKHQ :HUWHQ GHU
  &   
6WUHFNJUHQ]HQ I\N 
1PPð )ODQVFK E]Z   %  ±
I\N  1PPð %OHFK   %   
YHUZHQGHW 7DEHOOH 9HUJOHLFK7UDJODVWHQQDFKYHUHLQIDFKWHU%HUHFKQXQJXQG)(
$QKDQG GHU (UJHEQLVVH GHU 0RGHOOIUYHUVFKLHGHQH)ODQVFKGLFNHQZHLWHUH$EPHVVXQJHQ
ZLH9HUVXFKVIODQVFK
3DUDPHWHUVWXGLH LQ 7DEHOOH
ZLUGGHXWOLFKGD‰GLH9HUVDJHQVODVWHQJHUDGHIUGQQH)ODQVFKHPLWGHPYHUHLQIDFKWHQ0R
GHOOVWDUNXQWHUVFKlW]WZHUGHQ)UJU|‰HUH'LFNHQQlKHUQVLFK)(5HFKQXQJ)(0HWKRGHXQG
)OLH‰JHOHQNWKHRULH )*0HWKRGH HLQDQGHU DQ ELV EHL JUR‰HQ 'LFNHQ TXDVL HLQH hEHUHLQVWLP
PXQJGHUEHLGHQ%HUHFKQXQJVHUJHEQLVVHHU]LHOWZLUG

 $EOHLWXQJHLQHVYHUEHVVHUWHQ%HUHFKQXQJVPRGHOOVIUGLH7UDJODVWE HUHFKQXQJ

$XVGHU$QDO\VHGHV7UDJYHUKDOWHQVNDQQDXIGLH8UVDFKH GHU RIIHQVLFKWOLFK YRUKDQGHQHQ 0R
GHOOVFKZlFKHJHVFKORVVHQZHUGHQ
'HU9HUVDJHQVPRGXVGHUQDFKGHU)*7KHRULHDOVPD‰JHEHQGYRUKHUJHVDJWZLUGVWLPPWQXUEHL
GLFNHUHQ)ODQVFKHQPLWGHU)(5HFKQXQJEHUHLQ%HLGQQHUHQ)ODQVFKHQYHUVDJWHQWJHJHQGHU
$QQDKPH QLFKW QXU GHU )ODQVFK VRQGHUQ DXFK GLH 6FKUDXEH LVW YROO GXUFKSODVWL]LHUW 'HVKDOE
PX‰GLH6FKUDXEHHQWJHJHQGHU$QQDKPHEHL9HUVDJHQV]XVWDQG&HLQHQ(LQIOX‰DXIGLH7UDJ
IlKLJNHLWKDEHQ
%HL5LQJIODQVFKHQYRQ:LQGHQHUJLHDQODJHQVLQGGLH6FKUDXEHQDEVWlQGHVHKUNOHLQVRGD‰EHLP
9HUVDJHQV]XVWDQG&VLHKH$EELOGXQJ6HLWHQXUZHQLJ%UHLWHIUGHQ0RPHQWHQZLGHU
VWDQG0SO]XU9HUIJXQJVWHKW,Q$EELOGXQJLVWGHUPD‰JHEHQGH)ODQVFKWHLOIUHLJHVFKQLWWHQ
PLWDOOHQDQJUHLIHQGHQ6SDQQXQJHQGDUJHVWHOOW
 6SDQQXQJVYHUWHLOXQJIU0SOLP)ODQVFK
 6SDQQXQJVYHUWHLOXQJ IU 0SO LP %OHFK PLW ,QWHUDNWLRQ ]ZLVFKHQ DQJUHLIHQGHU =XJNUDIW
XQGGHPDXIQHKPEDUHQ0RPHQW
 .RQWDNWSUHVVXQJGXUFKGLH6FKUDXEHVFKHPDWLVFKNRQVWDQW
'HUGDUJHVWHOOWHQ6SDQQXQJVYHUWHLOXQJOLHJWGLH$QQDKPH]XJUXQGHGD‰NHLQH.RQWDNWNUlIWHLQ
GHUEOHFKVHLWLJHQ%HUKUXQJVHEHQHGHU)ODQVFKHZLUNHQ'DHVVLFKXPHLQHQ9HUVDJHQV]XVWDQG
6HLWH $EOHLWXQJHLQHVYHUEHVVHUWHQ%HUHFKQXQJVPRGHOOVIUGLH7UDJODVWEHUHFKQXQJ

HLQHVELHJHZHLFKHQ)ODQVFKHVKDQGHOWGHU]XP9HUVDJHQV]HLWSXQNWZHLWNODIIWLVWGLHVH$QQDK
PHJHUHFKWIHUWLJWVLHZLUGGXUFKGLH)(%HUHFKQXQJHQEHVWlWLJW

EOHFKVHLWLJHV7HLOV\VWHP )80SO
.RQWDNWVSDQQXQJHQ
DXVGHU6FKUDXEHQNUDIW
EOHFKDEJHZDQGWHV VFKHPDWLVFK )W5
7HLOV\VWHP ) 
W5

F¶
F

0SO

5 E
.RQWDNWVSDQQXQJHQ
U LQGHU%HUKUXQJVHEHQH
GHU)ODQVFKHVFKHPDWLVFK
D
)W5 *UHQ]]XJNUDIWGHU6FKUDXEH{5HVXOWLHUHQGHGHU3UHVVXQJDXVGHU
6FKUDXEHQNUDIWDXIGHQ)ODQVFK$QJULIIVSXQNWTXDOLWDWLY

5 5HVXOWLHUHQGHGHU.RQWDNWVSDQQXQJHQLQGHU%HUKUXQJVHEHQHGHU
)ODQVFKH$QJULIIVSXQNWTXDOLWDWLY
$EELOGXQJ6SDQQXQJHQXQG.UlIWHDQ7HLOV\VWHPHQ6FKQLWWGXUFKGLH6FKUDXEHQDFKVH
(LQ *OHLFKJHZLFKWV]XVWDQG LVW ]XOlVVLJ ZHQQ LQ MHGHP 6FKQLWW lX‰HUH XQG LQQHUH .UlIWH XQG
0RPHQWH LP *OHLFKJHZLFKW VWHKHQ $XV GHU 'DUVWHOOXQJ GHU DP )ODQVFK DQJUHLIHQGHQ .UlIWH
ZLUGGHXWOLFKGD‰DXFKGLH3UHVVXQJDXIGHQ)ODQVFKGLHDXVGHU6FKUDXEHQ]XJNUDIWUHVXOWLHUWLQ
GLH*OHLFKJHZLFKWVEHWUDFKWXQJHLQJHKW'LH9HUEHVVHUXQJGHU7UDJODVWEHUHFKQXQJEHUXKWDXIGHU
,GHHGLHVHQ$QWHLO]XEHUFNVLFKWLJHQ
,P*UHQ]]XVWDQGGHU7UDJIlKLJNHLW*=7ZLUGGLH6FKUDXEHUHFKQHULVFKYROODXI=XJDXVJHOD
VWHW'DVEHGHXWHWJOHLFK]HLWLJGD‰GLH6FKUDXEHPRPHQWHQIUHLVHLQPX‰8PGLHVH%HGLQJXQJ
]X HUIOOHQ PX‰ VLFK GLH .RQWDNWSUHVVXQJ GLH ]ZLVFKHQ 6FKUDXEHQNRSI XQG 6FKHLEH ZLUNW
V\PPHWULVFK]XU6FKUDXEHQDFKVHDXVELOGHQDXIHLQH)ODQVFKKlOIWHNDQQVRPLWLP*=7PD[LPDO
GLH KDOEH *UHQ]]XJNUDIW GHU 6FKUDXEH LQ GDV *OHLFKJHZLFKW HLQJHKHQ 'HU +HEHODUP GLHVHV
.UDIWDQWHLOV KlQJW YRQ GHU 9HUWHLOXQJ GHU .RQWDNWSUHVVXQJ DE (LQH QDKHOLHJHQGH 0|JOLFKNHLW
]XU %HUHFKQXQJ GHV +HEHODUPV DXV GHU 6FKUDXEHQNUDIW LVW GLH $QQDKPH HLQHU JOHLFKPl‰LJHQ
3UHVVXQJVYHUWHLOXQJDXIGLHJHVDPWH8QWHUOHJVFKHLEH$XV9HUVXFKHQXQG)(5HFKQXQJHQZLUG
MHGRFKGHXWOLFKGD‰VLFKGLH6FKHLEHZHJHQGHU.UPPXQJGHV)ODQVFKHVKDXSWVlFKOLFKDQGHQ
$X‰HQNDQWHQDXIOHJWYJO$EELOGXQJ'DGHU$QVDW]GHUYROOHQ.UDIWDP6FKHLEHQUDQG]X
JQVWLJ ZlUH GLH JOHLFKPl‰LJH 3UHVVXQJVYHUWHLOXQJ DEHU JHJHQEHU 9HUVXFKVHUJHEQLVVHQ ]X
NRQVHUYDWLYH(UJHEQLVVHOLHIHUWZLUGGHU$QJULIIVSXQNWGHU5HVXOWLHUHQGHQGHU.RQWDNWSUHVVXQJ
LQLQJHQLHXUPl‰LJHU1lKHUXQJLQGLH0LWWHGHU8QWHUOHJVFKHLEHJHOHJW'LHVH$EVFKlW]XQJOLHJW
EHLGHQXQWHUVXFKWHQ%HLVSLHOHQDXIGHUVLFKHUHQ6HLWHLVWDEHUDQGHUHUVHLWVDXFKQLFKW]XNRQ
VHUYDWLY
1DFKZHLVGHU*UHQ]WUDJIlKLJNHLW 6HLWH

.RQWDNWSUHVVXQJ
DXIGHQ)ODQVFK

.RQ]HQWUDWLRQGHU
)OlFKHQSUHVVXQJDXV
GHU6FKUDXEHDP
6FKHLEHQUDQG

(EHQHGHU)OLH‰]RQH
LP)ODQVFK
$EELOGXQJ 3ODVWLVFKH'HKQXQJHQXQG.RQWDNWSUHVVXQJHQLP9HUVDJHQV]XVWDQGHLQHVGQQHQ)ODQVFKHV
9HUVXFKVIODQVFK
'LH/DJHGHU)OLH‰JHOHQNHPX‰VRJHIXQGHQZHUGHQGD‰GLHGD]XJHK|ULJH9HUVDJHQVODVWPLQL
PDOZLUG'LH/DJHGHV)OLH‰JHOHQNHVLP)ODQVFKPX‰GDEHLQLFKW]ZDQJVOlXILJLQGHU6FKUDX
EHQDFKVHOLHJHQZLHEHL9=&DQJHQRPPHQ'HU2UWGHV)OLH‰JHOHQNHVVWHOOWVLFKDQGHU6WHOOH
HLQDQGHUGHU4XRWLHQWDXV:LGHUVWDQGXQG%HDQVSUXFKXQJPLQLPDOLVW
%DXSUDNWLVFK LVW HV DXVUHLFKHQG GLH 6FKQLWWH LQ 6FKUDXEHQDFKVH XQG LQ 6FKHLEHQPLWWH DXI GHU
%OHFKVHLWH ]X XQWHUVXFKHQ 6FKQLWWH GLH ZHLWHU DXI GHU %OHFKVHLWH RGHU ZHLWHU ]XU EOHFKDEJH
ZDQGWHQ 6HLWH OLHJHQ ZHUGHQ ZHJHQ GHV NRQVWDQWHQ :LGHUVWDQGHV GHV )ODQVFKHV QLFKW PD‰JH
EHQG =ZLVFKHQ 6FKUDXEHQDFKVH XQG 0LWWH GHU 6FKHLEH DXI GHU EOHFK]XJHZDQGWHQ 6HLWH VLQG
]ZDUUHFKQHULVFKOHLFKWXQJQVWLJHUH9HUKlOWQLVVHP|JOLFKGLHVHZHUGHQDEHUGXUFKGLHNRQVHU
YDWLYH$QQDKPHIUGHQ$QJULIIVSXQNWGHU5HVXOWLHUHQGHQGHU.RQWDNWSUHVVXQJDXVGHU6FKUDX
EHQNUDIWDEJHGHFNW
'LH .RQWDNWSUHVVXQJ DXV GHU 6FKUDXEHQNUDIW JHKW EHL 9= ' PLW HLQHP 0RPHQWHQDQWHLO LQ GLH
7UDJODVWEHVWLPPXQJ HLQ GHU LP IROJHQGHQ GXUFK HLQH LGHHOOH (UK|KXQJ GHV SODVWLVFKHQ 0R
PHQWHVLQGHU6FKUDXEHQDFKVHXPGHQ$QWHLO'0SOHUID‰WZLUG$QVFKDXOLFKNDQQGLHVHU$QWHLO
DXFKDOVHLQH$EPLQGHUXQJGHV0RPHQWHVLQ6FKUDXEHQDFKVHJHJHQEHUGHU6FKQLWWJU|‰HQYHU
WHLOXQJLP9=&JHGHXWHWZHUGHQ
$XIJUXQGGLHVHUhEHUOHJXQJZHUGHQ]ZHLQHXH9HUVDJHQV]XVWlQGH9=GHILQLHUWGLHZLHIROJW
FKDUDNWHULVLHUWVLQG$EELOGXQJ
 9=')OLH‰JHOHQNLQ6FKUDXEHQDFKVH±DQGLHVHU6WHOOHKDWGHU)ODQVFKGXUFKGLH6FKZl
FKXQJ LQIROJH GHV %RKUORFKHV VHLQHQ NOHLQVWHQ :LGHUVWDQG 'LHVHU :LGHUVWDQG 0¶SO GHV
JHVFKZlFKWHQ )ODQVFKHV ZLUG XP GHQ $QWHLO '0SO GXUFK GLH 6FKUDXEH HUK|KW =XU (U
PLWWOXQJGLHVHV$QWHLOVZLUGGLHYROOH*UHQ]]XJNUDIWGHU6FKUDXEHDQJHVHW]W
 9=()OLH‰JHOHQNEOHFKVHLWLJLQ0LWWHGHU6FKHLEH±KLHUIDOOHQPD[LPDOHV%LHJHPRPHQW
XQGYROOHU:LGHUVWDQGGHV)ODQVFKHV]XVDPPHQGLH6FKUDXEHKDWNHLQHQ(LQIOX‰
$EELOGXQJ  ]HLJW GLH ]XJHK|ULJHQ NLQHPDWLVFKHQ .HWWHQ GHU EHLGHQ 9HUVDJHQV]XVWlQGH $XV
LKQHQVLQGGLHDQJHJHEHQHQ)RUPHOQIUGLH7UDJODVWHQGLUHNWDEOHVEDU
6HLWH $EOHLWXQJHLQHVYHUEHVVHUWHQ%HUHFKQXQJVPRGHOOVIUGLH7UDJODVWEHUHFKQXQJ

6FKHLEHQ‘ ' = )X 6FKHLEHQ‘ ' = )X

%RKUORFK‘ G% %RKUORFK‘ G%

)W5 )W5 )W5 )W5

03O
03O

M M
0¶3O 03O

'G% 'G% 'G%

E
  
E¶(

D E D E
E¶'

9=' 9=(

0¶SO'0SO0SO 0SO0SO
)8  )8 
E¶' E¶(

$EELOGXQJ.LQHPDWLVFKH.HWWHQIUGLH9HUVDJHQV]XVWlQGH9='XQG9=(
,Q$EELOGXQJEHGHXWHQ
Fc ˜ W  SODVWLVFKHU0RPHQWHQZLGHUVWDQGGHV)ODQVFKHVPLW%HUFNVLFK
0 cSO   ˜ I\ WLJXQJHLQHV/RFKDE]XJHVIUGLH6FKUDXEH

F˜ W SODVWLVFKHU0RPHQWHQZLGHUVWDQGGHV)ODQVFKHV
0 SO   ˜ I\

)W 5 '  G % 'LIIHUHQ]PRPHQWDXVGHU6FKUDXEHQNUDIW)W5DQVFKDXOLFK
'0 SO   ˜ HLQJHIKUWDOV9HUJU|‰HUXQJGHV0RPHQWHQZLGHUVWDQGHVGHV
 
)ODQVFKHV
0 SO  SODVWLVFKHU0RPHQWHQZLGHUVWDQGGHV%OHFKHVE]ZGHV)ODQ
VFKHVDQGHU%OHFKVHLWHXQWHU%HUFNVLFKWLJXQJGHU,QWHUDNWLRQV
EHGLQJXQJHQ01E]Z09,QWHUDNWLRQ
Fc F  G% )ODQVFKEUHLWHDE]JOLFK%RKUORFKGXUFKPHVVHU
Ec( E  '  G %    $EVWDQG0LWWH%OHFKELV0LWWH8QWHUOHJVFKHLEH
Ec' E $EVWDQG0LWWH%OHFKELV6FKUDXEHQDFKVH
'LH %H]HLFKQXQJHQ Ec'  XQG Ec(  GHXWHQ DQ GD‰ GLH 0D‰H JJI MH QDFK /DJH GHV )OLH‰JHOHQNHV
NRUULJLHUWZHUGHQPVVHQVLHKH$EVFKQLWW
1DFKZHLVGHU*UHQ]WUDJIlKLJNHLW 6HLWH

 .RQWUROOHQ
0LWIROJHQGHQ.RQWUROOHQZLUGJHSUIWREGLH9RUDXVVHW]XQJHQE]JOGHU/DJHGHU)OLH‰JHOHQNH
HUIOOWVLQG'LHIRUPHOPl‰LJH'DUVWHOOXQJHUIROJWIUGLHXQV\PPHWULVFKH9HUELQGXQJ
 9HUVDJHQV]XVWDQG'
:HQQ9='PD‰JHEHQGVHLQVROOGDQQPVVHQIROJHQGH.RQWUROOEHGLQJXQJHQHUIOOWVHLQ
'DV0RPHQWLQ0LWWH6FKHLEHGDUIGHQ:HUW0SOQLFKWEHUVFKUHLWHQ
§) · § '  G% ·
 Ÿ ¨¨ W 5  )8 ' ¸¸ ˜ ¨ ¸ d 0 SO    0 cSO   
©  ¹ ©  ¹
 :HQQGLHVH%HGLQJXQJQLFKWHUIOOWLVWGDQQLVW9=(PD‰JHEHQG
'LH.RQWDNWNUDIW5PX‰LQQHUKDOEGHV)ODQVFKHVDQJUHLIHQ
0 cSO    '0 SO  
 Ÿ U dD 
)W 5  )8

 9HUVDJHQV]XVWDQG(
:HQQ9=(PD‰JHEHQGVHLQVROOGDQQPVVHQIROJHQGH.RQWUROOEHGLQJXQJHQHUIOOWVHLQ
'DV0RPHQWLQ6FKUDXEHQDFKVHGDUIGHQ:HUW0¶SOQLFKWEHUVFKUHLWHQ
§) · § '  G% ·
 Ÿ ¨¨ W 5  )8 ( ¸¸ ˜ ¨ ¸ t 0 SO    0 cSO   
©  ¹ ©  ¹
 :HQQGLHVH%HGLQJXQJQLFKWHUIOOWLVWGDQQLVW9='PD‰JHEHQG
'LH.RQWDNWNUDIW5PX‰LQQHUKDOEGHV)ODQVFKHVDQJUHLIHQ
§ '  G% ·
 Ÿ 0 cSO     ˜ '0 SO   5 ˜¨U  ¸ 
©  ¹
0 cSO     ˜ '0 SO   '  G%
 Ÿ U  dD
)W 5  )8 

 *U|‰HGHV'LIIHUHQ]PRPHQWHVDXVGHU6FKUDXEHQNUDIW
'LH*U|‰HGHVLGHHOOHQ6FKUDXEHQDQWHLOVDP0RPHQWHQZLGHUVWDQGLVWYRQ6FKUDXEHQGXUFKPHV
VHU XQG )HVWLJNHLW DEKlQJLJ 'LH IROJHQGH 7DEHOOH  JLEW GLH :HUWH IU GLH =XJWUDJIlKLJNHLW
QDFK >@ XQG GDV ]XJHK|ULJH 0RPHQW DQ $QJHJHEHQ ZHUGHQ FKDUDNWHULVWLVFKH :HUWH XQG
%HPHVVXQJVZHUWH
6HLWH $EOHLWXQJHLQHVYHUEHVVHUWHQ%HUHFKQXQJVPRGHOOVIUGLH7UDJODVWEHUHFKQXQJ

*U|‰H *WH )W5G )W5N '0SO5G '0SO5N

>@ >@ >N1@ >N1@ >N1FP@ >N1FP@
0     
0     
0     
0     
0     
0     
0     
0     
0     
0     
0     
7DEHOOH*UHQ]]XJNUlIWHXQGLGHHOOH$QWHLOH]XPSODVWLVFKHQ0RPHQWHQZLGHUVWDQGYRQ+96FKUDXEHQ

 *UHQ]GLFNHIUGHQhEHUJDQJYRQ9='QDFK9=%
(VJLOWIU9HUELQGXQJHQPLWHLQHU6FKUDXEH
(LQVHLWLJHU)ODQVFK 6\PPHWULVFKH9HUELQGXQJ

)8

0 SO   0 SO
)8

 ˜ 0 SO   0 SO 
9='
E E
)W 5 ˜ D  0 SO  ˜ )W 5 ˜ D  0 SO 
9=% )8 )8
DE DE
Fc ˜ W  ) '  G%
PLW 0 SO   ˜ I \  W 5 ˜
  
$XVGHP*OHLFKVHW]HQGHUEHLGHQ9HUVDJHQVODVWHQNDQQGLH*UHQ]GLFNHHUPLWWHOWZHUGHQDEGHU
9HUVDJHQV]XVWDQG%PD‰JHEHQGZLUG
)W 5 ˜ D  0 SO 
˜  ˜ E  )W 5 ˜  '  G %    ˜ 0 SO 
Wt DE 
 ˜ Fc ˜ I \

­ F ˜ V
°° 0 3O  1 %O ˜ I \ %O
0 SO  PLQ ®  HLQVHLWLJHU )ODQVFK

PLW ° 0 3O 9)O F ˜ W ˜ I \ )O
°¯ 

F˜W
0 SO  0 3O 9)O ˜ I \ )O V\PPHWULVFKH 9HUELQGXQJ

$QVWDWW0D‰ELVWEHLGHUH[DNWHQ%HUHFKQXQJE¶]XJHK|ULJ]XU/DJHGHV)OLH‰JHOHQNHV]XVHW]HQ
)UGLH9RUEHPHVVXQJLVWHVDEHUDXVUHLFKHQGJHQDXGDV0D‰E]XYHUZHQGHQ(LQHZHLWHUH8Q
JHQDXLJNHLWGLHLP5DKPHQGHU9RUEHPHVVXQJDN]HSWDEHOLVWHQWVWHKWGXUFKGLH9HUQDFKOlVVL
JXQJGHU,QWHUDNWLRQ
(VLVW]XEHDFKWHQGD‰EHLPHLQVHLWLJHQ)ODQVFKGLH7UDJODVWLP9=%GXUFK9HUJU|‰HUXQJGHU
)ODQVFKGLFNH QLFKW PHKU HUK|KW ZHUGHQ NDQQ ZHQQ GDV ]X 0SO ]XJHK|ULJH )OLH‰JHOHQN LP
%OHFKOLHJW%HLGHUV\PPHWULVFKHQ9HUELQGXQJIKUWHLQH(UK|KXQJGHU)ODQVFKGLFNHZHJHQGHV
1DFKZHLVGHU*UHQ]WUDJIlKLJNHLW 6HLWH

]ZDQJVOlXILJLP)ODQVFKOLHJHQGHQ)OLH‰JHOHQNHVKLQJHJHQLPPHUDXFK]XHLQHU(UK|KXQJGHU
7UDJIlKLJNHLW
(VHPSILHKOWVLFKEHLHLQVHLWLJHQ)ODQVFKHQIUGLH(UPLWWOXQJGHU)ODQVFKGLFNHPLWGHQFKDUDN
WHULVWLVFKHQ:HUWHQGHU7UDJIlKLJNHLW]XUHFKQHQXQGGLHVHQ:HUWDXFKEHLGHUHQGJOWLJHQ%H
PHVVXQJQLFKW]XXQWHUVFKUHLWHQ%HLGHQ%HPHVVXQJVZHUWHQZLUGGLH7UDJIlKLJNHLWGHU6FKUDX
EH JHJHQEHU GHP FKDUDNWHULVWLVFKHQ :HUW VHKU ZHLW DEJHPLQGHUW VR GD‰ VLFK HLQH ]X JHULQJH
*UHQ]GLFNHHUJLEW=XVlW]OLFKLVW]XEHUSUIHQRE9HUVDJHQV]XVWDQG(PD‰JHEHQGLVW

 )OLH‰PXVWHUEHLEUHLWHQ)ODQVFKHQ
'LH$QZHQGXQJGHUYRUJHQDQQWHQ)RUPHOQLVWQXUJOWLJZHQQVLFKGLH)OLH‰OLQLHQLP)ODQVFK
EHU GLH JHVDPWH %UHLWH HUVWUHFNHQ GK GD‰ VLFK QDFK (XURFRGH  DOV HIIHNWLYH /lQJH GLH
)ODQVFKEUHLWH HUJHEHQ ZUGH :HQQ DQGHUH )OLH‰PXVWHU PD‰JHEHQG ZHUGHQ GDQQ VLQG ZHLWHUH
hEHUOHJXQJHQDQ]XVWHOOHQ $QDORJ ]X GHQ 9HUVDJHQV]XVWlQGHQ ' XQG ( VLQG )OLH‰OLQLHQPXVWHU
]XXQWHUVFKHLGHQEHLGHQHQGLH6FKUDXEHQNUDIWYLUWXHOOH$UEHLWOHLVWHWDQDORJ]X9='XQGVRO
FKHEHLGHQHQGDV)OLH‰PXVWHUXPGLH6FKUDXEHKHUXPYHUOlXIWDQDORJ]X9=(:LH5$,7=
921 )5(17= >@ ]HLJHQ NRQQWH LVW GDPLW HLQH EHVVHUH 9RUKHUVDJH GHV WDWVlFKOLFKHQ 9HUVD
JHQVPRGXVDOVPLWGHQ0LWWHOQGHV(XURFRGHP|JOLFK'LHYRUJHVFKODJHQH6\VWHPDWLNLVWVRPLW
DXFK IU +RFKEDXNRQVWUXNWLRQHQ ]% 6WLUQSODWWHQYHUELQGXQJHQ LQWHUHVVDQW KLHU]X EHGDUI HV
DEHUQRFKGHU.RQNUHWLVLHUXQJGHU)OLH‰OLQLHQPXVWHU

 %HJUHQ]XQJGHU7UDJIlKLJNHLWGXUFK(UVFK|SIXQJGHU9HUIRUPXQJVIlKLJNHLW
+96FKUDXEHQ QDFK ',1  KDEHQ ]ZDU HLQH JUR‰H 7UDJIlKLJNHLW DXIJUXQG GHU NXU]HQ *H
ZLQGHOlQJHDEHUQXUHLQHJHULQJHSODVWLVFKH9HUIRUPEDUNHLW>@'DVEHGHXWHWGD‰QHEHQGHU
*UHQ]]XJNUDIWDXFKGLH9HUIRUPXQJVIlKLJNHLWEHLGHU%HVWLPPXQJGHU*UHQ]WUDJIlKLJNHLW]XEH
DFKWHQ LVW ,Q $EKlQJLJNHLW YRQ GHU *HRPHWULH HUJHEHQ VLFK GDEHL YHUVFKLHGHQH 9HUVDJHQVPH
FKDQLVPHQ EHL GHQHQ GLH 9HUIRUPXQJVIlKLJNHLW LQ XQWHUVFKLHGOLFKHU :HLVH LQ $QVSUXFK JH
QRPPHQZLUG
$OOJHPHLQH,QIRUPDWLRQHQ]XUP|JOLFKHQ9HUOlQJHUXQJJH]RJHQHU6FKUDXEHQN|QQHQ>@HQW
QRPPHQZHUGHQ
 7UDJIlKLJNHLWEUHLWHUGLFNHU)ODQVFKH
%HL9HUVDJHQV]XVWDQG%HUJLEWVLFKGLH*UHQ]WUDJIlKLJNHLWQDFKGHU*OHLFKXQJ
)W 5 ˜ D  0 SO 
)8 
D  Ec
'DV *OHLFKJHZLFKW DP *HVDPWV\VWHP ZLUG DOVR GXUFK HLQHQ $QWHLO DXV GHU 6FKUDXEHQ]XJNUDIW
XQGHLQHQ$QWHLODXVGHPSODVWLVFKHQ%LHJHPRPHQWGHV%OHFKHVE]ZGHV)ODQVFKHVDPhEHU
JDQJ]XP%OHFKHUUHLFKW%HLP HLQVHLWLJHQ )ODQVFK EDXW VLFK LD ]XQlFKVW GLH YROOH =XJWUDJIl
KLJNHLWGHU6FKUDXEHDXIHKHEHUGLH9HUIRUPXQJGHV6\VWHPVGLHSODVWLVFKH%LHJHPRPHQWHQ
WUDJIlKLJNHLW LP DQVFKOLH‰HQGHQ %OHFK DNWLYLHUW ZLUG 8P GLH GDPLW YHUEXQGHQH HUIRUGHUOLFKH
/lQJXQJGHU6FKUDXEH]XEHJUHQ]HQZLUGYRUJHVFKODJHQGLH*UHQ]WUDJIlKLJNHLWZLHIROJW]XHU
PLWWHOQ
­ )W  5 ˜ D  0 SO 
°
°° D  Ec
)8 PLQ ® §  · 
° )W  5 ˜ D ˜ ¨     ¸
° © ¹ |  ˜ ) ˜ D
°¯ D  Ec
W 5
D  Ec
6HLWH %HJUHQ]XQJGHU7UDJIlKLJNHLWGXUFK(UVFK|SIXQJGHU9HUIRUPXQJVIlKLJNHLW

$XIGLHVH$UWZLUGGHU$QWHLOGHU]XVlW]OLFK]XP%LHJHPRPHQWDXVGHU6FKUDXEHQNUDIWDNWLYLHUW
ZLUGDXIGHV$QWHLOVGHU6FKUDXEHEHJUHQ]W'LHVH%HJUHQ]XQJKDWHLQHQ(LQIOX‰EHLVHKU
EUHLWHQ )ODQVFKHQ GHUHQ 7UDJIlKLJNHLW 0SO JUR‰ LVW :HQQ GLH ]ZHLWH %HGLQJXQJ PD‰JHEHQG
ZLUGVLQGJJIJHULQJHUH6FKUDXEHQDEVWlQGHHPSIHKOHQVZHUW
 7UDJIlKLJNHLWODQJHUGLFNHU)ODQVFKH
(LQZHLWHUHU)DOOEHLGHPGLH9HUIRUPXQJVIlKLJNHLWGHU6FKUDXEHYRQ%HGHXWXQJVHLQNDQQVLQG
VHKUODQJH)ODQVFKHPLWJUR‰HP0D‰D%HLGLHVHQ)ODQVFKHQZLUGLP*=7UHFKQHULVFK.DQWHQ
WUDJHQDQJHVHW]WGKGHU)ODQVFKNODIIWEHUGLHJHVDPWH/lQJHZRPLWHLQHHUKHEOLFKH9HUOlQ
JHUXQJGHU6FKUDXEHYHUEXQGHQLVW9HUPXWOLFKDXVGLHVHP*UXQGHZLUGLP(XURFRGH>@
GHUUHFKQHULVFKH+HEHODUPDXI
D c ÂE 
EHJUHQ]W %HL GLFNHUHQ )ODQVFKHQ LVW GHU $QVWLHJ GHU 6FKUDXEHQOlQJXQJ EHL DQVWHLJHQGHQ =XJ
NUlIWHQ DOOHUGLQJV ZHQLJHU SURJUHVVLY 'LH GXUFKJHIKUWHQ %HUHFKQXQJHQ ODVVHQ IROJHQGH %H
JUHQ]XQJJHUHFKWIHUWLJWHUVFKHLQHQ

§ W ·
D c  ˜ ¨¨ ¸¸ ˜ E d  ˜ E 
© W% ¹
W% LVW GDEHL GLH *UHQ]GLFNH IU GHQ hEHUJDQJ ]X 9HUVDJHQVPRGXV % GLH QlKHUXQJVZHLVH QDFK
*OHUPLWWHOWZHUGHQNDQQ+LHUEHLVROOWHPLWFKDUDNWHULVWLVFKHQ:HUWHQGHU7UDJIlKLJNHLW
JHUHFKQHWZHUGHQGDGDPLWGDVWDWVlFKOLFKH7UDJYHUKDOWHQEHVVHUEHVFKULHEHQZLUG$OVREHUHU
*UHQ]ZHUWIUGDVDQVHW]EDUH0D‰D¶ZLUGEIHVWJHOHJW
'O>PP@ 6FKUDXEHQOlQJXQJ )ODQVFKPD‰H

DEFV 
W PP

W PP
 W PP 6FKUDXEH0
 W PP


0DWHULDO)ODQVFKXQG
6FKDOH

6





       
=XJNUDIW>N1@

$EELOGXQJ9HUJOHLFKGHU6FKUDXEHQYHUOlQJHUXQJHQEHLODQJHQ)ODQVFKHQXQWHUVFKLHGOLFKHU'LFNH
$EELOGXQJ]HLJWGHQ9HUJOHLFKGHUDXIGLH.OHPPOlQJHEH]RJHQHQ6FKUDXEHQOlQJXQJIUYLHU
XQWHUVFKLHGOLFKH'LFNHQLQ HLQHP PLW DE  VHKU ODQJHQ )ODQVFK GLH )(%HUHFKQXQJ HUIROJWH
PLWFKDUDNWHULVWLVFKHQ0DWHULDONHQQZHUWHQ*HVWULFKHOWVLQGGLH7UDJODVWHQHLQJHWUDJHQGLHVLFK
EHL9HUZHQGXQJYRQD¶QDFK*OHUJHEHQ)UGLH)ODQVFKHW PPXQGW PPZLUG
GDPLWHUUHLFKWGD‰GLH6FKUDXEHQOlQJXQJQLFKWLQGHQSURJUHVVLYDQVWHLJHQGHQ%HUHLFKKLQHLQ
NRPPW %HL GHQ GLFNHUHQ )ODQVFKHQ W PP XQG W PP ZLUG GLH %HGLQJXQJ D¶ E
PD‰JHEHQG :LH DXV GHP 'LDJUDPP HUVLFKWOLFK LVW N|QQHQ ZHJHQ GHU VWDUN DQVWHLJHQGHQ
6FKUDXEHQYHUOlQJHUXQJDXFKNHLQHJU|‰HUHQ7UDJODVWHQ]XJHODVVHQZHUGHQ
1DFKZHLVGHU*UHQ]WUDJIlKLJNHLW 6HLWH

$XFKZHQQLQ(LQ]HOIlOOHQOlQJHUH)ODQVFKHVLQQYROOHUVFKHLQHQN|QQHQPX‰GRFKEHWRQWZHU
GHQGD‰KLHUPLWLDNHLQHJXWH$XVOHJXQJXQWHU7UDJIlKLJNHLWVXQG(UPGXQJVJHVLFKWVSXQNWHQ
HUUHLFKWZLUG(VVROOWHGDUXPLPPHUDQJHVWUHEWZHUGHQHLQH$XVOHJXQJQDFKGHQLQ.DSLWHO
]XVDPPHQJHID‰WHQ.ULWHULHQGXUFK]XIKUHQ
 $XVEOLFN
)UGLHZHLWHUH)RUVFKXQJZQVFKHQVZHUWZlUHHLQH%HPHVVXQJEHUHLQHQÄ*UHQ]]XVWDQGGHU
9HUIRUPEDUNHLW³ PLW GHU GLH *UHQ]ODVW LQIROJH (UVFK|SIXQJ GHU 6FKUDXEHQGXNWLOLWlW EHVWLPPW
ZHUGHQNDQQ'LHVH$UWGHV1DFKZHLVHVNDQQDOVÄ'XNWLOLWlWVQDFKZHLV³EH]HLFKQHWZHUGHQXQG
LVW YHUJOHLFKEDU PLW GHP 1DFKZHLV GHU 5RWDWLRQVNDSD]LWlW EHL GHU SODVWLVFKHQ %HPHVVXQJ YRQ
%LHJHWUlJHUQ
(LQHVROFKH9RUJHKHQVZHLVHZlUHSKlQRPHQRORJLVFKULFKWLJLVWDEHUDXIGHPGHU]HLWLJHQ6WDQG
GHU)RUVFKXQJQRFKQLFKWP|JOLFK(UIRUGHUOLFKKLHUIUVLQG
 )HVWOHJXQJ GHU ]XOlVVLJHQ /lQJXQJ GHU 6FKUDXEH LQ $EKlQJLJNHLW YRQ GHQ PD‰JHEHQGHQ
6FKUDXEHQSDUDPHWHUQ*U|‰H)HVWLJNHLWVNODVVH/lQJH*HZLQGHOlQJHXVZ
 9HUHLQIDFKWH %HUHFKQXQJVYHUIDKUHQ GLH GLH (UPLWWOXQJ GHU ]XU ]XOlVVLJHQ *U|‰H NRUUH
VSRQGLHUHQGHQWDWVlFKOLFKDXIWUHWHQGHQ/lQJXQJHUODXEHQ
:HQQGLHVH0|JOLFKNHLWHQJHJHEHQVLQGNDQQGHU1DFKZHLVGLUHNW DOV 'XNWLOLWlWVQDFKZHLV HU
IROJHQ(LQLJHhEHUOHJXQJHQVLQGGD]XDXFKLQ>@YHU|IIHQWOLFKWZRUGHQ

 (LJHQH9HUVXFKVHUJHEQLVVH
=XU9HULILNDWLRQYRQ)(0RGHOOXQGYHUHLQIDFKWHP5HFKHQDQVDW]ZXUGHQ7UDJODVWYHUVXFKHPLW
DOOHQ 9HUVXFKVIODQVFKHQ GXUFKJHIKUW YJO $EELOGXQJ  6HLWH  (UJlQ]HQG ]X GHQ LQ $E
VFKQLWWEHUHLWVYHUJOHLFKHQGYHUZHQGHWHQ:HUWHQIUGLH*UHQ]WUDJIlKLJNHLWZHUGHQLQGLH
VHP $EVFKQLWW GLH JHZRQQHQHQ (UNHQQWQLVVH DXV GHQ GXUFKJHIKUWHQ 9HUVXFKHQ HLQJHKHQGHU
NRPPHQWLHUW ,QVEHVRQGHUH ZLUG KLHU DXFK GHU 9HUJOHLFK PLW GHU )*0HWKRGH JHIKUW XP GLH
QHXHLQJHIKUWHQ9HUVDJHQV]XVWlQGH'XQG(]XYHULIL]LHUHQ
'LH 9HUJOHLFKVEHUHFKQXQJHQ ZHUGHQ PLW GHQ FKDUDNWHULVWLVFKHQ 0DWHULDONHQQZHUWHQ QDFK
7DEHOOHXQG7DEHOOH6HLWHGXUFKJHIKUW)UGHQ)ODQVFKXQGGDV%OHFKZLUGGDEHLLQ
GHQ)(5HFKQXQJHQGLHWULOLQHDUH1lKHUXQJIUGHQ9HUIHVWLJXQJVEHUHLFKYHUZHQGHWVLHKH$E
VFKQLWW8P]XEHUFNVLFKWLJHQGD‰GLHZDKUHQ6SDQQXQJHQGHXWOLFKEHUGHP1HQQZHUW
GHU=XJIHVWLJNHLWOLHJHQN|QQHQYJO$EELOGXQJZLUGEHLGHU9HUJOHLFKVUHFKQXQJQDFK)*
7KHRULH PLW GHU =XJIHVWLJNHLW DXV GHP $EQDKPHSUI]HXJQLV VRZLH GHP IDFKHQ :HUW GHU
=XJIHVWLJNHLW]XU(UPLWWOXQJGHUSODVWLVFKHQ7UDJIlKLJNHLWHQJHUHFKQHW'LHVH9RUJHKHQVZHLVH
GLHHLQHU%HPHVVXQJQLFKW]XJUXQGHJHOHJWZHUGHQNDQQZLUGJHZlKOWXPHLQHVLQQYROOH$XVVD
JHEHUGHQ9HUVDJHQVPRGXVDXVGHU)*7KHRULHHUKDOWHQ]XN|QQHQ%HLXQUHDOLVWLVFKQLHGULJHQ
SODVWLVFKHQ4XHUVFKQLWWVWUDJIlKLJNHLWHQZLHVLHEHL9HUZHQGXQJGHU6WUHFNJUHQ]HHUPLWWHOWZHU
GHQZLUGJJIDXFKGHU9HUVDJHQVPRGXVXQ]XWUHIIHQGEHVWLPPW
6HLWH (LJHQH9HUVXFKVHUJHEQLVVH

 9HUVXFKVIODQVFK
=>N1@ 9HUVXFKVWUDJODVW = )8 N1

7UDJODVW)(0 = )8 N1
 =PD[ N1

 )*0HWKRGH

%HUHFKQXQJPLWIXN)8% N1

 %HUHFKQXQJPLWÂIXN)8% N1
 'LH *UHQ]WUDJODVWHQ GHU DQGHUHQ 9HU
 VDJHQVPRGL ZHUGHQ QLFKW PD‰JHEHQG
 GD GLH 9HUVDJHQVODVWHQ REHUKDOE GHU
 :HJ>PP@ SODVWLVFKHQ1RUPDONUDIWGHV=XJEOHFKV

OLHJHQ
        

$EELOGXQJ0DVFKLQHQGLDJUDPPIU9HUVXFKVIODQVFKXQG%HUHFKQXQJVHUJHEQLVVH
$EELOGXQJ  ]HLJW GDV 0DVFKLQHQGLDJUDPP IU HLQHQ 7UDJODVWYHUVXFK PLW 9HUVXFKVIODQVFK 
'LHPD[LPDOHHUUHLFKWH.UDIW)8 N1VWLPPWVHKUJXWPLWGHU%HUHFKQXQJQDFKGHU)OLH‰
JHOHQNWKHRULHEHUHLQGLHEHL9HUZHQGXQJGHU=XJIHVWLJNHLWLP9=%)8 N1OLHIHUW'LH
9HUZHQGXQJGHUIDFKHQ=XJIHVWLJNHLWEULQJWNHLQHQHQQHQVZHUWH6WHLJHUXQJGHU7UDJODVWGD
GHU$QWHLOGHVSODVWLVFKHQ0RPHQWHV0SOLP9HUJOHLFK]XP$QWHLOGHU6FKUDXEHJHULQJLVW'DV
9HUVDJHQ HUIROJWH LP ZHJJHUHJHOWHQ 9HUVXFK DOOPlKOLFK GXUFK *HZLQGHDEVWUHLIHQ 1DFK (UUHL
FKHQGHU0D[LPDOODVWIlOOWGLH=XJNUDIWDEEOHLEWDEHUEHUJUR‰H9HUIRUPXQJHQEHLEHU
GHV0D[LPDOZHUWHV'LHVVSULFKWIUHLQVHKUJXWPWLJHV9HUVDJHQGHU9HUELQGXQJ
 9HUVXFKVIODQVFK
=>N1@ 9HUVXFKVWUDJODVW = )8 N1

7UDJODVW)(0 = )8 N1
=PD[ N1


 )*0HWKRGH

 %HUHFKQXQJPLWIXN)8% N1

%HUHFKQXQJPLWÂIXN)8% N1

'LH *UHQ]WUDJODVWHQ GHU DQGHUHQ 9HU
 VDJHQVPRGL ZHUGHQ QLFKW PD‰JHEHQG
GD GLH 9HUVDJHQVODVWHQ REHUKDOE GHU
 SODVWLVFKHQ1RUPDONUDIWGHV=XJEOHFKV
:HJ>PP@

OLHJHQ
          

$EELOGXQJ0DVFKLQHQGLDJUDPPIU9HUVXFKVIODQVFKXQG%HUHFKQXQJVHUJHEQLVVH
'LH(UJHEQLVVHYRQ9HUVXFKVIODQVFKHQWVSUHFKHQZHLWHVWJHKHQGGHQHQYRQ9HUVXFKVIODQVFK
'HU9ROOVWlQGLJNHLWKDOEHULVWGDV0DVFKLQHQGLDJUDPPGHV9HUVXFKVLQ$EELOGXQJZLHGHUJH
JHEHQ1DFKGHP(UUHLFKHQGHU0D[LPDOODVWXQGGHP%HJLQQGHV*HZLQGHDEVWUHLIHQVZLUGKLHU
HEHQIDOOVEHUJUR‰H9HUIRUPXQJHQQRFKHWZDGLH+lOIWHGHU0D[LPDOODVWDXIJHQRPPHQ
1DFKZHLVGHU*UHQ]WUDJIlKLJNHLW 6HLWH

 9HUVXFKVIODQVFK
=>N1@

9HUVXFKVWUDJODVW= )8 N1

7UDJODVW)(0 = )8 N1


 )*0HWKRGH
 9= )8 )8IXN 
 ÂIXN%
 $  
 %  
 &  
:HJ>PP@
 '  
           (  
$EELOGXQJ 0DVFKLQHQGLDJUDPPIU9HUVXFKVIODQVFKLP 7DEHOOH 9HUJOHLFKGHU(UJHEQLVVHIU
9HUJOHLFKPLWGHU)(%HUHFKQXQJ 9HUVXFKVIODQVFK

'DV0DVFKLQHQGLDJUDPPIU9HUVXFKVIODQVFKLVWLQ$EELOGXQJZLHGHUJHJHEHQ7DEHOOH
]HLJWGLH%HUHFKQXQJVHUJHEQLVVHQDFK)*7KHRULHIUDOOH9HUVDJHQVPRGL6RZRKOEHL9HUZHQ
GXQJGHU=XJIHVWLJNHLWHQDOVDXFKGHUIDFKHQ=XJIHVWLJNHLWHQZLUGUHFKQHULVFK9HUVDJHQV]X
VWDQG ' PD‰JHEHQG 'LH 9RUKHUVDJH VWLPPW GDPLW VRZRKO LP %H]XJ DXI GDV 9HUVDJHQ GHU
6FKUDXEHDOVDXFKDXIGLHVWDUNH3ODVWL]LHUXQJLP)ODQVFKPLWGHP9HUVXFKEHUHLQ'LH(LQIK
UXQJGHV9HUVDJHQV]XVWDQGHV'ZLUGVRPLWDOVVLQQYROOEHVWlWLJW
'HU 7UDJODVWYHUVXFK PLW 9HUVXFKVIODQVFK  ZXUGH PDQXHOO ZHJJHUHJHOW GXUFKJHIKUW ,Q
$EELOGXQJLVWGHVKDOEEHLMHGHPÄ:HJVSUXQJ³HLQG\QDPLVFKHVhEHUVFKZLQJHQGHU3UINUDIW
]X HUNHQQHQ HKH GLH .UDIW ZLHGHU DXI GHQ VWDWLVFKHQ :HUW DEIlOOW ,P 9HUJOHLFK ]XU )(
5HFKQXQJVFKHLQWGHU9HUVXFKLQVJHVDPWZHLFKHUZDVGXUFKGHQ9HUIRUPXQJVHLQIOX‰GHU3UI
PDVFKLQHGHULQGHU)(%HUHFKQXQJQLFKWHUID‰WLVWYRQGHU7HQGHQ]KHUULFKWLJLVW'LH*U|
‰HQRUGQXQJGHU:HJHNDQQGHVKDOEQLFKWGLUHNWYHUJOLFKHQZHUGHQHVVSULFKWDEHUIUHLQHJXWH
UHFKQHULVFKH$EVFKlW]XQJGHV7UDJYHUKDOWHQVGD‰GLHEHUHFKQHWHQXQGJHPHVVHQHQ:HJHVLFK
EHLVWHLJHQGHU3UINUDIWXQGGDPLWDEQHKPHQGHU6WHLILJNHLWGHU3UREHDQQlKHUQ,P7UDJODVWEH
UHLFK OLHJW GLH %HUHFKQXQJ QXU QRFK XQZHVHQWOLFK REHUKDOE GHU JHPHVVHQHQ VWDWLVFKHQ 9HUIRU
PXQJHQ

$EELOGXQJ9HUVXFKVN|USHUQDFKGHP9HUVXFKXQG%UXFKIOlFKHGHU6FKUDXEH
6HLWH (LJHQH9HUVXFKVHUJHEQLVVH

'LH SODVWLVFKH 9HUIRUPXQJ GHV 9HUVXFKVN|USHUV $EELOGXQJ  VWLPPW KHUYRUUDJHQG PLW GHU
%HUHFKQXQJEHUHLQGDV9HUVDJHQLVWVFKOLH‰OLFKGXUFK6SU|GEUXFKGHU6FKUDXEHLPHUVWHQIUHL
HQ *HZLQGHJDQJ HLQJHWUHWHQ 'LHVHV 9HUVDJHQ LVW EHPHUNHQVZHUW GD EHL ]HQWULVFK ]XJEHDQ
VSUXFKWHQ6FKUDXEHQQRUPDOHUZHLVH*HZLQGHDEVWUHLIHQPD‰JHEHQGZHUGHQVROOWH,PYRUOLHJHQ
GHQ )DOO LVW GHU %UXFK YRQ GHU %LHJH]XJVHLWH GHU 6FKUDXEH DXVJHJDQJHQ XQG KDW VLFK ELV HWZD
0LWWHGHU6FKUDXEHIRUWJHVHW]WHKHGHU5HVWEUXFKHLQJHWUHWHQLVW'LHVGHXWHWGDUDXIKLQGD‰GLH
VWDUNH3ODVWL]LHUXQJDXIGHU=XJVHLWHPD‰JHEOLFKIUGLH9HUVDJHQVDUWYHUDQWZRUWOLFKZDU
=XVlW]OLFKZXUGHQPLWZHLWHUHQ)ODQVFKHQGHUJOHLFKHQ$EPHVVXQJHQ7UDJODVWYHUVXFKHPLWQLFKW
DEJHGUHKWHQ6FKUDXEHQGXUFKJHIKUW'HQ9HUJOHLFKGHUGUHL9HUVXFKH]HLJW$EELOGXQJ'LH
EHLGHQZHLWHUHQ3UIN|USHUGHQHQGLH%H]HLFKQXQJHQ01UXQG1U]XJHRUGQHWZXU
GHQ]HLJHQELV]XHLQHP3UIPDVFKLQHQZHJYRQPPHLQHQDEVROXWLGHQWLVFKHQ9HUODXIEHLGH
VLQGHWZDVVWHLIHUDOV9HUVXFKVIODQVFKPLW6FKUDXEH01U'DGLHDEJHGUHKWH0H‰VFKUDX
EH HLQH JU|‰HUH 1DFKJLHELJNHLW EHVLW]W ZDU GLHV ]X HUZDUWHQ %HL GHP 9HUVXFK PLW 6FKUDXEH
01UWUDWGDV9HUVDJHQZLHEHLGHU6FKUDXEH01UGXUFKHLQHQVSU|GHQ%UXFKDXI
%HL6FKUDXEH01UKLQJHJHQWUDWGDV9HUVDJHQGXUFK*HZLQGHDEVWUHLIHQHLQ'LH*HVDPW
YHUIRUPXQJ ELV ]XU HUUHLFKWHQ +|FKVWODVW ZDU GDGXUFK JU|‰HU DOV EHL GHQ EHLGHQ DQGHUHQ 9HU
VXFKVN|USHUQ
'LHhEHUHLQVWLPPXQJLQGHUHU]LHOWHQ7UDJODVW]ZLVFKHQGHQ9HUVXFKVN|USHUQLVWVHKUJXW,QV
EHVRQGHUHZLUGEHLDOOHQGUHL9HUVXFKVN|USHUQGXUFKGLH9HUVDJHQVIRUPEHLGHU6FKUDXEHQYHU
VDJHQLQ.RPELQDWLRQPLWGHU3ODVWL]LHUXQJGHV)ODQVFKHVDXIWUDWGHU9HUVDJHQVPRGXV'EHVWl
WLJW%HLDOOHQ9HUVXFKVN|USHUQZDU]XGHPHLQHVWDUNH(LQGUFNXQJGHU8QWHUOHJVFKHLEHDQLK
UHP 5DQG YRUKDQGHQ VR GD‰ DXFK GLH DQJHQRPPHQH 5HVXOWLHUHQGH GHU 6FKUDXEHQ]XJNUDIW LQ
6FKHLEHQPLWWHDOVNRQVHUYDWLYEHVWlWLJWZLUG

=>N1@ 7UDJODVWYHUVXFKH9HUVXFKVIODQVFK

 01U
 01U
01U


01UPLW0H‰VFKUDXEH
 9HUVDJHQGXUFK6SU|GEUXFK


01U9HUVDJHQGXUFK
01U9HUVDJHQGXUFK
 *HZLQGHDEVWUHLIHQ
6SU|GEUXFK

:HJ>PP@

            

$EELOGXQJ9HUJOHLFKGHU7UDJODVWYHUVXFKHPLW9HUVXFKVIODQVFK
1DFKZHLVGHU*UHQ]WUDJIlKLJNHLW 6HLWH

 9HUVXFKVIODQVFK
=>N1@

9HUVXFKVWUDJODVW= )8 N1
 7UDJODVW)( = )8 N1



)*0HWKRGH
9= )8 )8IXN 
 ÂIXN%
 $  
 %  
&  

             '  
:HJ>PP@ (  
$EELOGXQJ 0DVFKLQHQGLDJUDPPIU9HUVXFKVIODQVFKLP 7DEHOOH 9HUJOHLFKGHU(UJHEQLVVHIU
9HUJOHLFKPLWGHU)(%HUHFKQXQJ 9HUVXFKVIODQVFK

7DEHOOH  ]HLJW GLH %HUHFKQXQJVHUJHEQLVVH IU 9HUVXFKVIODQVFK  4XDOLWDWLY HUJLEW VLFK GDV
JOHLFKH%LOGZLHEHL9HUVXFKVIODQVFK
'HU 7UDJODVWYHUVXFK PLW 9HUVXFKVIODQVFK  ZXUGH HEHQIDOOV ZHJJHUHJHOW GXUFKJHIKUW GLHVHV
0DO ZXUGH DEHU HLQH GLJLWDOH 6WHXHU5HJHOHLQKHLW YHUZHQGHW PLW GHU GHU 0DVFKLQHQZHJ PLW
ODQJVDPHU3UIJHVFKZLQGLJNHLWNRQWLQXLHUOLFKGXUFKIDKUHQ ZXUGH 'HVKDOE LVW LQ $EELOGXQJ 
NHLQ hEHUVFKZLQJHQ GHU 3UINUDIW ]X YHU]HLFKQHQ :LH EHL 9HUVXFKVIODQVFK  LVW GHU 0DVFKL
QHQZHJZHJHQGHU1DFKJLHELJNHLW GHU 3UIPDVFKLQH JHJHQEHU GHU )(%HUHFKQXQJ JU|‰HU ,P
/DXIHGHV9HUVXFKHVLVWHLQH$QQlKHUXQJ]XHUNHQQHQGLH%HUHFKQXQJEULFKWDEHULQGLHVHP)DOO
GHXWOLFKXQWHUKDOEGHUH[SHULPHQWHOOHQ7UDJODVWZHJHQ1LFKWNRQYHUJHQ]DE
'LH9HUVDJHQVIRUPGHV)ODQVFKHVXQGGDV%UXFKELOGGHU6FKUDXEHZDUHQTXDOLWDWLYLGHQWLVFKZLH
EHL9HUVXFKVIODQVFK'DV9HUVDJHQWUDWZLHGHUXPGXUFKVSU|GHQ%UXFKGHU6FKUDXEHHLQ
$XFKIUGLHVHQ9HUVXFKVIODQVFKZXUGHQQRFKZHLWHUH9HUVXFKHPLWQLFKWDEJHGUHKWHQ6FKUDX
EHQ GXUFKJHIKUW 'LH (UJHEQLVVH LQ $EELOGXQJ  ]HLJHQ ZLHGHUXP HLQH VHKU JXWH hEHUHLQ
VWLPPXQJGHU9HUVXFKVHUJHEQLVVHXQWHUHLQDQGHUGHU9HUVXFKVN|USHUPLWGHU0H‰VFKUDXEH0
1ULVWZHLFKHUDOVGLHEHLGHQ)ODQVFKHPLWQLFKWDEJHGUHKWHQ6FKUDXEHQ'LHVHU9HUVXFKVN|U
SHU ]HLJW DXFK HLQH GHXWOLFK JU|‰HUH *HVDPWYHUIRUPXQJ ZDV PLW GHU VWDUNHQ 3ODVWL]LHUXQJ LP
DEJHGUHKWHQ%HUHLFKHUNOlUWZHUGHQNDQQ%HL9HUVXFKVIODQVFK LVW GLHVH JU|‰HUH 9HUIRUPXQJ
YHUPXWOLFKQLFKWHUUHLFKWZRUGHQGDGXUFKGLHÄ+DQGUHJHOXQJ³PLWHLQHU6FKULWWZHLWHYRQPP
EHLP3UIPDVFKLQHQZHJGHU6SU|GEUXFKGXUFKGLHG\QDPLVFKH:HJUHJHOXQJEHJQVWLJWZXUGH
6HLWH 9HUJOHLFKGHU%HPHVVXQJVZHUWHPLW9HUVXFKVHUJHEQLVVHQDXVGHU/LWHUDWXU

=>N1@ 7UDJODVWYHUVXFKH9HUVXFKVIODQVFK

01U
 01U
01U


 01UPLW0H‰VFKUDXEH

9HUVDJHQGXUFK6SU|GEUXFK



01U1U9HUVDJHQ
 GXUFK6SU|GEUXFK
:HJ>PP@

      

$EELOGXQJ9HUJOHLFKGHU7UDJODVWYHUVXFKHPLW9HUVXFKVIODQVFK

 9HUJOHLFKGHU%HPHVVXQJVZHUWHPLW9HUVXFKVHUJHEQLVVHQDXVGHU/LWHUDWXU
(UJlQ]HQG]XGHQHLJHQHQ9HUVXFKHQZLUG GLH %HUHFKQXQJ QDFK GHU )*0HWKRGH QDFKIROJHQG
DQKDQGYRQ9HUVXFKVHUJHEQLVVHQDXVGHU/LWHUDWXUYHULIL]LHUW=XP9HUJOHLFKKHUDQJH]RJHQZHU
GHQ9HUVXFKHPLWVHKUGQQHQ)ODQVFKHQEHLGHQHQ)ODQVFKYHUVDJHQPD‰JHEHQGZLUGXQG9HU
VXFKHPLWGLFNHUHQ)ODQVFKHQEHLGHQHQGDV6FKUDXEHQYHUVDJHQGLH*UHQ]ODVWEHVWLPPW
'LH ]LWLHUWHQ 9HUVXFKH VLQG %HULFKWHQ YRQ *5$1675g0 >@ 3(7(56(1  >@ XQG >@
:$1=(.>@XQG=2(7(0(,-(5 >@ HQWQRPPHQ7DEHOOH]HLJWHLQHhEHUVLFKWEHUDOOH
GXUFKJHIKUWHQ 9HUJOHLFKVUHFKQXQJHQ PLW V\PPHWULVFKHQ 9HUELQGXQJHQ Ä79HUELQGXQJHQ³
7DEHOOHGLHMHQLJHQPLW XQV\PPHWULVFKHQ 9HUELQGXQJHQ Ä/9HUELQGXQJHQ³ 'LH DQJHJHEH
QHQ7UDJODVWHQVLQGGDEHLMHZHLOVDXIHLQH6FKUDXEHQRUPLHUWGKGLH7UDJIlKLJNHLWGHUJHVDP
WHQ9HUELQGXQJZLUGGXUFKGLH$Q]DKOGHU6FKUDXEHQGLYLGLHUW'LHVH'DUVWHOOXQJVZHLVHZLUGLQ
$QOHKQXQJDQGLHhEHUVLFKWYRQ*5$1675g0>@JHZlKOW
6RZHLWYRUKDQGHQZHUGHQJHPHVVHQH0DWHULDONHQQZHUWHIUGLH9HUJOHLFKVUHFKQXQJYHUZHQGHW
LQ GHU 7DEHOOH NXUVLY JHVHW]WH :HUWH VLQG 6FKlW]ZHUWH GLH LQ (UPDQJHOXQJ YRQ JHPHVVHQHQ
:HUWHQDQJHVHW]WZHUGHQ'LH9HUVDJHQVIlOOHLP9HUVXFKVLQGZLHIROJWGHILQLHUW3 9HUVDJHQ
)ODQVFK E]Z 6WLUQSODWWH : 9HUVDJHQ 6FKZHL‰QDKW % 6FKUDXEHQYHUVDJHQ 7 9HUVDJHQ
=XJEOHFK8 XQEHNDQQWHU9HUVDJHQVPRGXV
=XP9HUJOHLFKPLWGHU)OLH‰JHOHQNWKHRULHZHUGHQGLHPLWGHQFKDUDNWHULVWLVFKHQ:HUWHQGHU)H
VWLJNHLWHQ HUPLWWHOWHQ 7UDJODVWHQ VRZLH GLHMHQLJHQ XQWHU %HUFNVLFKWLJXQJ GHU 7HLOVLFKHUKHLWV
EHLZHUWH DQJHJHEHQ %HL GHU (UPLWWOXQJ QDFK )*7KHRULH ZXUGHQ GLH %HJUHQ]XQJHQ QDFK $E
VFKQLWWEHDFKWHW'LHLQGHU6SDOWHÄ6LFKHUKHLW³DXIJHIKUWHQ:HUWHJHEHQGHQ $EVWDQG GHV
%HUHFKQXQJVHUJHEQLVVHVQDFKGHU)*7KHRULH]XP9HUVXFKVHUJHEQLVDQ
= 8 9HUVXFK
6LFKHUKHLW 
= 8 )* 7KHRULH
 )*7KHRULH
)*7KHRULHFKDUDNWHULVWLVFKH %HPHVVXQJVZHUWHGHU
)ODQVFK 6FKUDXEH 9HUVXFK :LGHUVWDQGVJU|‰HQ :LGHUVWDQGVJU|‰HQ
9HUVXFK 7\S D E F W V 8\ $UW )8 =8 9= =8 9= 6LFKHUKHLW =8 9= 6LFKHUKHLW
PP PP PP PP PP 1PPð N1 N1 N1 N1

9HUVXFKHYRQ*UDQVWU|P
%6 6          3  '   ' 
&6 6          7  )   ) 
'6 6          7  )   ' 
(6 6          3  (   ' 
)6 6          3  '   ' 
1DFKZHLVGHU*UHQ]WUDJIlKLJNHLW

)6 6          3  '   ' 
)6 6          3  '   ' 
'%6 6          3  (   ' 
'6 6          %  '   ' 
)6 6          3  '   ' 
)6 6          :  '   ' 
*6 6          %  '   ' 
*6 6          %  '   ' 

9HUVXFKHYRQ:DQ]HN
39 6       0   %  (   ( 
39 6       0   %  '   ' 
39 6       0   %  (   ( 

9HUVXFKHYRQ=RHWHPHLMHU
 6       0   %  %   % 

)*0HWKRGHXQWHU9HUZHQGXQJGHUFKDUDNWHULVWLVFKHQ0DWHULDONHQQZHUWH
 6       0   %  %   % 
 6       0   %  %   % 
 6       0   %  %   % 
 6       0   %  %   % 
 6       0   %  %   % 
 6       0   %  %   % 
 6       0   %  %   % 
 6       0   %  %   % 

7DEHOOH 9HUJOHLFKEHUHFKQHWHU7UDJODVWHQPLW9HUVXFKVZHUWHQV\PPHWULVFKHU9HUELQGXQJHQ7UDJODVWHQQDFK

6HLWH
 )*7KHRULH
)*7KHRULHFKDUDNWHULVWLVFKH %HPHVVXQJVZHUWHGHU
)ODQVFK 6FKUDXEH 9HUVXFK :LGHUVWDQGVJU|‰HQ :LGHUVWDQGVJU|‰HQ
6HLWH

9HUVXFK 7\S D E F W V 8\ $UW )8 =8 9= =8 9= 6LFKHUKHLW =8 9= 6LFKHUKHLW

PP PP PP PP PP 1PPð N1 N1 N1 N1

9HUVXFKHYRQ*UDQVWU|P
%%6 8          7  (   ( 
'6 8          7  (   ' 
)6 8          7  (   ( 
&%6 8          %  (   ' 
)6 8          :  '   ' 
*6 8          :  (   ' 
-6 8          %  '   ' 

9HUVXFKHYRQ3HWHUVHQ
9. 8       0   %  %   % 
9. 8       0   %  %   % 
9. 8       0   %  %   % 
9. 8       0   %  %   % 
9. 8       0   8  (   ' 
3HW 8       0   %  %   % 

(LJHQH9HUVXFKH
9) 8       0   %  %   % 
9) 8       0   %  %   % 
9) 8       0   %  '   ' 
9) 8       0   %  '   ' 

)*0HWKRGHXQWHU9HUZHQGXQJGHUFKDUDNWHULVWLVFKHQ0DWHULDONHQQZHUWH
9) 8       0   %  '   ' 
9) 8       0   %  (   ' 
9) 8       0   %  (   ' 
9) 8       0   %  (   ' 
9HUJOHLFKGHU%HPHVVXQJVZHUWHPLW9HUVXFKVHUJHEQLVVHQDXVGHU/LWHUDWXU

7DEHOOH 9HUJOHLFKEHUHFKQHWHU7UDJODVWHQPLW9HUVXFKVZHUWHQXQV\PPHWULVFKHU9HUELQGXQJHQ7UDJODVWHQQDFK

1DFKZHLVGHU*UHQ]WUDJIlKLJNHLW 6HLWH

,P9HUJOHLFKGHU9HUVXFKVHUJHEQLVVHPLWGHQ%HPHVVXQJVZHUWHQGHU7UDJIlKLJNHLWHUJHEHQVLFK
6LFKHUKHLWHQ]ZLVFKHQXQG'HU$EVWDQG]ZLVFKHQ%HUHFKQXQJQDFKGHU)OLH‰JHOHQN
WKHRULHXQGGHP9HUVXFKVHUJHEQLVYDULLHUWGDEHLLQ$EKlQJLJNHLWYRP9HUVDJHQVPRGXVWKHRUH
WLVFKN|QQHQIROJHQGH)lOOHHLQJHJUHQ]WZHUGHQ
Ä'LFNH³)ODQVFKHEHLGHQHQGLH6FKUDXEHDOOHLQHIUGLH7UDJIlKLJNHLWYHUDQWZRUWOLFKLVW
 %HL +96FKUDXEHQ OLHJW GLH WDWVlFKOLFKH 7UDJIlKLJNHLW PHLVWHQV QXU JHULQJIJLJ EHU GHP
FKDUDNWHULVWLVFKHQ:HUWGHUVLFKDXVGHP3URGXNWYRQ6SDQQXQJVTXHUVFKQLWWXQG=XJIHVWLJ
NHLWHUJLEW:HQQGLH*UHQ]WUDJIlKLJNHLWEHLVHKUVFKPDOHQ)ODQVFKHQQlKHUXQJVZHLVHDOOHLQH
GXUFKGLH6FKUDXEHEHVWLPPWZLUGGK9HUVDJHQVPRGXV%PLWJHULQJHP$QWHLO0SODXIWULWW
GDQQ VWUHEW GLH 6LFKHUKHLW JHJHQ GDV 3URGXNW GHU 7HLOVLFKHUKHLWVEHLZHUWH DXI 6FKUDXEHQVHLWH
 
9HUELQGXQJHQEHLGHQHQGLH'XNWLOLWlWGHU6FKUDXEHHLQHQ(LQIOX‰DXIGLH7UDJIlKLJNHLWKDW
 ,Q HLQLJHQ )lOOHQ NDQQ GLH YROOH 6FKUDXEHQWUDJIlKLJNHLW ZHJHQ PDQJHOQGHU 'XNWLOLWlW QLFKW
DXVJHQXW]WZHUGHQNDQQVLHKHGD]X$EVFKQLWW%HLP9HUVXFK9.YRQ3(7(56(1 JUHLIW
]%GLH%HJUHQ]XQJGHV0RPHQWHVLP%OHFKDXIGHV*HVDPWPRPHQWHVQDFK*O
UHFKQHULVFK OLHJW DOVR 'XNWLOLWlWVYHUVDJHQ GHU 6FKUDXEH YRU (LQH JHQDXHUH $QDO\VH GLHVHV
9HUVXFKHV XQWHU .RQWUROOH GHU 6FKUDXEHQYHUOlQJHUXQJ >@ ]HLJW GD‰ KLHU WDWVlFKOLFK JJI
QLFKWDXIQHKPEDUH9HUOlQJHUXQJHQQ|WLJVLQGXPGDVYROOVWlQGLJH)OLH‰HQGHV)ODQVFKHV]X
HUUHLFKHQ
9HUELQGXQJHQEHLGHQHQ)ODQVFKYHUVDJHQGLH7UDJIlKLJNHLWEHVWLPPW
 ,QGHQ)lOOHQLQGHQHQGLH*UHQ]WUDJIlKLJNHLWGXUFKGLH7UDJIlKLJNHLWGHV)ODQVFKHVDOOHLQH
9HUVDJHQVPRGXV ( E]Z HLQH .RPELQDWLRQ YRQ )ODQVFK XQG 6FKUDXEHQYHUVDJHQ
9HUVDJHQVPRGXV'E]Z%EHLEUHLWHUHQ 9HUELQGXQJHQ EHVWLPPW ZLUG WULWW JHJHQEHU GHU
7KHRULH HLQH (UK|KXQJ GHU 7UDJIlKLJNHLW LQIROJH GHU :HUNVWRIIYHUIHVWLJXQJ DXI YJO
$EELOGXQJ'HU$EVWDQG]XP5HFKHQZHUW0SOKlQJWYRQGHU*HRPHWULHGHU9HUELQGXQJ
DE
'LH 6WUHXXQJ LVW IU DOOH 9HUVDJHQV]XVWlQGH HWZD JOHLFK JUR‰ XQG EHZHJW VLFK LQ DN]HSWDEOHU
*U|‰HQRUGQXQJ (LQH JHULQJHUH $EZHLFKXQJ ]XP ([SHULPHQW LVW DXIJUXQG GHV %H]XJV ]XU
6WUHFNJUHQ]HQLFKWHU]LHOEDU
6HLWH %HLVSLHO3DUDPHWHUVWXGLH

 %HLVSLHO3DUDPHWHUVWXGLH

 )

 (

 '
*UHQ]WUDJIlKLJNHLW>N1@

9HUVDJHQV]XVWDQG
9HUVDJHQV]XVWDQG
 
&

 %

 7UDJODVWQHX $
7UDJODVWDOW
7UDJODVW)(
 
9=QHXUHFKWH2UGLQDWH
9=DOWUHFKWH2UGLQDWH
 
      
)ODQVFKGLFNH>PP@

$EELOGXQJ3DUDPHWHUVWXGLHIUGLH)ODQVFKGLFNHVRQVWLJH$EPHVVXQJHQZLH9HUVXFKVIODQVFK
$EELOGXQJ  ]HLJW GHQ 9HUJOHLFK ]ZLVFKHQ GHU ELVKHULJHQ %HUHFKQXQJVPHWKRGLN Ä7UDJODVW
DOW³XQGGHPYRUJHVWHOOWHQ$QVDW]Ä7UDJODVWQHX³IUHLQHQ)ODQVFKPLWGHQ$EPHVVXQJHQYRQ
9HUVXFKVIODQVFKEHL9HUZHQGXQJFKDUDNWHULVWLVFKHU0DWHULDONHQQZHUWH(VZLUGGHXWOLFKGD‰
GHU UHFKQHULVFKH 7UDJODVWJHZLQQ HUKHEOLFK LVW 9HUVDJHQV]XVWDQG % ZLUG QXQ EHUHLWV DE HLQHU
'LFNH YRQ PP PD‰JHEHQG YRUKHU ODJ GLH *UHQ]H EHL PP %HL EHZX‰WHU $XVOHJXQJ DXI
GLHVHQ9HUVDJHQV]XVWDQG±GLHVHVLVWLP+LQEOLFNDXIGHQ9HUODXIGHU6FKUDXEHQNUDIWLPHODVWL
VFKHQ %HUHLFK VLQQYROO ± ZLUG DOVR JHJHQEHU GHU ELVKHULJHQ %HUHFKQXQJ DXFK HLQ *HZLQQ HU
]LHOW
(LQDXVIKUOLFKHV5HFKHQEHLVSLHOLVWLQ>@YHU|IIHQWOLFKWZRUGHQ

 (UJHEQLVVH
¾
$XFK EHL GQQHQ )ODQVFKHQ KDW GLH *UHQ]WUDJIlKLJNHLW GHU 6FKUDXEHQ HLQHQ (LQIOX‰ DXI GLH
7UDJIlKLJNHLW GHU 9HUELQGXQJ 'LH %HUFNVLFKWLJXQJ NDQQ PLW PRGLIL]LHUWHQ 9HUVDJHQV]X
VWlQGHQHUIROJHQ,P9HUJOHLFKPLW9HUVXFKVHUJHEQLVVHQIKUWGLHYRUJHVFKODJHQH0HWKRGH]X
JXWHQ(UJHEQLVVHQ
¾
1HEHQGHU7UDJIlKLJNHLW KDW DXFK GLH 9HUIRUPXQJVIlKLJNHLW GHU 6FKUDXEH HLQHQ (LQIOX‰ DXI
GLH*UHQ]WUDJIlKLJNHLWGHU9HUELQGXQJ'LH.HQQWQLVVH]XGLHVHQ9HUVDJHQVIRUPHQVLQGQRFK
JHULQJ
¾
:HQQ EHL GQQHQ )ODQVFKHQ GLH 6FKUDXEH QHEHQ GHU ]HQWULVFKHQ =XJNRPSRQHQWH QHQQHQV
ZHUWH%LHJHDQWHLOHHUKlOWVRKDWGLHV(LQIOX‰DXIGLH$UWGHV6FKUDXEHQYHUVDJHQV:lKUHQG
EHL EHUZLHJHQG ]HQWULVFKHP =XJ GDV 9HUVDJHQ LP ZHJJHUHJHOWHQ 9HUVXFK DOOPlKOLFK EHU
*HZLQGHDEVWUHLIHQHUIROJWEULFKWGLH6FKUDXEHEHLEHUODJHUWHU%LHJXQJVSU|GH

7UDJYHUKDOWHQGHVJHVDPWHQ5LQJIODQVFKHV 6HLWH

 7UDJYHUKDOWHQGHVJHVDPWHQ5LQJIODQVFKHV
'LHLQGHQELVKHULJHQ.DSLWHOQEHKDQGHOWHQ%HUHFKQXQJVYHUIDKUHQEHUXKHQDXIGHP6HJPHQWDQ
VDW]0LW+LOIHGHVLQ$EVFKQLWWYRUJHVWHOOWHQ)(0RGHOOVGHV*HVDPWV\VWHPVNDQQGLH*WH
GLHVHU1lKHUXQJEHZHUWHWZHUGHQ$P0RGHOOGHV*HVDPWV\VWHPVVLQG]XGHPZHLWHUH8QWHUVX
FKXQJHQP|JOLFKGLHDQHLQHP6HJPHQWPRGHOOQLFKWGXUFKIKUEDUVLQG'D]X]lKOW]%GLH8Q
WHUVXFKXQJ EHU GHQ (LQIOX‰ HLQHV :LQNHOVSDOWHV ZLH HU SODQPl‰LJ EHL GHU $XVIKUXQJ DQJH
VWUHEWZLUG'LHVH0|JOLFKNHLW LVW ZLFKWLJ IU GLH $XVZHUWXQJ GHU ,Q6LWX9HUVXFKH VLHKH $E
VFKQLWW

 %HZHUWXQJGHV6HJPHQWDQVDW]HV]XU(UPLWWOXQJGHU%HDQVSUXFKX QJHQ

=XP 9HUJOHLFK YRQ 6HJPHQW XQG *HVDPW )V>N1@
PRGHOO ZLUG GHU )ODQVFK 7: V LQ 
LGHQWLVFKHU 9HUQHW]XQJ LQ EHLGHQ 9DULDQWHQ  *HVDPWPRGHOO
JHUHFKQHW 'LH %HUHFKQXQJ GHV 6HJPHQWPR 6HJPHQWPRGHOO

GHOOV HUIROJW PLW 6\PPHWULHEHGLQJXQJHQ DQ

EHLGHQ 6HLWHQ ]XU 6LPXODWLRQ GHU *H
VDPWWUDJZLUNXQJ 8P IU GDV *HVDPWPRGHOO 
HLQH =XJNUDIW = ]X HUKDOWHQ ZLUG IU GLH MH 
ZHLOLJH /DVWVWXIH GLH VLFK QDFK GHU OLQHDUHQ 
%LHJHWKHRULHHUJHEHQGH=XJVSDQQXQJ LQ HLQH 
=XJNUDIW XPJHUHFKQHW 'LH WDWVlFKOLFK DXI 
WUHWHQGHQ =XJVSDQQXQJHQ GLH ZHJHQ GHU

8PODJHUXQJ LP *HVDPWV\VWHP NOHLQHU VLQG

DOVGLHOLQHDUHUPLWWHOWHQZHUGHQ QLFKW DQJH
VHW]W        
=XJNUDIW>N1@
'HU 9HUJOHLFK GHU 6FKUDXEHQNUlIWH LQ
$EELOGXQJ 9HUJOHLFK6HJPHQWPRGHOO*HVDPW
$EELOGXQJ  ]HLJW GD‰ GDV 6HJPHQWPRGHOO PRGHOO
ELV ]X =XJNUlIWHQ YRQ  N1 TXDVL GHN
NXQJVJOHLFK PLW GHP *HVDPWV\VWHP LVW (UVW GDQQ VLQG GLH 6FKUDXEHQNUlIWH LP *HVDPWV\VWHP
HWZDVJHULQJHUDOVEHLP6HJPHQWPRGHOO'DGLHVHU(IIHNW DEHU HUVW EHL JUR‰HQ =XJNUlIWHQ DXI
WULWWLVWHUIUGLH(UPLWWOXQJGHU(UPGXQJVEHDQVSUXFKXQJQLFKWYRQ%HGHXWXQJ'LH=XJNUDIW
= N1EHLGHUHWZDHLQH7UHQQXQJGHU.XUYHQDXIWULWWHQWVSULFKWGHU=XJNUDIWDP6HJPHQW
EHLGHUGLH.ODIIXQJELV]XU6FKUDXEHQDFKVHUHLFKW6HOEVWZHQQLP%HWULHEZDVVHKU XQZDKU
VFKHLQOLFK LVW =XJNUlIWH LQ GLHVHU *U|‰HQRUGQXQJ DXIWUHWHQ VROOWHQ GDQQ OLHJW GLH 6HJPHQWEH
WUDFKWXQJLQYHUWUHWEDUHU*U|‰HDXIGHUVLFKHUHQ6HLWH'DV9HUKDOWHQIUGLH%LHJHPRPHQWHLVW
DQDORJ
'DGLHVHV9HUKDOWHQEHLYHUVFKLHGHQHQ%HLVSLHOUHFKQXQJHQLQJOHLFKHU:HLVHIHVWJHVWHOOWZHUGHQ
NRQQWHNDQQGLHYRQ(%(57%8&+(5 >@DQKDQGHLQHV*HVDPWPRGHOOV PLW (UVDW]IHGHUQ EH
UHFKQHWHHUKHEOLFKH5HGXNWLRQGHU6FKUDXEHQNUlIWHLP*HVDPWV\VWHPQLFKWEHVWlWLJWZHUGHQ'LH
EHLGHUJHQDQQWHQ8QWHUVXFKXQJ]XJUXQGHJHOHJWH$QQDKPHGHV(EHQEOHLEHQVGHU4XHUVFKQLWWH
LVWDXFKDQVFKDXOLFKJHVHKHQGXUFKGHQ.ODIIXQJVYRUJDQJDXIGHU=XJVHLWHQLFKWUHDOLVWLVFK'LH
GDUJHVWHOOWH6SDQQXQJVYHUWHLOXQJ$EE LQ >@ GLH HLQHQ VHKU NOHLQHQ 'UXFNEHUHLFK EHLQ
KDOWHWEHVWlWLJWGLHVH$QVFKDXXQJ'LHHUIRUGHUOLFKH8PODJHUXQJLQGHU6FKDOHLVWLQGHPGDUJH
VWHOOWHQ0D‰XQUHDOLVWLVFK
6HLWH (LQIOX‰HLQHV:LQNHOVSDOWHV

 (LQIOX‰HLQHV:LQNHOVSDOWHV
%HL HLQHU ]XQlFKVW ]XP 7XUPLQQHUHQ NODIIHQGHQ 9HUELQGXQJ YHUlQGHUW VLFK GDV 7UDJYHUKDOWHQ
(LQ0RGHOO]XU(UOlXWHUXQJGHV(LQIOXVVHVLVWLQ$EELOGXQJGDUJHVWHOOW'LH9HUELQGXQJNODIIW
YRUGHP$QVSDQQHQGHU6FKUDXEHQ]XP7XUPLQQHUHQGLH7XUPVFKDOHKDWZHJHQGHU.RQL]LWlW
GHV7XUPHVHLQHJHZLVVH1HLJXQJ'XUFKGDV$QVSDQQHQGHU6FKUDXEHQZLUGGHU6SDOWJHVFKORV
VHQZRPLW6FKQLWWJU|‰HQ0XQG4LPDQVFKOLH‰HQGHQ0DQWHOEOHFKYHUEXQGHQVLQG
9RUGHP$QVSDQQHQ 1DFKGHP$QVSDQQHQ

V
U

O $EELOGXQJ $QVFKDXXQJVPRGHOO]XP(LQIOX‰HLQHV
:LQNHOVSDOWHV

 6FKQLWWJU|‰HQXQG9HUIRUPXQJHQLQIROJH6FKOLH‰HQHLQHV:LQNHOVSDOWHV
$XIGLH/lQJHEH]RJHQZHUGHQ GLH 6FKQLWWJU| V
‰HQ PLW P XQG T EH]HLFKQHW GLH 'HILQLWLRQHQ +LOIVZHUW
GHU 6FKQLWWJU|‰HQ XQG 9HUIRUPXQJHQ VLQG F U
$EELOGXQJ  ]X HQWQHKPHQ 'LH /|VXQJ GHV N   ˜   P ˜ 


VWDWLVFKXQEHVWLPPWHQ6\VWHPVHUIROJWPLW+LOIH V
GHV .UDIWJU|‰HQYHUIDKUHQV ]XP $XIVWHOOHQ GHU Z
%HVWLPPXQJVJOHLFKXQJHQZHUGHQGLH9HUVFKLH T [
EXQJHQ XQG 9HUGUHKXQJHQ GHU 6FKDOH XQG GHV P
)ODQVFKHV KHUDQJH]RJHQ )U GHQ )ODQVFK ZLUG
GLH 9HUGUHKXQJ GXUFK GLH 6FKUDXEHQNUDIW XQG T
GDV 5DQGPRPHQW QlKHUXQJVZHLVH ZLH IU HLQH
UDQGJHODJHUWH.UHLVULQJSODWWHHUPLWWHOWGLH9HU
VFKLHEXQJ LQIROJH GHU 4XHUNUDIW ZLH IU HLQH U
.UHLVULQJVFKHLEH 8QWHU %HDFKWXQJ GHU 9RU]HL
FKHQVLQGGLH9HUVFKLHEXQJHQGHU6FKDOHLQIRO $EELOGXQJ%H]HLFKQXQJHQ6FKDOH
JHPXQGT>@
9HUVFKLHEXQJLQIROJH5DQGPRPHQWP 9HUVFKLHEXQJLQIROJH5DQGTXHUNUDIWT
[ [
 ˜ P   N˜ U ª [ [º ˜T  N˜ [
ZP  ˜N ˜H ˜ «FRV N ˜  VLQ N ˜ »  Z T ˜ U ˜ N ˜ H U ˜ FRV N ˜ 
( ˜V ¬ U U¼ (˜V U
˜P  ˜T
DP)ODQVFK Z P  ˜N  DP)ODQVFK Z T ˜U˜N  
(˜V (˜V
7UDJYHUKDOWHQGHVJHVDPWHQ5LQJIODQVFKHV 6HLWH

5DQGPRPHQWLQIROJH(LQ
VSDQQXQJGXUFKGLH6FKDOH
( ˜ W P P
+LOIVZHUWH .
 ˜   P  
UD E UL  UD  E U6  UD
UV 
O 6FKUDXEHQNUDIW
UL   E
I6 I6

W UV

$EELOGXQJ%H]HLFKQXQJHQ.UHLVULQJSODWWH
'LH9HUVFKLHEXQJGHU.UHLVULQJVFKHLEHXQWHUURWDWLRQVV\PPHWULVFKHU%HODVWXQJLVWPLWGHQ%H
]HLFKQXQJHQDXV$EELOGXQJQDFK>@

T˜U ª UL º
Z .56 
˜ «  P    P  ˜ »

§ UL · ¬ UD ¼
( ˜ W ˜ ¨¨   ¸¸
© UD ¹
$XVGHU.RPSDWLELOLWlWGHU9HUVFKLHEXQJHQIROJWGLHHUVWH%HVWLPPXQJVJOHLFKXQJ

˜P  ˜T T˜U ª UL º
 ˜N  ˜U˜N ˜ «  P    P  ˜ »

(˜V ( ˜V § 
UL · ¬ UD ¼
( ˜ W ˜ ¨¨   ¸¸
© UD ¹
'LH9HUGUHKXQJHQGHU6FKDOHVLQG
9HUGUHKXQJLQIROJHP 9HUGUHKXQJLQIROJHT
[ [
 ˜ P N   N˜ U [  ˜ T   N˜ U ª [ [º
FP ˜ ˜H ˜ FRV N ˜  F T  ˜N ˜H ˜ «FRV N ˜  VLQ N ˜ » 
( ˜V U U (˜V ¬ U U¼
 ˜ P N ˜T 
DP)ODQVFK F P ˜  DP)ODQVFK F T  ˜N 
( ˜V U (˜V

1lKHUXQJVZHLVHZLUGIUGLH9HUGUHKXQJHQYRQHLQHPVWHLIHQ)ODQVFKDXVJHJDQJHQVRGD‰VLFK
GLH9HUGUHKXQJDP$QVFKQLWW]XM NUD±ULHUJLEW'DUDXVIROJWIUGLH6FKDOH
 ˜ P N  ˜ T 
F0 ˜  ˜N M 
(˜V U (˜V

'LH9HUGUHKXQJGHU.UHLVULQJSODWWHLQIROJH5DQGPRPHQWXQG4XHUNUDIWHUJLEWVLFK]X
§ W·
¨ P  T ˜ ¸ ˜ UD ˜ O
¹ §  P·
F .530 © ˜ ¨¨  E  ˜ ¸ 
. ˜   P  ©   P ¸¹
6HLWH (LQIOX‰HLQHV:LQNHOVSDOWHV

9HUGUHKXQJLQIROJH6WUHFNHQODVWI I6

I ˜ UD ˜ U6 § E    ˜ E  ˜ OQ E ·
F .53I ˜¨  ¸ 
 ˜ . ˜ E    ¨©   P   P ¸¹

.RPSDWLELOLWlWPLWGHUYRUJHJHEHQHQ9HUGUHKXQJ
F F .530  F .53I M 

0LW*O*OXQG*OOLHJHQGLHGUHL%HVWLPPXQJVJOHLFKXQJHQ]XU(UPLWWOXQJ

GHU8QEHNDQQWHQPTXQGI6YRU'LH9HUIRUPXQJGHU6FKDOHOlQJVGHU7XUPDFKVHNDQQGXUFK
$GGLWLRQ GHU 9HUIRUPXQJVDQWHLOH QDFK *O  XQG *O  EHVWLPPW ZHUGHQ 'LH 6FKUDX
EHQNUDIWGLH]XP6FKOLH‰HQGHV:LQNHOVSDOWHVHUIRUGHUOLFKLVWHUJLEWVLFKEHLQ6FKUDXEHQ]X
 ˜ S ˜ U6 ˜ I 6
)6 
Q
'LHVH %HUHFKQXQJVPHWKRGH ZXUGH PLWWHOV HLQHV )(0RGHOOV EHUSUIW VLH HUJLEW VHKU JXWH (U
JHEQLVVH
 9HUHLQIDFKWH(UPLWWOXQJGHU6FKQLWWJU|‰HQXQG9HUIRUPXQJHQ
%HL GHQ EOLFKHQ PDVVLYHQ )ODQVFKHQ LVW GLH 9HUIRUPXQJ LQIROJH GHU 7UDJZLUNXQJ DOV .UHLV
ULQJVFKHLEHNOHLQVRGD‰QlKHUXQJVZHLVH
ZP  ZT  

JHVHW]WZHUGHQNDQQ'DUDXVHUJLEWVLFKGLH4XHUNUDIW
N
T P˜ 
U
$XV*OHLFKXQJIROJWIUGDV%LHJHPRPHQW
 ˜ P N M˜ ( ˜V˜ U
F0 ˜ MŸP 
( ˜V U  ˜ N
'LH9HUVFKLHEXQJHQGHU6FKDOHLQ/lQJVULFKWXQJZHUGHQGDPLW]X
Z[  ZP  ZT
[ [
 ˜ P   N˜ U ª [ [º ˜T  N˜ [
 ˜N ˜H ˜ «FRV N ˜  VLQ N ˜ »  ˜ U ˜ N ˜ H U ˜ FRV N ˜
( ˜V ¬ U U ¼ (˜V U
 ˜ P   N˜ U
[
ª [ [ º  ˜ P   N˜ U
[
[ 
 ˜N ˜H ˜ «FRV N ˜  VLQ N ˜ »  ˜N ˜H ˜ FRV N ˜
( ˜V ¬ U U ¼ (˜V U
[
 ˜ P   N˜ U [
˜N ˜H ˜ VLQ N ˜
( ˜V U
$XVGHU9HUGUHKXQJGHU.UHLVULQJSODWWHZLUGPLW
§ W·
¨ P  T ˜ ¸ ˜ UD ˜ O
¹ §  P· I 6 ˜ UD ˜ U6 § E    ˜ E  ˜ OQ E ·
M © ˜ ¨¨  E  ˜ ¸¸  ˜ ¨  ¸ 
. ˜   P  ©   P ¹  ˜ . ˜ E    ¨©   P   P ¸¹

GLH6WUHFNHQODVWI6XQGGDUDXVGLH6FKUDXEHQNUDIW)6HUPLWWHOWPLWGHUGHU)ODQVFKJHVFKORVVHQ
ZLUG
7UDJYHUKDOWHQGHVJHVDPWHQ5LQJIODQVFKHV 6HLWH

'LHUHVXOWLHUHQGH%LHJHVSDQQXQJLQGHU7XUPVFKDOHLVW
P
V% 

V 
(LQ 9RUVFKODJ ]XU %HJUHQ]XQJ GHU %LHJHVSDQQXQJHQ ZLUG LP =XVDPPHQKDQJ PLW GHP %HXO
VLFKHUKHLWVQDFKZHLVLQ$EVFKQLWWJHPDFKW
 (LQIOX‰DXIGLH6FKUDXEHQEHDQVSUXFKXQJ
)UGLH6FKUDXEHQEHDQVSUXFKXQJZLUNWGDV0RPHQWLQGHU7XUPVFKDOHJQVWLJGDHVGHP0R
PHQWDXVGHU%HODVWXQJHQWJHJHQZLUNWVRGD‰GDV.ODIIHQHUVWEHLJU|‰HUHQ=XJNUlIWHQHUIROJW
'LH6NL]]H$EELOGXQJYHUGHXWOLFKWGD‰EHLLGHDOSODQSDUDOOHOHQ)ODQVFKHQLQIROJHGHU:LQ
NHONODIIXQJNHLQ%LHJHPRPHQWLQGHU6FKUDXEHHQWVWHKWZHQQGHU)ODQVFKQDFKGHP9RUVSDQQHQ
YROOVWlQGLJJHVFKORVVHQLVW(LQ0RPHQWLQGHU6FKUDXEHNDQQ QXU GDQQ YRUKDQGHQ VHLQ ZHQQ
GHU 6FKUDXEHQNRSI HLQH 6FKLHIVWHOOXQJ HUIlKUW VLHKH $EVFKQLWW  ZDV EHL JHVFKORVVHQHU
7UHQQIXJHQLFKWGHU)DOOLVW:HQQGHU6SDOWQLFKWYROOVWlQGLJJHVFKORVVHQLVWGDQQHQWVWHKW]ZDU
HLQ %LHJHPRPHQW LQ GHU 6FKUDXEH GD GLHVHV DEHU GHP 0RPHQW DXV /DVW HQWJHJHQJHVHW]W LVW
ZLUNW HV JQVWLJ =XP .RUURVLRQVVFKXW] VROOWH GHU 6SDOW QDFK GHP $QVSDQQHQ DEHU JDQ] JH
VFKORVVHQVHLQ
0LW +LOIH GHV )(0RGHOOV IU GDV *HVDPWV\VWHP ZXUGHQ YHUVFKLHGHQH EHU GHQ 8PIDQJ NRQ
VWDQWH:LQNHONODIIXQJHQQDFKLQQHQEHUHFKQHW'LH0D‰DQJDEHLQ$EELOGXQJEH]LHKWVLFK
DXIGLHMH6HLWHYRUKDQGHQH.ODIIXQJDQGHU)ODQVFKLQQHQVHLWHYRUGHP9RUVSDQQHQGHU6FKUDX
EHQ
)V>N1@ 0V>1P@
 
 RKQH:LQNHOVSDOW RKQH:LQNHOVSDOW
:LQNHOVSDOWPP 
 :LQNHOVSDOWPP
 :LQNHOVSDOWPP  :LQNHOVSDOWPP



 

 



 
             
=XJNUDIW>N1@ =XJNUDIW>N1@

$EELOGXQJ%HUHFKQHWHU(LQIOX‰HLQHV:LQNHOVSDOWHVDXIGLH6FKUDXEHQNUDIWXQGGDV6FKUDXEHQELHJHPRPHQW
,P$QIDQJVEHUHLFKGHU.XUYHEHZLUNWGHU:LQNHOVSDOWVRJXWZLHNHLQHbQGHUXQJGHU%HDQVSUX
FKXQJHQ%HLK|KHUHQ=XJNUlIWHQOLHJHQ6FKUDXEHQNUDIWXQG6FKUDXEHQELHJHPRPHQWIUZDFK
VHQGH.ODIIXQJHQDEHUXQWHUKDOEGHU:HUWHIUGDVSHUIHNWH6\VWHPGLHVHV9HUKDOWHQHQWVSULFKW
GHU9RUKHUVDJH'LHSODQPl‰LJDXVJHIKUWH.ODIIXQJNDQQVRPLWDOVSRVLWLYIUGLH6FKUDXEHQEH
DQVSUXFKXQJDQJHVHKHQZHUGHQ
'HUP|JOLFKH:LQNHOVSDOWZLUGEHJUHQ]WGXUFKGLH%HHLQIOXVVXQJGHU%HXOVLFKHUKHLWGDUDXIZLUG
LQ$EVFKQLWWHLQJHJDQJHQ
6HLWH (LQIOX‰HLQHUJHULQJHUHQ9RUVSDQQNUDIW

 (LQIOX‰HLQHUJHULQJHUHQ9RUVSDQQNUDIW
%HLGHQ)HOGYHUVXFKHQZXUGHQLQGHQ0H‰VFKUDXEHQQXUJHULQJH9RUVSDQQNUlIWHIHVWJHVWHOOWGLH
YHUPXWOLFKXQWHUKDOEGHUHUGHUEOLFKHQ6FKUDXEHQOLHJHQ$XIJUXQGGHVVHQZXUGHPLWGHP*H
VDPWV\VWHPPRGHOOHLQHUHFKQHULVFKH$EVFKlW]XQJYRUJHQRPPHQZHOFKHQ(LQIOX‰HLQHJHULQJH
UH9RUVSDQQNUDIWHLQHU6FKUDXEHDXIGLH%HDQVSUXFKXQJKDW
')V>N1@ 0V>1P@
 
 )Y N1 )Y N1

 )Y N1  )Y N1
 
 
 
 
 
 
 
 
         
=XJNUDIW>N1@ =XJNUDIW>N1@

$EELOGXQJ(LQIOX‰HLQHUJHULQJHUHQ9RUVSDQQNUDIWHLQHU6FKUDXEHDXIGLH%HDQVSUXFKXQJ
'LH 6FKUDXEHQ]XVDW]NUDIW XQG GDV 6FKUDXEHQELHJHPRPHQW $EELOGXQJ  XQWHUVFKHLGHQ VLFK
HUVWEHLJU|‰HUHQ=XJNUlIWHQYRQHLQDQGHU,PYRUOLHJHQGHQ)DOOVLQGGLH9HUOlXIHELV= N1
GHFNXQJVJOHLFKGDUEHULVWGLH%HDQVSUXFKXQJGHUQLHGULJHUYRUJHVSDQQWHQ6FKUDXEHK|KHUDOV
GLHGHUSODQPl‰LJYRUJHVSDQQWHQ
'LHVHV9HUKDOWHQLVWGXUFKGHQEHUZLHJHQGHQ(LQIOX‰GHV*HVDPWV\VWHPVLP9HUKlOWQLV]XGHQ
ORNDOHQ (LQIOVVHQ EHJUQGHW 'LH 9HUIRUPXQJ GHV )ODQVFKHV ZLUG GXUFK GLH 6\VWHPVWHLILJNHLW
EHVWLPPWQLFKWGXUFKGLH6WHLILJNHLWGHVHLQ]HOQHQ6HJPHQWHV:HQQHLQ6HJPHQWLQIROJHHLQHU
JHULQJHQ9RUVSDQQNUDIWHLQHYHUULQJHUWH6WHLILJNHLWKDWGDQQVLQNWGLH6\VWHPVWHLILJNHLWDXIGHU
JH]RJHQHQ 6HLWH QXU XQZHVHQWOLFK 'LH 9HUIRUPXQJ GHU 6FKUDXEH XQG GDPLW LKUH =XVDW]EHDQ
VSUXFKXQJlQGHUWVLFKDOVRQXUJHULQJ(UVWEHLGHUNODIIHQGHQ9HUELQGXQJZLUNWVLFKGLH'LIIH
UHQ]GHU9RUVSDQQNUlIWHVWlUNHUDXV
7UDJYHUKDOWHQGHVJHVDPWHQ5LQJIODQVFKHV 6HLWH

 (UJHEQLVGHU0HVVXQJHQÄ,Q6LWX³
,PIROJHQGHQZHUGHQHLQLJH(UJHEQLVVHGHU0H‰NDPSDJQHÄ,Q6LWX³SUlVHQWLHUW'LH*U|‰HQRUG
QXQJGHUPD[LPDO]XHUZDUWHQGHQ=XJNUDIWMH5LQJIODQVFKVHJPHQWNDQQYRUDEDXVGHULQGHU7\
SHQSUIXQJ >@ YHUZHQGHWHQ /DVWVLPXODWLRQ DEJHVFKlW]W ZHUGHQ $XV GHQ GRUW DQJHJHEHQHQ
'DWHQLVW]XHQWQHKPHQGD‰GLHPD[LPDO]XHUZDUWHQGH/DVWLP([WUHPODVWIDOOHWZD= N1
EHWUlJW
)6>N1@ )6>N1@
 



 
 



 
 



 
            
=XJNUDIW=0DQWHOEOHFK>N1@ =XJNUDIW=0DQWHOEOHFK>N1@
0H‰SXQNW 6FKUDXEH01U 0H‰SXQNW6FKUDXEH01U

)6>N1@ )6>N1@
 
 
 







 

 
 
 
              
=XJNUDIW=0DQWHOEOHFK>N1@ =XJNUDIW=0DQWHOEOHFK>N1@
0H‰SXQNW6FKUDXEH01U 0H‰SXQNW6FKUDXEH01U

$EELOGXQJ8PKOOHQGHGHU=XJNUDIW6FKUDXEHQNUDIW)XQNWLRQHQDXVGHU,Q6LWX0HVVXQJ
$EELOGXQJ]HLJWGLH(UJHEQLVVHGHU,Q6LWX0HVVXQJIUGLH6FKUDXEHQNUDIWLQ$EKlQJLJNHLW
YRQGHUUHFKQHULVFKHQ=XJNUDIWLP0DQWHOEOHFKEH]RJHQDXIGDV6HJPHQWLQ)RUPGHU8PKO
OHQGHQ YJO $EVFKQLWW  'LH $EVWlQGH ]ZLVFKHQ GHQ .XUYHQ HUJHEHQ VLFK LQ GLHVHP )DOO
GXUFK7HPSHUDWXUGLIIHUHQ]HQ]ZLVFKHQ)ODQVFKXQG6FKUDXEH=XQlFKVWGHKQWVLFKEHL6RQQHQ
HLQVWUDKOXQJGHU)ODQVFKDXVVRGD‰VLFKGLH'HKQXQJGHU6FKUDXEHHUK|KWHKHHLQYROOVWlQGLJHU
7HPSHUDWXUDXVJOHLFKVWDWWILQGHW(LQHZHLWHUHP|JOLFKH8UVDFKHIUGLHVHV9HUKDOWHQVLQG 9RU
6HLWH (UJHEQLVGHU0HVVXQJHQÄ,Q6LWX³

VSDQQNUDIWYHUOXVWH 'LHVH ZDUHQ ]XP =HLWSXQNW GHU GDUJHVWHOOWHQ 0HVVXQJ MHGRFK VFKRQ DEJH
NOXQJHQ
%HL6FKUDXEH01UOLHJWGLHLP0H‰]HLWUDXPDXIJHWUHWHQHPD[LPDOH%HDQVSUXFKXQJEH
UHLWV LP %HUHLFK GHU ([WUHPODVW (V NDQQ DOVR GDYRQ DXVJHJDQJHQ ZHUGHQ GD‰ QDKH]X GHU JH
VDPWHLQQHUKDOEGHU6WDQG]HLW]XHUZDUWHQGH%HODVWXQJVEHUHLFKDEJHGHFNWLVW
 9HUJOHLFKPLW1lKHUXQJVYHUIDKUHQ
1DFK 9',5LFKWOLQLH  >@ HUJLEW VLFK HLQH 6WHLJXQJ LP $QIDQJVEHUHLFK YRQ
)9', ]XP9HUJOHLFKQDFK$EVFKQLWW
Q Q  ' ˜ N DU ˜ N GK ˜ N GZ  ˜  ˜  ˜  
DN     
PLW Q  '    ˜    ˜ 
K 
 
§D · §D · §  · §  ·
N DU |    ˜ ¨ U ¸   ˜ ¨ U ¸    ˜ ¨ ¸   ˜ ¨ ¸ 
©K ¹ ©K¹ ©  ¹ ©  ¹
§  ˜ S ˜ U6 ·
PLW D U ¨¨  ' ¸¸   PP
© Q6 ¹
N GK |   N GZ | 
  
WG     Ÿ ) ˜  

'LH1lKHUXQJOLHJWLQGLHVHP)DOOXPUXQGDXIGHUVLFKHUHQ6HLWH
(LQHOLQHDUH5HJUHVVLRQLP%HUHLFKNOHLQHU=XJNUlIWHHUJLEWIUGLH0H‰VFKUDXEHQGLHLQ7DEHOOH
]XVDPPHQJHVWHOOWHQ:HUWHGHU$QIDQJVVWHLJXQJ
6FKUDXEH 01U 01U 01U 01U
G3
) Q˜    
G 3  G6
)  ) 9',     
)9 N1 N1 N1 N1
7DEHOOH.UDIWYHUKlOWQLVVH)LPOLQHDUHQ%HUHLFKGHU0H‰VFKUDXEHQÄ,Q6LWX³
'XUFKGHQDEJHGUHKWHQ%HUHLFKLVWGLHD[LDOH1DFKJLHELJNHLWGHU0H‰VFKUDXEHQJHJHQEHUGHQ
QLFKW EHDUEHLWHWHQ 6FKUDXEHQ XP  HUK|KW GLH %LHJHQDFKJLHELJNHLW LVW  JU|‰HU DOV EHL
GHQEHQDFKEDUWHQ6FKUDXEHQ'DVEHGHXWHWGD‰EHLGHQ0H‰VFKUDXEHQGLH6FKUDXEHQNUlIWHDXI
VRZLHGLH%LHJHPRPHQWHDXIGHU:HUWHGHUQLFKWEHDUEHLWHWHQ6FKUDXEHQUHGX]LHUW
VLQG 'LHVH 'LIIHUHQ] ZLUNW VLFK GDPLW DXI GLH EHUHFKQHWHQ .UDIWYHUKlOWQLVVH QXU XQZHVHQWOLFK
DXV
'LHJHPHVVHQHQ.UDIWYHUKlOWQLVVHNRUUHOLHUHQVHKUJXWXQWHUHLQDQGHULP9HUJOHLFK]XPUHFKQH
ULVFKHQ:HUWQDFK9',5LFKWOLQLH$XVJDEHHUJHEHQVLFKLP)HOGYHUVXFKWHLOVQLHGUL
JHUH:HUWH'LHNOHLQHUHQ.UDIWYHUKlOWQLVVHHUJHEHQVLFKEHLGHQMHQLJHQ0H‰VWHOOHQGLHYRUGHP
9RUVSDQQHQ GLH JU|‰HUHQ 6SDOWH DXIJHZLHVHQ KDEHQ YJO 7DEHOOH  'HU =XVDPPHQKDQJ LVW
DOOHUGLQJVQLFKWHLQGHXWLJJHQXJXPZHLWHUJHKHQGH6FKOVVH]LHKHQ]XN|QQHQ
7UDJYHUKDOWHQGHVJHVDPWHQ5LQJIODQVFKHV 6HLWH

,P *HVDPWYHUODXI GHU 6FKUDXEHQ]XVDW]NUlIWH ')6>N1@

$EELOGXQJ  LVW HLQH VHKU JXWH hEHUHLQ 
VWLPPXQJ GHU GUHL 0H‰VFKUDXEHQ ]X HUNHQ  01U
QHQ 'DV 1LYHDX GHU HUUHLFKWHQ =XVDW]NUlIWH  01U
LVWJHULQJGLHPD[LPDOH=XVDW]NUDIWYRQUXQG 01U

N1EHZLUNW6SDQQXQJVlQGHUXQJHQYRQQXU
 /LQHDU
 1PPð EH]RJHQ DXI GHQ 6SDQQXQJVTXHU
VFKQLWW 

'LHDQKDQGGHV*HVDPWV\VWHPPRGHOOVJHWURI

IHQH)HVWVWHOOXQJGD‰GLH9RUVSDQQNUDIWNHL
QHQ (LQIOX‰ DXI GLH $QIDQJVVWHLJXQJ KDW 
NDQQ DOV EHVWlWLJW DQJHVHKHQ ZHUGHQ 'LH 
6FKUDXEH 0 1U  GLH GLH K|FKVWH 9RU 
VSDQQNUDIWDXIZHLVWEHVLW]WIDVWGLHLGHQWLVFKH       
$QIDQJVVWHLJXQJ ZLH GLH 6FKUDXEH 0 1U =XJNUDIW>N1@
 PLW GHU QLHGULJVWHQ 9RUVSDQQNUDIW 'LH
$EELOGXQJ 9HUJOHLFKGHU6FKUDXEHQ]XVDW]
EHLGHQ6FKUDXEHQ01UXQG1UGH NUlIWHGHU)HOGPHVVXQJ
UHQ 9RUVSDQQNUlIWH ]ZLVFKHQ GHQHQ GHU EHL
GHQDQGHUHQ6FKUDXEHQOLHJHQKDEHQVRJDUQLHGULJH.UDIWYHUKlOWQLVVH
(EHQIDOOVEHVWlWLJWZLUGGLH)RUWVHW]XQJGHU$QIDQJVVWHLJXQJLP=XJEHUHLFKLQGHQ'UXFNEHUHLFK
KLQHLQ%HL6FKUDXEH1ULVWEHLJUR‰HQ'UXFNNUlIWHQVRJDUHLQ$EIODFKHQGHV.XUYHQYHUODX
IHV]XHUNHQQHQVRGD‰GLHOLQHDUH%HUHFKQXQJDXIGHUVLFKHUHQ6HLWHOLHJW
'06>1P@ '06>N1P@ D0>ƒ@
  
01U
  
01U
 01U  

 /LQHDU  

  

  

  

  
  
               
=XJNUDIW>N1@ =XJNUDIW>N1@

$EELOGXQJ 6FKUDXEHQELHJHPRPHQWHDXVGHU $EELOGXQJ 0H‰GDWHQ%LHJHPRPHQWXQG:LQNHOGHV

,Q6LWX0HVVXQJ %LHJHPRPHQWHVIU6FKUDXEH01U
$EELOGXQJ]HLJWJHJOlWWHWH6FKUDXEHQELHJHPRPHQWHQYHUOlXIHIUGUHL0H‰VFKUDXEHQIUGLH
YLHUWH6FKUDXEHODJHQNHLQH0H‰ZHUWHLP=XJEHUHLFKYRU'DUJHVWHOOWVLQGQXUGLH=XVDW]ELHJH
PRPHQWHGLHVLFKGHP]XIlOOLJHQ%LHJHPRPHQWLQIROJHGHU,PSHUIHNWLRQHQLP9RUVSDQQ]XVWDQG
EHUODJHUQ'LHhEHUHLQVWLPPXQJ]ZLVFKHQGHQ0H‰VFKUDXEHQLVWKHUYRUUDJHQGDOV]XVlW]OLFKH
3ODXVLELOLWlWVNRQWUROOHGLHQHQGLH%LHJHZLQNHOGLHVLFKWKHRUHWLVFKVRHLQVWHOOHQVROOWHQGD‰GLH
%LHJH]XJVHLWHJHQDX]X7XUPZDQGXQJKLQ]HLJW)UGLHGUHL0H‰VFKUDXEHQLVWGLHVEHUHLWVEHL
NOHLQHQ =XJNUlIWHQ GHU )DOO GLH $EZHLFKXQJ EHWUlJW QXU HWZD “ƒ $EELOGXQJ  ]HLJW GD]X
EHLVSLHOKDIWGLH%LHJHPRPHQWHIU6FKUDXEH 0 1U  VRZLH GHQ 'UHKZLQNHO GHV %LHJHPR
6HLWH (UJHEQLVGHU0HVVXQJHQÄ,Q6LWX³

PHQWVEH]RJHQDXIGLH6FKUDXEHQDFK$EVFKQLWW:HQQGLH%LHJH]XJVHLWHJHQDXDXIGHU
6HLWHGHU7XUPZDQGXQJOLHJWPX‰GHUEHUHFKQHWH:LQNHOƒEHWUDJHQYJO$EELOGXQJGLH
$EZHLFKXQJ YRQ GLHVHP :HUW LVW JHULQJ %HL GHQ DQGHUHQ 6FKUDXEHQ HUJHEHQ VLFK TXDOLWDWLY
JOHLFKH(UJHEQLVVHGLHKLHUQLFKWPLWGDUJHVWHOOWZHUGHQ
 9HUJOHLFKPLWGHU)(%HUHFKQXQJ
')6>N1@ '06>1P@
 
 01U 01U

 01U 01U
01U  01U

)(%HUHFKQXQJ  )(%HUHFKQXQJ

 
 



 
 
             
=XJNUDIW>N1@ =XJNUDIW>N1@

$EELOGXQJ 9HUJOHLFK6FKUDXEHQ]XVDW]NUlIWHXQGELHJHPRPHQWHGHU)HOGPHVVXQJPLWGHU)(%HUHFKQXQJ
6HJPHQWEHUHFKQXQJ)9 N1
)U GLH )(9HUJOHLFKVEHUHFKQXQJ ZXUGH HLQH JHVFKlW]WH 9RUVSDQQNUDIW GHU DQGHUHQ 6FKUDXEHQ
YRQ)9 N1DQJHVHW]W'LHVHU%HWUDJHUJLEWVLFKZHQQIUHLQHQPLWWOHUHQ5HLEXQJVEHLZHUW
P GLH9RUVSDQQNUDIWXQWHU$QVDW]GHV1HQQDQ]LHKPRPHQWHVHUPLWWHOWXQGXPGHQLQ$E
VFKQLWWHUPLWWHOWHQ9RUVSDQQNUDIWDEIDOO)=UHGX]LHUWZLUG
)UGLH6FKUDXEHQNUDIW]HLJWVLFK]XQlFKVWHLQHJXWH$EVFKlW]XQJGHU$QIDQJVVWHLJXQJ,P)HOG
YHUVXFK EHJLQQW GHU QLFKWOLQHDUH $VW DEHU ZHVHQWOLFK IUKHU VR GD‰ GLH 6FKUDXEHQNUlIWH DE
= N1GHXWOLFKXQWHUVFKlW]WZHUGHQ%HLP%LHJHPRPHQWLVWYRQ$QIDQJDQHLQH8QWHUVFKlW
]XQJ GHU 6WHLJXQJ ]X YHU]HLFKQHQ ,P $QIDQJVEHUHLFK ZLUG GDV 6FKUDXEHQELHJHPRPHQW HWZD
KDOEVRJUR‰EHUHFKQHWZLHJHPHVVHQREHUKDOEYRQ= N1ZLUGGLH'LIIHUHQ]QRFKJU|‰HU
)UGLH$EZHLFKXQJ]ZLVFKHQ9HUVXFKXQG%HUHFKQXQJJLEWHVPHKUHUHP|JOLFKH*UQGH
'LH 9RUVSDQQNUDIW GHU DQGHUHQ 6FKUDXEHQ N|QQWH VHKU YLHO QLHGULJHU VHLQ DOV DQJHQRPPHQ
7DWVlFKOLFK NDQQ IU )9  N1 HLQH hEHUHLQVWLPPXQJ EHL GHQ 6FKUDXEHQNUlIWHQ HU]LHOW
ZHUGHQGLH6FKUDXEHQELHJHPRPHQWHZHUGHQGDQQDEHULQlKQOLFKHU:HLVHXQWHUVFKlW]W 'D
GLH*U|‰HQRUGQXQJYRQ)9 N1XQUHDOLVWLVFKQLHGULJLVWXQG]XGHPNHLQHhEHUHLQVWLP
PXQJ ]ZLVFKHQ EHUHFKQHWHP XQG JHPHVVHQHP %LHJHPRPHQW HU]LHOW ZLUG LVW GLHVHU (UNOl
UXQJVDQVDW]XQZDKUVFKHLQOLFK
,PSHUIHNWLRQHQGHU9HUELQGXQJLQ)RUPYRQ8QHEHQKHLWHQGHV)ODQVFKHVVLQGDOV(UNOlUXQJ
LQGLHVHP)DOOHEHQIDOOVXQZDKUVFKHLQOLFKGDEHLDOOHQ6FKUDXEHQGLHJOHLFKHQ9HUOlXIHJH
PHVVHQ ZXUGHQ 6WRFKDVWLVFKH ,PSHUIHNWLRQHQ KlWWHQ GLH 6FKUDXEHQVFKQLWWJU|‰HQ DQ MHGHU
0H‰VWHOOHXQWHUVFKLHGOLFKEHHLQIOX‰W
0H‰IHKOHUVLQGJOHLFKIDOOVXQZDKUVFKHLQOLFKGDGLHJHPHVVHQHQ6FKUDXEHQNUlIWHHUVWHQVYRQ
GHU*U|‰HQRUGQXQJGHU9RUVSDQQXQJKHUSODXVLEHOVLQGXQG]XGHPGLH6WHLJXQJLP$QIDQJV
EHUHLFKGHQ(UZDUWXQJHQHQWVSULFKW'LH%LHJHPRPHQWHLQGHQ6FKUDXEHQVLQGHEHQIDOOVEHU
7UDJYHUKDOWHQGHVJHVDPWHQ5LQJIODQVFKHV 6HLWH

GLH .RQWUROOH GHV %LHJHZLQNHOV DOV ]XYHUOlVVLJ HLQ]XVWXIHQ (LQH ]X JHULQJ HUPLWWHOWH 6SDQ
QXQJLQGHU7XUPVFKDOHIlOOWDOV(UNOlUXQJHEHQIDOOVDXVGDGLH0H‰ZHUWHWKHRUHWLVFK]XNOHLQ
HUPLWWHOW VHLQ P‰WHQ GDPLW HLQH hEHUHLQVWLPPXQJ ]ZLVFKHQ 9HUVXFK XQG %HUHFKQXQJ HU
UHLFKWZUGH'LHJHPHVVHQHQ:HUWHQNRUUHOLHUHQDEHUVHKUJXWPLWGHQLQGHU7\SHQSUIXQJ
>@ DQJHJHEHQHQ :HUWHQ GHU /DVWVLPXODWLRQ VR GD‰ HLQ 0H‰IHKOHU LQ 5LFKWXQJ ]X NOHLQHU
0H‰ZHUWHDXVJHVFKORVVHQLVW
'LHZDKUVFKHLQOLFKVWH(UNOlUXQJOLHJWLP(LQIOX‰GHU'LFKWPDVVHGLHLQGHU1lKHGHU'XUFK
JDQJVERKUXQJ DXIJHEUDFKW ZXUGH 'LHVH KlUWHW ]X HLQHP (ODVWRPHU PLW XQEHNDQQWHQ (LJHQ
VFKDIWHQDXVXQGELOGHWHLQHHODVWLVFKH=ZLVFKHQVFKLFKWLQGHU.RQWDNWIXJHGHU)ODQVFKHDXV
'LHVH6FKLFKWEHZLUNWHLQH9HUlQGHUXQJGHV7UDJYHUKDOWHQVGLHDQVFKDXOLFKGLHJHPHVVHQHQ
9HUOlXIH EHZLUNHQ NDQQ GD GLH 9HUELQGXQJ GXUFK GLH ZHLFKH =ZLVFKHQODJH ]X IUKHUHP
.ODIIHQQHLJHQGUIWH%HLGHU$QDO\VHGHU9RUVSDQQ]XVWlQGHLQ$EVFKQLWWZXUGH]XGHP
IHVWJHVWHOOWGD‰DOOH6FKUDXEHQGDV0D[LPXPGHU%LHJHVSDQQXQJHQDXIGHU6FKDOHQVHLWHKD
EHQ'LHVZXUGHHEHQIDOOVDXIGLH'LFKWPDVVH]XUFNJHIKUW'LHEHLGHQ(IIHNWHVWHKHQLQHQ
JHU%H]LHKXQJ]XHLQDQGHUXQGHUJHEHQJHPHLQVDPHLQVWLPPLJHV%LOG
 (V PX‰ DX‰HUGHP EHDFKWHW ZHUGHQ GD‰ GLH JHPHVVHQHQ 6FKUDXEHQVFKQLWWJU|‰HQ GXUFK H[
WUHPNOHLQH9HUIRUPXQJHQEHZLUNWZHUGHQ%HLHLQHP%LHJHPRPHQWYRQ06 1PEHWUlJW
GHUUHFKQHULVFKH+|KHQXQWHUVFKLHGEHUGLH%UHLWHGHU8QWHUOHJVFKHLEHOHGLJOLFKPP'LHVH
*U|‰HQRUGQXQJLVWVHOEVWLP9HUJOHLFK]XGHQJHPHVVHQHQ%HVFKLFKWXQJVGLFNHQNOHLQ
'DGHU(LQIOX‰GHU$EGLFKWPDVVHKLHUQLFKWHQGJOWLJEHVWLPPWZHUGHQNDQQVLQGZHLWHUH8Q
WHUVXFKXQJHQZQVFKHQVZHUW

 7UDJIlKLJNHLWGHV*HVDPWV\VWHPV
,QIROJH GHU NXU]HQ SODVWLVFKHQ 'HKQZHJH HLQHU +96FKUDXEH YRU GHP %UXFK PX‰ GLH 9HUIRU
PXQJVIlKLJNHLWGHU6FKUDXEHEHL%HUHFKQXQJGHU7UDJIlKLJNHLWDP*HVDPWV\VWHPDXIMHGHQ)DOO
EHDFKWHWZHUGHQ'LH7UDJIlKLJNHLWGHVJHVDPWHQ5LQJIODQVFKHVLVWHUVFK|SIWZHQQHLQHGHUIRO
JHQGHQ%HGLQJXQJHQHLQWULWW
 $OOH6FKUDXEHQKDEHQLKUH*UHQ]WUDJIlKLJNHLWHUUHLFKWRGHUEHUVFKULWWHQ
 'LHK|FKVWEHDQVSUXFKWH6FKUDXEHHUUHLFKWLKUHPD[LPDOH9HUIRUPEDUNHLW
%HL5LQJIODQVFKYHUELQGXQJHQPLWJUR‰HQ'XUFKPHVVHUQXQG+96FKUDXEHQZLUGGLH]ZHLWH%H
GLQJXQJPD‰JHEHQGZLH./(,1(,'$0 >@]HLJHQNRQQWH
(LQH EHWUlFKWOLFKH 6WHLJHUXQJ GHU
7UDJIlKLJNHLW GHV *HVDPWV\VWHPV
NDQQGXUFKGHQ(LQVDW]GXNWLOHUGK
YHUIRUPXQJVIlKLJHU 6FKUDXEHQ HU
]LHOW ZHUGHQ 'LH YRQ 67(85(5
>@ XQWHUVXFKWHQ VRJ +91
6FKUDXEHQ $EELOGXQJ  HUIOOHQ $EELOGXQJ+916FKUDXEHDXV>@
GLHVH 9RUDXVVHW]XQJ %HGLQJW GXUFK
GDVGXUFKJHKHQGH*HZLQGHLVWGHU6SDQQXQJV]XVWDQGEHUGLHJHVDPWH6FKUDXEHQOlQJHJOHLFK
Pl‰LJ VR GD‰ GLH SODVWLVFKH 9HUOlQJHUXQJ EHLP 6FKUDXEHQEUXFK JHJHQEHU GHU +96FKUDXEH
EHLGHUQXUHLQNXU]HU*HZLQGHEHUHLFK3ODVWL]LHUXQJHQ]HLJWVHKUYLHOJU|‰HULVW'LH7UDJIlKLJ
NHLWLVWJHJHQEHUGHU+96FKUDXEHQLFKWUHGX]LHUW
%HL9HUZHQGXQJHLQHU+96FKUDXEHGHU*U|‰H0NDQQEHLHLQHP'XUFKPHVVHUYRQPP
EHL HLQHU %HPHVVXQJVVSDQQXQJ LP 7XUPEOHFK YRQ V[G J)ÂV[   1PPð *UHQ]EHXO
VSDQQXQJIUHLQHQ6PD[LPDOHLQH%OHFKGLFNHYRQPPUHDOLVLHUWZHUGHQ EHL LP %HXO
6HLWH (UJHEQLVVH

QDFKZHLVQLFKWYROODXVJHQXW]WHU7XUPVFKDOHHQWVSUHFKHQGPHKU'LHVH$EVFKlW]XQJ]HLJWGD‰
GHU(LQVDW]GXNWLOHU6FKUDXEHQGLHHQWZHGHUGLH$XVQXW]XQJHLQHUJU|‰HUHQ)ODQVFKEUHLWHYJO
$EVFKQLWW*ORGHUGLH%HUFNVLFKWLJXQJGHU6\VWHPUHVHUYHQHUODXEHQGXUFKDXVVLQQ
YROORGHUHYWOVRJDUHUIRUGHUOLFKLVW

 (UJHEQLVVH
¾
,P %HUHLFK GHU %HWULHEVODVWHQ HUJHEHQ VLFK EHL $QQDKPH HLQHV SHUIHNWHQ 6\VWHPV ]ZLVFKHQ
*HVDPWV\VWHPEHUHFKQXQJ XQG GHP 6HJPHQWDQVDW] QXU XQZHVHQWOLFKH 'LIIHUHQ]HQ IU GLH
6FKUDXEHQEHDQVSUXFKXQJ 'LH (UPLWWOXQJ GHU HUPGXQJVUHOHYDQWHQ 6SDQQXQJVVFKZLQJEUHL
WHQGHU6FKUDXEHNDQQPLWGHP6HJPHQWDQVDW]HUIROJHQ
¾
(LQQDFKLQQHQNODIIHQGHU:LQNHOVSDOWZLUNWVLFKUHFKQHULVFKSRVLWLYDXIGLH6FKUDXEHQEHDQ
VSUXFKXQJDXV
¾
'LH 6FKQLWWJU|‰HQ HLQHU 6FKUDXEH ZHUGHQ YRP *HVDPWV\VWHP EHVWLPPW GK GD‰ HLQH ]X
QLHGULJH9RUVSDQQXQJHLQHUHLQ]HOQHQ6FKUDXEHQLFKW]XJU|‰HUHQ%HDQVSUXFKXQJHQIKUWVR
IHUQGLH1DFKEDUVFKUDXEHQGLHYROOH9RUVSDQQXQJDXIZHLVHQ
¾
$XFKLP)HOGYHUVXFKZLUGHLQHVHKUJXWH5HSURGX]LHUEDUNHLWGHU0H‰HUJHEQLVVHHU]LHOWYHU
VFKLHGHQH6FKUDXEHQHLQHV5LQJIODQVFKHVXQWHUVFKHLGHQVLFKLQLKUHQ%HDQVSUXFKXQJHQQLFKW
¾
,P'UXFNEHUHLFKYHUKlOWVLFKGLH9HUELQGXQJVRZLHLPOLQHDUHQ$VWGHV=XJEHUHLFKHV
¾
'LH$EGLFKWXQJGHV)ODQVFKHVPLWHLQHU]XHLQHP(ODVWRPHUDXVKlUWHQGHQ.OHEHPDVVHIKUW
K|FKVWZDKUVFKHLQOLFK]XHLQHUXQJQVWLJHQ%HHLQIOXVVXQJGHV7UDJYHUKDOWHQV
¾
'LH7UDJIlKLJNHLWGHV*HVDPWV\VWHPVZLUGGXUFKGLH'XNWLOLWlWGHU6FKUDXEHQEHJUHQ]W'HU
(LQVDW]YHUIRUPXQJVIlKLJHU6FKUDXEHQNDQQGHVKDOEORKQHQVZHUWVHLQZHQQGLH6\VWHPWUDJ
IlKLJNHLWJHQXW]WZHUGHQVROO
%HGHXWXQJGHU5LQJIODQVFKYHUELQGXQJIUGHQ%HXOVLFKHUKHLWVQDFKZHLV 6HLWH

 %HGHXWXQJGHU5LQJIODQVFKYHUELQGXQJIUGHQ%HXOVLFKHUKHLWVQDFKZHLV
1HEHQGHU9HUELQGXQJVIXQNWLRQN|QQHQGLH5LQJIODQVFKHDOV5LQJVWHLIHQGLH%HXOVLFKHUKHLWGHV
7XUPHVEHHLQIOXVVHQ'LH)ODQVFKHEHJUHQ]HQGLH%HXOOlQJHQGHU6FKDOHQLQGHPVLHHLQH5DQG
EHGLQJXQJ YRP 7\S 5%  QDFK ',1  7HLO  >@ (O  HU]HXJHQ 8P GHQ 5LQJ
IODQVFK DOV UDGLDO XQYHUVFKLHEOLFKHQ 5DQG DQVHKHQ ]X N|QQHQ LVW GLH 0LQGHVWVWHLILJNHLW ]X JH
ZlKUOHLVWHQGLHORNDOHV%HXOHQ]ZLVFKHQGHQ5LQJVWHLIHQHU]ZLQJW

 0LQGHVWVWHLILJNHLWIUD[LDOEHDQVSUXFKWH6FKDOHQ
,QGHQ(&&65HFRPPHQGDWLRQV>@ZHUGHQIROJHQGH)RUPHOQ]XU'LPHQVLRQLHUXQJDQJHJH
EHQ%H]HLFKQXQJHQDQJHSD‰W
 
ª §V· § U · º
$ 6W t " ˜ W ˜ «   ˜ ¨ ¸ ˜ ¨ ¸ » 
«¬ © U ¹ © " ¹ »¼
 

ª V [65 N § U6W · º V [65 N ˜ V ˜ U6W
, 6W t " ˜ U6W ˜ V ˜ « ˜ ˜¨ ¸ » 
«¬ ( © " ¹ »¼  ˜ ( ˜ "

$QPHUNXQJ 'LH )RUPHOQ ZXUGHQ HLJHQWOLFK IU V[6L KHUJHOHLWHW EHL HODVWRSODVWLVFKHP %HXOHQ
ZLUGV[65NDOVPD‰JHEHQGHU:HUWYHUZHQGHW
'LHVH)RUPHOQZXUGHQYRQ(66/,1*(5 LQ>@HLQHUNULWLVFKHQ3UIXQJXQWHU]RJHQ'LH$XWR
ULQNRPPW]XGHP6FKOX‰GD‰GLH)RUPHOIUGLH6WHLILJNHLWGHXWOLFK]XQLHGULJH:HUWHOLHIHUW
XQGVFKOlJWVWDWWGHVVHQIROJHQGH%HPHVVXQJVIRUPHOYRU

V ˜ V ˜ U6W
, 6W t [65 N 
 ˜ ( ˜ "
/HW]WHUH )RUPHO ZXUGH DXV 6HULHQUHFKQXQJHQ JHZRQQHQ ZRKLQJHJHQ GLH )RUPHO  ]% LQ
>@ GXUFK 9HUVXFKH DEJHVLFKHUW ZXUGH 'LHVHU VFKHLQEDUH :LGHUVSUXFK Ol‰W VLFK GXUFK GLH
(QWVWHKXQJVJHVFKLFKWH YRQ *O  HUNOlUHQ 'LH )RUPHO JHKW DXI HLQH $UEHLW YRQ 2'/$1'
>@]XUFNLQGHUVLHLQIROJHQGHU)RUPDQJHJHEHQZLUG

S  V [65 N ˜ V ˜ U6W
, 6W t \ ˜ ˜ 
 ˜ Q (˜"
PLW Q$Q]DKOGHU9ROOZHOOHQEHUGHQ8PIDQJ
<6LFKHUKHLWVEHLZHUW
'LH)RUPHOVWHOOWGLH/|VXQJGHV3ODWWHQEHXOSUREOHPVGDUXQGLVWLQVRIHUQQXUHLQH1lKHUXQJIU
GLH6FKDOH
$OV 1lKHUXQJ IU GLH $Q]DKO GHU 9ROOZHOOHQ EHU GHQ 8PIDQJ VFKOlJW 2'/$1' GLH =DKO GHU
:HOOHQYRUGLHVLFKIUGHQXQYHUVWHLIWHQ=\OLQGHUHUJLEW
 
 ˜ Q §U· §U· §U· §U·
 ˜  ˜   Q  ˜ ¨ ¸ ˜ ¨ ¸

 ˜ ¨ ¸ ˜ ¨ ¸ 
S ©V¹ ©"¹ ©V¹ ©"¹
'LH)RUPHODXVGHU(&&65HFRPPHQGDWLRQVOLHJWDXIGHUVLFKHUHQ6HLWHZHQQJLOW
 ˜ Q
t  
S
6HLWH 0LQGHVWVWHLILJNHLWIUELHJHEHDQVSUXFKWH6FKDOHQ

)UYHUVFKLHGHQHUV9HUKlOWQLVVHHUJHEHQVLFKGDUDXVIROJHQGH/lQJHQEHJUHQ]XQJHQ$EVWDQG
GHU5LQJVWHLIHQIUGLH6FKDOH7DEHOOH
UV PD["U
 
 
 
 
7DEHOOH /lQJHQEHJUHQ]XQJOUIUYHUVFKLHGHQHUV9HUKlOWQLVVHHLQHU6FKDOHIUGLHGLH%HPHVVXQJVIRUPHO
GHU(&&65HFRPPHQGDWLRQVDXIGHUVLFKHUHQ6HLWHOLHJW

,Q GHU 2IIVKRUH$QZHQGXQJ LVW GHU %HUHLFK ]ZLVFKHQ GHQ 5LQJVWHLIHQ EOLFKHUZHLVH "U d
'LH)RUGHUXQJGLHIUGLH(&&65HFRPPHQGDWLRQV>@DXV>@EHUQRPPHQZXUGHJLOW
DOVRQLFKWIUGHQ3DUDPHWHUEHUHLFKGHQ (66/,1*(5 XQWHUVXFKWKDW,Q>@ZHUGHQQ 9ROO
ZHOOHQJHIXQGHQZRIUVLFKHLQ)DNWRUYRQ
 ˜ Q

S
HUJLEW'LHVHU)DNWRUVWLPPWVHKUJXWPLWGHPYRQ(66/,1*(5 JHIXQGHQHQ:HUWYRQEHUHLQ
(LQ%OLFNDXIGLH9HUVXFKHGXUFKGLHGLH(&&6)RUPHODEJHVLFKHUWLVW>@]HLJWDX‰HUGHP
GD‰GRUWWDWVlFKOLFKQXU6FKDOHQPLW"UdXQWHUVXFKWZXUGHQ
)RUPHOJLOWQXUIUUHLQHQ$[LDOGUXFNZHQQ]XVlW]OLFK$X‰HQGUXFNZLUNWRGHU6FKXEVSDQ
QXQJHQYRUKDQGHQVLQGNRPPHQQDFK>@ZHLWHUH$QWHLOH]XU6WHLILJNHLWVIRUGHUXQJKLQ]X'D
$X‰HQGUXFN XQG 6FKXE LD QXU HLQHQ JHULQJHQ $QWHLO DP %HXOHQ YRQ :LQGHQHUJLHDQODJHQ KD
EHQZHUGHQGLHVH6WHLILJNHLWVIRUGHUXQJHQQLFKWHLQJHKHQGHUXQWHUVXFKW

 0LQGHVWVWHLILJNHLWIUELHJHEHDQVSUXFKWH6FKDOHQ
%LHJHEHDQVSUXFKWH6FKDOHQ]HLJHQE]JOGHV(LQIOXVVHVYRQ5LQJVWHLIHQHLQDQGHUHV9HUKDOWHQDOV
D[LDOEHDQVSUXFKWH6FKDOHQ'DV]XGHQLGHDOHQ%HXOVSDQQXQJHQJHK|ULJH%HXOPXVWHULVWEHLHL
QHUD[LDOHQ%HDQVSUXFKXQJJUR‰IOlFKLJ]%EHLPLWWHOODQJHQ6FKDOHQVFKDFKEUHWWDUWLJDQJHRUG
QHW EHL HLQHU %LHJHEHDQVSUXFKXQJ KLQJHJHQ ORNDO NXU]ZHOOLJ 'HVKDOE NDQQ GXUFK GHQ (LQEDX
YRQ6WHLIHQNHLQH7UDJODVWVWHLJHUXQJHUUHLFKWZHUGHQ,P*HJHQWHLOZXUGHLP5DKPHQYRQ3D
UDPHWHUVWXGLHQ >@ EHL PDQFKHQ .RQILJXUDWLRQHQ VRJDU HLQ $EIDOO GHU UHFKQHULVFKHQ 7UDJODVW
JHRPHWULVFKXQGSK\VLNDOLVFKQLFKWOLQHDUH%HUHFKQXQJXQWHU(LQVFKOX‰YRQ,PSHUIHNWLRQHQEH
REDFKWHWhEHUlKQOLFKH(UJHEQLVVHZXUGHIUZLQGEHODVWHWH.UHLV]\OLQGHUVFKDOHQLQ>@EH
ULFKWHW
5LQJVWHLIHQEHLELHJHEHDQVSUXFKWHQ6FKDOHQN|QQHQDOOHUGLQJVGDQQVLQQYROOVHLQZHQQEHLVHKU
ODQJHQ6FKDOHQGDV9HUVDJHQGXUFKGHQVRJ%5$=,(5 (IIHNWGXUFK2YDOLVLHUXQJGHU6FKDOHDXI
WULWW'LH=XVDPPHQKlQJHIUGLHVHQ9HUVDJHQVIDOOVLQGLQVEHVRQGHUHIUNRQLVFKH6FKDOHQXQWHU
4XHUNUDIWELHJXQJQXUZHQLJHUIRUVFKW



hEOLFKHUZHLVHUW9HUKlOWQLV±GDLQGLHVHU$UEHLWPLWWGLH)ODQVFKGLFNHXQGPLWVGLH6FKDOHQGLFNHEH]HLFKQHW
ZLUGHUJLEWVLFKGLHVHDEZHLFKHQGH1RWDWLRQ
%HGHXWXQJGHU5LQJIODQVFKYHUELQGXQJIUGHQ%HXOVLFKHUKHLWVQDFKZHLV 6HLWH

 (LQIOX‰GHV:LQNHOVSDOWHVDXIGLH%HXOVLFKHUKHLW
:LHLQ$EVFKQLWWHUPLWWHOWZXUGHZLUGGLH6FKDOHGXUFKGDV6FKOLH‰HQHLQHV:LQNHOVSDOWHV
GXUFK %LHJXQJ EHDQVSUXFKW 'LH %LHJHVSDQQXQJ VWHOOW HLQH 6W|UXQJ GHV 0HPEUDQVSDQQXQJV]X
VWDQGHV GDU GLH ]XJHK|ULJH %LHJHYHUIRUPXQJ KDW DOV JHRPHWULVFKH ,PSHUIHNWLRQ HLQHQ (LQIOX‰
DXIGLH6FKDOHQEHXOJHIlKUGXQJ$XVGLHVHP*UXQGHGDUIGLH:LQNHONODIIXQJ QLFKW ]X JUR‰ JH
ZlKOWZHUGHQ
9RQ.1g'(/0$,(5+g)(5 >@ZXUGHJH]HLJWGD‰5DQGPRPHQWHHLQHQEHGHXWHQGHQ(LQIOX‰
DXIGLH6WDELOLWlWD[LDOJHGUFNWHU.UHLV]\OLQGHUKDEHQVRGD‰GLHVYHUPXWOLFKDXFKIUGLHEHU
ZLHJHQGELHJHEHDQVSUXFKWHQNRQLVFKHQ6FKDOHQYRQ:($]XWULIIW'DGLH]XUQLHGULJVWHQ9HU
]ZHLJXQJVODVWJHK|ULJH(LJHQIRUPEHLP%LHJHEHXOHQLP*HJHQVDW]]XPD[LDOJHGUFNWHQ=\OLQ
GHULQhEHUHLQVWLPPXQJPLWGHU9HUIRUPXQJLQIROJH5DQGPRPHQWVHKUNXU]ZHOOLJLVW>@LVW
GLH%HHLQIOXVVXQJGHU%HXOJHIlKUGXQJHKHUQRFKJU|‰HU
'LHEH]RJHQHQ5DQGPRPHQWH H[ QDFK>@VLQGEHLGHQW\SLVFKHQ*HRPHWULHQNOHLQVRGD‰
GHU(LQIOX‰DXIGLHLGHDOH%HXOVSDQQXQJJHULQJLVWXQGGLH6WDELOLWlWVJHIlKUGXQJQLFKWZHVHQWOLFK
HUK|KWZLUG'HQQRFKVROOWHDXVJHVFKORVVHQZHUGHQGD‰DOOHLQHLQIROJHGHU6SDOWVFKOLH‰XQJGLH
6WUHFNJUHQ]HLP0DQWHOEOHFKHUUHLFKWZLUGEHLVWDUNVWDELOLWlWVJHIlKUGHWHQ6FKDOHQLVWHLQHNOHL
QHUH ,PSHUIHNWLRQ DQ]XVWUHEHQ 'HVKDOE LVW HV VLQQYROO GLH ]XOlVVLJH %LHJHVSDQQXQJ LQIROJH
6FKOLH‰HQGHV:LQNHOVSDOWHVDQGLH*UHQ]EHXOVSDQQXQJ]XNRSSHOQGDQXUGDGXUFKGLHHU]HXJ
WHQ,PSHUIHNWLRQHQPLWZDFKVHQGHU6FKDOHQVFKODQNKHLWNOHLQHUZHUGHQ
V % d V [65 G 

'LHVHU1DFKZHLVVWHOOWHLQHLQJHQLHXUPl‰LJH1lKHUXQJGDUVLHVROOWHDQKDQGJHQDXHUHU8QWHUVX
FKXQJHQEHVWlWLJWRGHUYHUEHVVHUWZHUGHQ

 (UJHEQLVVH
¾
%HL$[LDOGUXFNN|QQHQ5LQJVWHLIHQSRVLWLYDXIGDV%HXOYHUKDOWHQZLUNHQ'LHGDIUHUIRUGHU
OLFKH0LQGHVWVWHLILJNHLWNDQQDQKDQGYRQEHNDQQWHQ%HPHVVXQJVIRUPHOQHUPLWWHOWZHUGHQ
¾
%HLEHUZLHJHQGHU%LHJXQJVLQG5LQJVWHLIHQQXUGDQQJQVWLJZHQQDQVRQVWHQHLQ2YDOLVLH
UHQ GHV 4XHUVFKQLWWV ]XP 9HUVDJHQ IKUHQ ZUGH 'D HV ELVODQJ NHLQH ZLVVHQVFKDIWOLFKHQ
8QWHUVXFKXQJHQ]XU2YDOLVLHUXQJYRQ6FKDOHQXQWHU4XHUNUDIWELHJXQJJLEWLVWKLHUGXUFK]X
NQIWLJH$UEHLWHQ]XKLQWHUIUDJHQZDQQGLHVHV9HUVDJHQUHOHYDQWVHLQNDQQ
¾
%HLP 6FKOLH‰HQ HLQHV :LQNHOVSDOWHV ZHUGHQ 6SDQQXQJHQ LQ GHU 6FKDOH KHUYRUJHUXIHQ GLH
VLFKQHJDWLYDXIGLH%HXOVLFKHUKHLWDXVZLUNHQN|QQHQ$XFK]XGLHVHU)UDJHJLEWHVELVKHUQXU
XQ]XUHLFKHQGH (UNHQQWQLVVH VR GD‰ ]XQlFKVW DXV GHU $QVFKDXXQJ GHV 3UREOHPV HLQH YHU
QQIWLJHUVFKHLQHQGH1lKHUXQJVO|VXQJYRUJHVFKODJHQZXUGH
6HLWH (UJHEQLVVH
(PSIHKOXQJHQ]XU$XVELOGXQJ%HUHFKQXQJ0RQWDJHXQG:DUWXQJ 6HLWH

 (PSIHKOXQJHQ]XU$XVELOGXQJ%HUHFKQXQJ0RQWDJHXQG:DUWXQJ
$XVGHQGXUFKJHIKUWHQ8QWHUVXFKXQJHQODVVHQVLFK(PSIHKOXQJHQXQG%HPHVVXQJVGLDJUDPPH
]XU $XVOHJXQJ XQG %HUHFKQXQJ GHU )ODQVFKYHUELQGXQJ DEOHLWHQ ,P IROJHQGHQ ZHUGHQ GLH (U
JHEQLVVH GHU HLQ]HOQHQ .DSLWHO VRZHLW ZLH P|JOLFK JHEQGHOW XQG ]X %HPHVVXQJVIRUPHOQ XQG
'LDJUDPPHQ ]XVDPPHQJHID‰W XP GHP EHDUEHLWHQGHQ ,QJHQLHXU HLQ HLQIDFKHV +DQGZHUNV]HXJ
IUGLH%HPHVVXQJ]XJHEHQ

 *HRPHWULVFKH$XVELOGXQJ
:HQQGLH)ODQVFKYHUELQGXQJDXVJHOHJWZLUGGDQQOLHJHQ7XUPGXUFKPHVVHUXQG%OHFKGLFNHQLD
DXV GHQ JHRPHWULVFKHQ 5DQGEHGLQJXQJHQ GHV JHVDPWHQ %DXZHUNV XQG GHP %HXOVLFKHUKHLWV
QDFKZHLV IHVW =X GLPHQVLRQLHUHQ VLQG GDQQ QRFK 6FKUDXEHQJU|‰H XQG DQ]DKO VRZLH GLH
)ODQVFKPD‰HDEXQGWYJO$EELOGXQJ'DV0D‰EZLUGMHQDFK6FKUDXEHQJU|‰HYRQGHP
]XU9HUIJXQJVWHKHQGHQ:HUN]HXJQDFKXQWHQEHJUHQ]WLDZLUGGLHVHXQWHUH*UHQ]HJHZlKOW
XPGLHJQVWLJH:LUNXQJHLQHUEOHFKQDKHQ6FKUDXEHRSWLPDOQXW]HQ]XN|QQHQ
)UGLHEULJHQ*U|‰HQZHUGHQQDFKIROJHQG%HPHVVXQJVKLOIHQ]XVDPPHQJHVWHOOW
 'LPHQVLRQLHUXQJYRQ6FKUDXEHQJU|‰HXQGDEVWDQG
6FKUDXEHQJU|‰H XQG DEVWDQG ZHUGHQ ]XQlFKVW DXIJUXQG GHV 7UDJIlKLJNHLWVQDFKZHLVHV YRUGL
PHQVLRQLHUW1DFK*OZLUGGHUUHFKQHULVFKPD[LPDODQVHW]EDUH$EVWDQGDYRQGHU6FKUDX
EHQDFKVH]XU)ODQVFKLQQHQNDQWHDXIÂEEHJUHQ]WVRGD‰EHL$XVOHJXQJDXIGHQ9HUVDJHQV
PRGXV%XQWHU9HUQDFKOlVVLJXQJGHVSODVWLVFKHQ0RPHQWHV0SOJLOW
D  ˜ E )W5 G
)8 )W5 G ˜ )W5 G ˜ œ )W5 G  ˜ )8 
DE  ˜ E  E 
'LHLP*UHQ]]XVWDQGGHU7UDJIlKLJNHLWDXI]XQHKPHQGH.UDIW)8HUJLEWVLFKDXVGHULPPD‰JH
EHQGHQ/DVWIDOOHLQZLUNHQGHQ6SDQQXQJLQNO7HLOVLFKHUKHLWVEHLZHUW]X
)8 J ) ˜ V[ ˜ F ˜ V 
PLW F(LQIOX‰EUHLWHGHV6HJPHQWHVLQ6FKDOHQPLWWHOIOlFKHV'LFNHGHV0DQWHOEOHFKV
'HU $EVWDQG GHU 6FKUDXEHQ XQWHUHLQDQGHU ZLUG HEHQIDOOV GXUFK GDV ]XU 9HUIJXQJ VWHKHQGH
:HUN]HXJQDFKXQWHQEHJUHQ]WYJO7DEHOOH6HLWH:HQQQlKHUXQJVZHLVHGLH(LQIOX‰EUHLWH
IU GDV 6HJPHQW LQ 6FKDOHQPLWWHOIOlFKH JOHLFK GHP 6FKUDXEHQDEVWDQG JHVHW]W ZLUG GDQQ NDQQ
GHU PD[LPDO P|JOLFKH 6FKUDXEHQDEVWDQG LQ $EKlQJLJNHLW YRQ GHU 6FKUDXEHQJU|‰H HUPLWWHOW
ZHUGHQ
)W 5 G
F PD[ 
J ) ˜ V [ ˜ V ˜ 
'LHVH %H]LHKXQJ LVW IU DOOH 6FKUDXEHQJU|‰HQ LQ $EELOGXQJ  GDUJHVWHOOW DXV GHP GLH 0LQ
GHVWVFKUDXEHQJU|‰HXQGGHUP|JOLFKHPD[LPDOH$EVWDQGGHU6FKUDXEHQXQWHUHLQDQGHUDEJHOHVHQ
ZHUGHQNDQQ'HU(LQJDQJVZHUWLVWGLHIDFKH%HPHVVXQJVVSDQQXQJIUGHQ*UHQ]]XVWDQGGHU
7UDJIlKLJNHLWPXOWLSOL]LHUWPLWGHU:DQGGLFNH)U:HUWH!1PPZLUGODXW'LDJUDPPIU
GHQ7UDJIlKLJNHLWVQDFKZHLVHLQHJU|‰HUH6FKUDXEHDOV0EHQ|WLJW7DWVlFKOLFKOLHJWGHU:HUW
QRFKHWZDVK|KHUGDGDVSODVWLVFKH0RPHQWGHU7XUPVFKDOHYHUQDFKOlVVLJWZXUGH'LHPD[LPDO
P|JOLFKHQ(LQJDQJVZHUWHMH6FKUDXEHVLQGDOVJHUXQGHWH:HUWHLQGHQ.lVWHQ]DKOHQPl‰LJDQ
JHJHEHQ:HQQGLH0LQGHVWDEVWlQGHFPLQQDFK7DEHOOHXQWHUVFKULWWHQZHUGHQN|QQHQGD]%
ZHQLJHUUDXPJUHLIHQGHV:HUN]HXJYRUKDQGHQLVWN|QQHQQRFKHWZDVJU|‰HUH/DVWHQGXUFKJH
6HLWH *HRPHWULVFKH$XVELOGXQJ

ULQJHUH6FKUDXEHQDEVWlQGHHUUHLFKWZHUGHQ'HUPD[LPDOH(LQJDQJVZHUWNDQQVFKUDXEHQDEKlQ
JLJZLHIROJWHUPLWWHOWZHUGHQ
)W 5 G
 J ) ˜ V [ ˜ V ˜  PD[ 
F PLQ
'DV 'LDJUDPP PLW GHQ NOHLQHUHQ 6FKUDXEHQ NDQQ IU YHUZDQGWH $QZHQGXQJVJHELHWH ]%
6FKRUQVWHLQHYHUZHQGHWZHUGHQ
F>PP@ 9RUEHPHVVXQJYRQ6FKUDXEHQJU|‰HXQGDEVWDQG*=7

 0
0

0

0
 0




 

  


        
J)ÂV[ ÂVÂ>1PP@

F>PP@ 9RUEHPHVVXQJYRQ6FKUDXEHQJU|‰HXQGDEVWDQG*=7


0
 0
0
 0
0
 0
0


 



 



       
J)ÂV[ ÂVÂ>1PP@

$EELOGXQJ%HPHVVXQJVGLDJUDPPIU6FKUDXEHQJU|‰HXQGDEVWDQGLP*UHQ]]XVWDQGGHU7UDJIlKLJNHLW
(PSIHKOXQJHQ]XU$XVELOGXQJ%HUHFKQXQJ0RQWDJHXQG:DUWXQJ 6HLWH

 'LPHQVLRQLHUXQJYRQ)ODQVFKPD‰ÄD³
'HU0LQGHVWZHUWIUGDV0D‰DXQGGLH)ODQVFKGLFNHWZHUGHQGXUFKGHQ(UPGXQJVIHVWLJNHLWV
QDFKZHLVGLPHQVLRQLHUW'DV0D‰DNDQQPLWIROJHQGHQ$QQDKPHQDXVGHU*OHLFKXQJIU.ODI
IHQELV]XU6FKUDXEHQDFKVH*OEHVWLPPWZHUGHQ
D (˜$
 W |  ˜ D  & 6 1lKHUXQJVZHUWIUGLHKDOEH6FKUDXEH) 
  W
'DIUGLH+HUOHLWXQJYRQDNODIIHLQ]XJUR‰HU:HUWIU&6DXIGHUXQVLFKHUHQ6HLWHOLHJWZLUGKLHU
GLH6FKUDXEHQVWHLILJNHLWGLHVLFKEHL%HUHFKQXQJPLWGHP6FKDIWTXHUVFKQLWWDOOHLQHHUJLEWPLW
GHP)DNWRUUHGX]LHUW'LHVH$QQDKPHOLHJWJHJHQEHUGHUH[DNWHQ%HUHFKQXQJQDFK9',
5LFKWOLQLHELVHWZDWG DXIGHUVLFKHUHQ6HLWH
(VHUJLEWVLFKGDQQGHU0LQGHVWZHUWIUDIUGHQXQWHUGHUPD[LPDOHQ=XJNUDIWDXIGDV6HJPHQW
YRQ= VPD[ÂFÂVJHUDGH.ODIIHQELV]XU6FKUDXEHQDFKVHDXIWULWW

 ˜ = ˜ E ˜ F   ˜  ˜ =  ˜ E  ˜ F    ˜ =  ˜ $ ˜ E ˜ F   ˜ = ˜ $ ˜ E ˜ )9 ˜ F

D .ODII  ˜ 
 ˜ )9 ˜ F   ˜ = ˜ F
:HQQGHUYHUHLQIDFKWH(UPGXQJVIHVWLJNHLWVQDFKZHLVQDFK$EVFKQLWWDQJHVWUHEWZLUGGDQQ
LVWIU=GLHXPGLH7HLOVLFKHUKHLWVEHLZHUWHHUK|KWH=XJNUDIWDQ]XVHW]HQ
= J )I ˜ J 0I ˜ V PD[ ˜ F ˜ V 
'LH6FKUDXEHQVFKDIWIOlFKH$XQGGLH9RUVSDQQNUDIW)9VLQGGDGLH6FKUDXEHEHUHLWVGLPHQVLR
QLHUWLVWEHNDQQWH*U|‰HQ'DV0D‰FKDWDXIGDV(UJHEQLVHLQHQJHULQJHQ(LQIOX‰VRGD‰KLHU
HLQ VLQQYROOHU :HUW ]% GHU 0LQGHVWZHUW LQ $EKlQJLJNHLW YRQ GHU 6FKUDXEHQJU|‰H JHVFKlW]W
ZHUGHQNDQQ'DV0D‰EHUJLEWVLFKDXVGHP0LQGHVWDEVWDQG]XU7XUPVFKDOHVLHKH7DEHOOH
VRZLHGHU:DQGGLFNH$XFKKLHUNDQQHLQVLQQYROOHU:HUWJHVFKlW]WZHUGHQLQGHP]XU(UPLWW
OXQJ HLQH PD[LPDOH :DQGGLFNH YRUJHJHEHQ ZLUG EHL GHQ KLHU GXUFKJHIKUWHQ %HUHFKQXQJHQ
ZXUGH YRQ V PP V PP E]Z V PP DXVJHJDQJHQ /HW]WOLFK EOHLEW GDQQ DOV 8QEH
NDQQWH ]XU (UPLWWOXQJ YRQ D QXU QRFK GLH HLQZLUNHQGH =XJNUDIW VR GD‰ HEHQIDOOV HLQ %HPHV
VXQJVGLDJUDPPVLHKH$EELOGXQJHUVWHOOWZHUGHQNDQQ(VLVWGDQQQRFK]XSUIHQREGLH
%HGLQJXQJDtÂEPD‰JHEHQGZLUG
D>PP@ 'LPHQVLRQLHUXQJ)ODQVFKPD‰D D>PP@ 'LPHQVLRQLHUXQJ)ODQVFKPD‰D
 
0 0
  0
0
0
 0 
0
 0  0
0 0
 
0
 
 

 
V PP V PP
 
             
= V[ ÂVÂF>N1@ = V[ ÂVÂF>N1@

$EELOGXQJ)RUWVHW]XQJQlFKVWH6HLWH
6HLWH *HRPHWULVFKH$XVELOGXQJ

D>PP@ 'LPHQVLRQLHUXQJ)ODQVFKPD‰D D>PP@ 'LPHQVLRQLHUXQJ)ODQVFKPD‰D

 
0 V PP
 0

0

0
0 

0
 
0

 0
 0
 0

V PP 0
 
               
= V[ ÂVÂF>N1@ = V[ ÂVÂF>N1@

D>PP@ 'LPHQVLRQLHUXQJ)ODQVFKPD‰D D>PP@ 'LPHQVLRQLHUXQJ)ODQVFKPD‰D

 
0 V PP
 0

0

0
 0 
0
 
0

 0
 0
  0
V PP
0
 
               
= V[ ÂVÂF>N1@ = V[ ÂVÂF>N1@

$EELOGXQJ 'LPHQVLRQLHUXQJVGLDJUDPPHIUGDV)ODQVFKPD‰ÄD³$EVWDQG6FKUDXEHQDFKVHELV)ODQVFK

LQQHQNDQWHEHL:DQGGLFNHQV PPREHQYRUKHULJH6HLWHV PPPLWWLJXQGV PP
XQWHQ

 'LPHQVLRQLHUXQJGHU)ODQVFKGLFNH
'LHDOVXQEHNDQQWH*U|‰HYHUEOHLEHQGH)ODQVFKGLFNHZLUGGXUFKGLH0LQGHVWGLFNHIUGHQ9HU
VDJHQVPRGXV % VLHKH 7DEHOOH  VRZLH GLH LP %HUHFKQXQJVYHUIDKUHQ YRUDXVJHVHW]WH *U|‰H
WtÂDEHVWLPPW'HU1DFKZHLVJHJHQ)ODQVFKIOLH‰HQZLUGEHLGLFNHQ)ODQVFKHQLDQLFKWPD‰
JHEHQGVRGD‰KLHUNHLQH)RUPHO]XU9RUGLPHQVLRQLHUXQJHUIRUGHUOLFKLVW
'LH)ODQVFKGLFNHWIUGLH9HUVDJHQVPRGXV%PD‰JHEHQGZLUGNDQQDXV*OPLWGHU1l
KHUXQJ 0SO |  VRZLH GHQ EHUHLWV YHUZHQGHWHQ *HRPHWULHGDWHQ IU EPLQ XQG FPLQ IU XQWHU
VFKLHGOLFKH 6WDKOJWHQ GLUHNW HUPLWWHOW ZHUGHQ 7DEHOOH  JLEW GLH HQWVSUHFKHQGHQ :HUWH IU
6W 6 XQG 6W 6 DQ GLH $EPLQGHUXQJ GHU 1HQQVWUHFNJUHQ]H EHL 0DWHULDOGLFNHQ
EHU PP LVW EHUFNVLFKWLJW 'LH (UPLWWOXQJ HUIROJW IU HLQH 6FKDOHQGLFNH V PP IU
V PPXQGV PPYHUULQJHUQE]ZYHUJU|‰HUQVLFKGLH:HUWHXPMHZHLOVPP%HLJU|‰H
UHQ6FKUDXEHQDEVWlQGHQFYHUULQJHUQVLFKGLH:HUWH
(PSIHKOXQJHQ]XU$XVELOGXQJ%HUHFKQXQJ0RQWDJHXQG:DUWXQJ 6HLWH

I\N 0 0 0 0 0 0 0 0 .RUUHNWXUIUDQ
>1PPð@         GHUH6FKDOHQGLFNHQ
         V PP±PP
         V PPPP
7DEHOOH0LQGHVWGLFNHGHU)ODQVFKHW%IU9HUVDJHQVPRGXV%DXIPPDXIJHUXQGHW
'LH :HUWH IU GHQ 6 HQWVSUHFKHQ HWZD GHQ :HUWHQ GLH DXV GHU $EJUHQ]XQJ GHV %HUHFK
QXQJVYHUIDKUHQVIUGHQHODVWLVFKHQ%HUHLFKDXV*ODEOHLWEDUVLQGYJO7DEHOOH6HLWH
6RPLWZHUGHQPLWGHPYRUJHVWHOOWHQ%HUHFKQXQJVYHUIDKUHQLPHODVWLVFKHQ%HUHLFKJXWH(U
JHEQLVVH HU]LHOW ZHQQ GHU )ODQVFK LP *UHQ]]XVWDQG GHU 7UDJIlKLJNHLW GXUFK 6FKUDXEHQEUXFK
YHUVDJW'LHVHU=XVDPPHQKDQJLVWDQVFKDXOLFKHLQVLFKWLJGDGDV9HUVDJHQQDFK0RGXV%HLQH
JHULQJH9HUIRUPEDUNHLWGHV)ODQVFKHVLPSOL]LHUWGLHEHLP%HUHFKQXQJVYHUIDKUHQYRUDXVJHVHW]W
ZXUGH 'LH HUPLWWHOWHQ 'LFNHQ VLQG DXFK KHUVWHOOXQJVWHFKQLVFK JQVWLJ GD VLH GLH GUHLIDFKHQ
/RFKGXUFKPHVVHUQLFKWEHUVFKUHLWHQYJO$EVFKQLWW
,Q $EKlQJLJNHLW YRP 6FKUDXEHQGXUFKPHVVHU N|QQHQ GLH 'LFNHQ DXFK IRUPHOPl‰LJ DQJHJHEHQ
ZHUGHQ
6 W t    ˜ G 
6 W t    ˜ G 
'LH VR HUPLWWHOWHQ )ODQVFKDEPHVVXQJHQ VWHOOHQ VLQQYROOH 0LQGHVWPD‰H GDU )DOOV GHU (UP
GXQJVIHVWLJNHLWVQDFKZHLVPLWGLHVHQ0D‰HQ QLFKW HUIOOW LVW VROOWHQ GLH )ODQVFKGLFNH W XQG GHU
$EVWDQG]XU,QQHQNDQWHDHUK|KWZHUGHQZREHLGLH%HGLQJXQJWtÂDVWHWV]XHUIOOHQLVW
'LHKLHUDQJHJHEHQHQ%HPHVVXQJVKLOIHQJHKHQZLHEHVFKULHEHQYRQGHUUHFKQHULVFKHQ%HJUHQ
]XQJGHV0D‰HVÄD³DXIDdÂEIUGHQ7UDJIlKLJNHLWVQDFKZHLVDXV:HQQVLFKGXUFKGLH]X
NQIWLJH)RUVFKXQJDQGHUH/lQJHQYHUKlOWQLVVHDOV]XOlVVLJKHUDXVVWHOOHQGDQQN|QQHQGLH'LD
JUDPPHDQKDQGGHUDQJHJHEHQHQ)RUPHOQQHXHUVWHOOWZHUGHQ'DVWDWVlFKOLFKH0D‰ÄD³NDQQLQ
$EKlQJLJNHLWYRQGHU(UIRUGHUQLVVHQLP*HEUDXFKV]XVWDQGDXFKJU|‰HUDOVÂEVHLQ

 %HUHFKQXQJ
)U GLH %HUHFKQXQJ GHU %HDQVSUXFKXQJ XQG GHQ 1DFKZHLV GHU (UPGXQJ ZHUGHQ IROJHQGH
*UXQGVlW]HHPSIRKOHQ
'HU(UPGXQJVIHVWLJNHLWVQDFKZHLVPX‰IUGLHYROOVWlQGLJH5DLQIORZPDWUL[GHU%HODVWXQJHQ
GXUFKJHIKUWZHUGHQZHQQQLFKWGHUYHUHLQIDFKWH1DFKZHLVQDFK5HFKHQDQZHLVXQJ6HLWH
 DQZHQGEDU LVW $OV 7HLOVLFKHUKHLWVEHLZHUWH VROOWHQ J0I  XQG J)I  YHUZHQGHW
ZHUGHQ
'LH %HZHUWXQJ GHU (UPGXQJVIHVWLJNHLW NDQQ EHU GLH .HUEJUXSSH  IU GLH 6XPPH DXV
1RUPDO XQG %LHJHVSDQQXQJHQ HUIROJHQ (LQH %HZHUWXQJ EHU GLH OLQHDUH ,QWHUSRODWLRQ GHU
.HUEJUXSSHQIU1RUPDONUDIWXQGIU%LHJXQJOLHIHUWGHPJHJHQEHUHWZDVJQVWLJHUH
(UJHEQLVVH
=XIKUHQGH1DFKZHLVHVLQG
7UDJVLFKHUKHLWVQDFKZHLV
(UPGXQJVIHVWLJNHLWVQDFKZHLV
*HEUDXFKVWDXJOLFKNHLWVQDFKZHLVH.ODIIHQELV6FKUDXEHQDFKVHXQG)OLH‰HQLP)ODQVFK
6HLWH 0RQWDJHXQG:DUWXQJ

 0RQWDJHXQG:DUWXQJ
$OOH 6FKUDXEHQ HLQHU 5LQJIODQVFKYHUELQGXQJ VROOWHQ QDFK 0|JOLFKNHLW DP ]ZHLWHQ 7DJ GHU
0RQWDJH XQG GDQDFK QDFK VHFKV 0RQDWHQ QDFKJHVSDQQW ZHUGHQ (V LVW GDUDXI ]X DFKWHQ GD‰
ZLUNOLFKDOOH6FKUDXEHQQDFKJHVSDQQWZHUGHQXQGQLFKWQXUVWLFKSUREHQDUWLJJHSUIWZLUG'D
QDFKVROOWHPLQGHVWHQVDOOH]ZHL-DKUHQDFKJHVSDQQWZHUGHQ'HUGDPLWYHUEXQGHQH$XIZDQGLVW
YHUKlOWQLVPl‰LJJHULQJXQGVWHOOWHLQHHUKHEOLFKH9HUEHVVHUXQJGHU6LFKHUKHLWGDU

 (PSIHKOXQJHQIUZHLWHUH9HUVXFKH
$XV GHQ JHPDFKWHQ (UIDKUXQJHQ KHUDXV N|QQHQ IROJHQGH (PSIHKOXQJHQ IU ZHLWHUH 9HUVXFKH
DEJHOHLWHWZHUGHQ'LHYRUJHVWHOOWH0H‰PHWKRGLNPLWGUHL'06%UFNHQEHUGHQ8PIDQJKDW
VLFK EHZlKUW GD VLH HLQH KHUYRUUDJHQGH .RQWUROOH GHU JHIXQGHQHQ 0H‰ZHUWH HUODXEW
3ODXVLELOLWlWVNRQWUROOHGXUFKGLH JHIXQGHQH %LHJHDFKVH )U /DERUYHUVXFKH VLQG 9ROOEUFNHQ
VFKDOWXQJHQ QLFKW ]ZLQJHQG HUIRUGHUOLFK GLHVH VROOWHQ ZHJHQ GHU 7HPSHUDWXUNRPSHQVDWLRQ IU
,Q6LWX9HUVXFKHYHUZHQGHWZHUGHQ
'LH/DERUYHUVXFKHVROOWHQLQIROJHQGHU5HLKHQIROJHGXUFKJHIKUWZHUGHQ
$QVSDQQHQGHU9HUELQGXQJXQG0HVVXQJGHV9RUVSDQQNUDIWDEIDOOVEHUPLQGHVWHQV7DJH
'HU9RUVSDQQYRUJDQJVHOEHUVROOWHGDEHLQDFK0|JOLFKNHLWPLWKRKHU0H‰UDWHt+]JH
PHVVHQZHUGHQGDPLWGDV0D[LPXPGHU9RUVSDQQNUDIWHUID‰WZLUG
6WDWLVFKHU9HUVXFKLQQHUKDOEGHVHODVWLVFKHQ%HUHLFKHV
'DXHUVFKZLQJYHUVXFKPLWFD/DVWVSLHOHQDXIPLWWOHUHPXQGFD/DVWVSLHOHQDXIKRKHP
/DVWQLYHDXLQQHUKDOEGHV*HEUDXFKVODVWEHUHLFKHV]XU(UIDVVXQJGHVZHLWHUHQ9RUVSDQQNUDIW
YHUOXVWHV
(QWVSDQQHQGHU9HUELQGXQJ]XU.RQWUROOHGHU5HVWZHUWHGHU'06
(UQHXWHV$QVSDQQHQPLWDQGHUHP(LQEDXZLQNHOGHU6FKUDXEHXQG:LHGHUKROXQJGHV9HUVX
FKHV ]XU .RQWUROOH GHU 5HSURGX]LHUEDUNHLW 'LH $XVVDJHIlKLJNHLW ]XP 9RUVSDQQNUDIWYHUOXVW
LVWOHLFKWHLQJHVFKUlQNWNDQQGXUFK9HUZHQGXQJHLQHUQHXHQ0XWWHUDEHUZHLWJHKHQGHUKDOWHQ
ZHUGHQ
'XUFKIKUXQJHLQHV7UDJODVWYHUVXFKHV
)U GLH 'XUFKIKUXQJ YRQ 'DXHUVFKZLQJYHUVXFKHQ ZXUGH LQ $EVFKQLWW  HLQ .RQ]HSW EH
VFKULHEHQXQGEHJUQGHWGDVGLH.OlUXQJGHUQRFKRIIHQHQ)UDJHQE]JOGHU(UPGXQJVIHVWLJNHLW
GHU6FKUDXEHHUODXEW
=XVDPPHQIDVVXQJXQG$XVEOLFN 6HLWH

 =XVDPPHQIDVVXQJXQG$XVEOLFN
 =XVDPPHQIDVVXQJ
,Q GHU YRUOLHJHQGHQ $UEHLW ZXUGH GDV 7UDJYHUKDOWHQ YRQ 5LQJIODQVFKYHUELQGXQJHQ WKHRUHWLVFK
XQGH[SHULPHQWHOOXQWHUVXFKW=LHOGHU$UEHLWZDUGLH:HLWHUHQWZLFNOXQJGHUEHNDQQWHQ%HPHV
VXQJVYHUIDKUHQ XP GLH VLFKHUH $XVOHJXQJ GHU 9HUELQGXQJ DXFK EHL KRKHU $XVQXW]XQJ ]X JH
ZlKUOHLVWHQ
$XVJHKHQG YRQ GHU LQ .DSLWHO  EHVFKULHEHQHQ +HUVWHOOXQJVWHFKQRORJLH GHU )ODQVFKH GLH GLH
P|JOLFKHXQGVLQQYROOHJHRPHWULVFKH'XUFKELOGXQJEHVWLPPWZXUGHQPLW6FKZHUSXQNWDXIGHP
$QZHQGXQJVJHELHW GHU :LQGHQHUJLHDQODJHQ 8QWHUVXFKXQJHQ ]XU %HDQVSUXFKXQJ GHU 6FKUDXEH
GXUFK=XJNUDIWXQG%LHJHPRPHQW]XU%HZHUWXQJGLHVHU%HDQVSUXFKXQJEHLP(UPGXQJVIHVWLJ
NHLWVQDFKZHLV]XP/DQJ]HLWYHUKDOWHQXQG]XU7UDJIlKLJNHLWGXUFKJHIKUW'HU6WDQGGHU7HFK
QLN]XU%HPHVVXQJYRQ5LQJIODQVFKYHUELQGXQJHQZXUGHHLQOHLWHQGLQ.DSLWHOGDUJHVWHOOW
,Q.DSLWHOZXUGHQ9HUVXFKHDQ)ODQVFKVHJPHQWHQLP/DERUXQG0HVVXQJHQDQ6FKUDXEHQYRQ
ODXIHQGHQ:LQGHQHUJLHDQODJHQYRUJHVWHOOW,P*HJHQVDW]]XIUKHUHQ8QWHUVXFKXQJHQZXUGHGD
EHLGLH$QRUGQXQJGHU'HKQXQJVPH‰VWUHLIHQVRJHZlKOWGD‰GLHNRPSOHWWH6SDQQXQJVHEHQHGHU
6FKUDXEHQ EHVFKULHEHQ ZHUGHQ NRQQWH $QKDQG HLQHU 8QWHUVXFKXQJ ]XU :LHGHUKROEDUNHLW GHU
9HUVXFKH NRQQWH JH]HLJW ZHUGHQ GD‰ GLH H[SHULPHQWHOOH %HVWLPPXQJ GHU 6FKUDXEHQEHDQVSUX
FKXQJ PLW KRKHU =XYHUOlVVLJNHLW JHOLQJW )U GHQ )HOGYHUVXFK ZXUGH GLH %HDQVSUXFKXQJVPHV
VXQJ DQ GHU 7XUPVFKDOH VR DXVJHOHJW GD‰ NHLQH %HHLQIOXVVXQJ GHU JHVXFKWHQ 0H‰JU|‰H GXUFK
GLH6FKDOHQWUDJZLUNXQJDXIWUHWHQNRQQWH:HJHQGHUODQJHQ0H‰GDXHUZXUGHQ]XGHPVSH]LHOOH
6WHXHUXQJVSURJUDPPHHQWZLFNHOWPLWGHUHQ+LOIHGLH0H‰GDWHQPHQJHRKQH,QIRUPDWLRQVYHUOXVW
EHJUHQ]WZHUGHQNRQQWH
=XU ZHLWHUJHKHQGHQ 8QWHUVXFKXQJ GHU 9HUELQGXQJ ZXUGH LQ .DSLWHO  HLQ )LQLWH(OHPHQW
0RGHOOHQWZLFNHOWZREHLGLH%HVRQGHUKHLWHQGHU6FKUDXEHQPRGHOOLHUXQJEHVRQGHUVKHUDXVJHDU
EHLWHWZXUGHQ)UGLH%HUHFKQXQJGHV*HVDPWV\VWHPVZXUGHHLQHDXVGHP*UXQGPRGHOODEJH
OHLWHWH9DULDQWHYRUJHVWHOOW'LH9HULILNDWLRQGHV)(0RGHOOVZXUGHDQKDQGYRQ9HUVXFKVHUJHE
QLVVHQYRUJHQRPPHQZREHLHLQHJXWHhEHUHLQVWLPPXQJ]ZLVFKHQ9HUVXFKXQG%HUHFKQXQJLP
JHVDPWHQ$EPHVVXQJVEHUHLFKVRZRKOLP*HEUDXFKVODVWDOVDXFKLP7UDJODVWEHUHLFKIHVWJHVWHOOW
ZXUGH
$XVJHKHQG YRQ GHQ YRUKDQGHQHQ %HUHFKQXQJVPRGHOOHQ ZXUGH LQ .DSLWHO  HLQ LWHUDWLYHV %H
UHFKQXQJVYHUIDKUHQ HQWZLFNHOW GDV LP *HJHQVDW] ]X GHQ EHNDQQWHQ 9HUIDKUHQ GLH (UPLWWOXQJ
YRQ6FKUDXEHQQRUPDONUDIWXQG6FKUDXEHQELHJHPRPHQWHUODXEW'DV0RGHOOZXUGHDQKDQG]DKO
UHLFKHU 9HUJOHLFKVEHUHFKQXQJHQ LQ VHLQHP $QZHQGXQJVEHUHLFK DEJHJUHQ]W 0LW +LOIH YRQ
*UHQ]EHWUDFKWXQJHQ NRQQWHQ ]XGHP HLQIDFKH 6FKlW]SDUDPHWHU DEJHOHLWHW ZHUGHQ GLH GLH (LJ
QXQJ GHV 0RGHOOV LQ $EKlQJLJNHLW YRQ GHU YRUOLHJHQGHQ *HRPHWULH EHVFKUHLEHQ 'LH %HWUDFK
WXQJHQEHVFKUlQNWHQVLFKGDEHLDXIGLHSHUIHNWH9HUELQGXQJGDV0RGHOOELHWHWDOOHUGLQJVSULQ]L
SLHOOGLH0|JOLFKNHLW]XU%HUFNVLFKWLJXQJEDXSUDNWLVFKXQYHUPHLGEDUHU8QJHQDXLJNHLWHQLQGHU
$XVIKUXQJEHUHLQHQLQGLH%HUHFKQXQJHLQ]XIKUHQGHQ,PSHUIHNWLRQVZLQNHO
'LH %HZHUWXQJ GHU %HDQVSUXFKXQJ LP +LQEOLFN DXI GLH (UPGXQJVIHVWLJNHLW ZDU *HJHQVWDQG
YRQ.DSLWHO$XVJHKHQGYRQ(UJHEQLVVHQDQGHUHU$XWRUHQZXUGHHLQ9RUVFKODJ]XU(UIDVVXQJ
GHU NRPELQLHUWHQ %HDQVSUXFKXQJ GXUFK ,QWHUSRODWLRQ GHU .HUEJUXSSHQ IU 1RUPDONUDIW E]Z
%LHJHEHDQVSUXFKXQJEHJUQGHW'DELVKHUNHLQH(LQVWXIXQJLQHLQH.HUEJUXSSHIUGLHELHJHEH
DQVSUXFKWH 6FKUDXEH YRUOLHJW ZXUGH HLQH VLQQYROOH $QQDKPH JHWURIIHQ XQG DQKDQG HLQHV %HL
VSLHOVEHUSUIW=XU$EVLFKHUXQJGLHVHU+\SRWKHVHVLQGDOOHUGLQJVLQGHU=XNXQIWZHLWHUHV\VWH
PDWLVFKH8QWHUVXFKXQJHQLQVEHVRQGHUHH[SHULPHQWHOOHU$UWHUIRUGHUOLFK)UGLHEHVRQGHUH%H
DQVSUXFKXQJGHU:LQGHQHUJLHDQODJHQZXUGHHLQ%HUHFKQXQJVSURJUDPPHQWZLFNHOWPLWGHPGHU
6HLWH =XVDPPHQIDVVXQJ

(UPGXQJVIHVWLJNHLWVQDFKZHLVIUGLHLQGHU/HEHQVGDXHUGHU$QODJHQDXIWUHWHQGHQ/DVWHQGLH
LDLQ)RUPHLQHU5DLQIORZPDWUL[GHU%HDQVSUXFKXQJHQYRUOLHJHQJHIKUWZHUGHQNDQQ$XVJH
KHQGYRQGHPLQ.DSLWHOYRUJHVWHOOWHQ%HUHFKQXQJVPRGHOOZXUGH]XGHPHLQ9RUVFKODJIUHL
QHQ YHUHLQIDFKWHQ 1DFKZHLV EHL JHULQJ EHDQVSUXFKWHQ 9HUELQGXQJHQ XQWHUEUHLWHW EHL GHP GLH
DXIZHQGLJH (UPLWWOXQJ HLQHU NRPSOHWWHQ 6FKUDXEHQNUDIW XQG 6FKUDXEHQELHJHPRPHQWIXQNWLRQ
XQGGLH6FKlGLJXQJVEHUHFKQXQJPLWGHU5DLQIORZPDWUL[HQWIlOOW'LH$XVZLUNXQJHQGHUYRUJH
VWHOOWHQ%HUHFKQXQJVPHWKRGLNZXUGHQDQKDQGYRQ%HLVSLHOHQGHPRQVWULHUW
0D‰JHEOLFKHQ(LQIOX‰DXIGLH(UPGXQJVIHVWLJNHLWGHU9HUELQGXQJKDWGLH+|KHGHUZLUNVDPHQ
9RUVSDQQNUDIW,KUH]HLWOLFKH9HUlQGHUXQJZXUGHGDUXPLQ.DSLWHOXQWHUVXFKW$XVJHKHQGYRQ
GHQHLJHQHQ0HVVXQJHQLP/DERUXQGLP)HOGNRQQWHJH]HLJWZHUGHQGD‰GHU$EIDOOGHU9RU
VSDQQNUDIWEHL$XIWUDJXQJGHU=HLWDFKVHLPORJDULWKPLVFKHQ0D‰VWDEOLQHDUHUIROJW'XUFK GHQ
9HUJOHLFK YRQ 9RUVSDQQNUDIWYHUOXVWHQ DQ EHVFKLFKWHWHQ XQG XQEHVFKLFKWHWHQ )ODQVFKHQ NRQQWH
GHU(LQIOX‰GHU%HVFKLFKWXQJTXDQWLIL]LHUWZHUGHQ=XU9HUPHLGXQJYRQ3ODVWL]LHUXQJHQLP*H
EUDXFKV]XVWDQGGLH]XGHXWOLFKHQ9RUVSDQQNUDIWYHUOXVWHQIKUHQZXUGHHLQ1lKHUXQJVYHUIDKUHQ
]XP1DFKZHLVJHJHQ)OLH‰HQLP)ODQVFKHQWZLFNHOW
1HEHQ GHU (UPGXQJVIHVWLJNHLW GHU 9HUELQGXQJ LVW DXFK LKUH 7UDJIlKLJNHLW YRQ %HGHXWXQJ ,Q
.DSLWHOZXUGHDXVGHU$QDO\VHHLQHU)(3DUDPHWHUVWXGLHGHU$EPHVVXQJVEHUHLFKLGHQWLIL]LHUW
IUGHQGLHEHNDQQWHQ%HUHFKQXQJVYRUVFKOlJHXQQ|WLJNRQVHUYDWLYVLQG(VZXUGHHLQHUZHLWHUWHV
,QJHQLHXUPRGHOO ]XU %HVWLPPXQJ GHU 7UDJIlKLJNHLW HQWZLFNHOW GDV IU GLHVHQ %HUHLFK EHVVHUH
(UJHEQLVVH OLHIHUW 'HU 9RUVFKODJ ZXUGH DQKDQG YRQ 9HUVXFKVHUJHEQLVVHQ DEJHVLFKHUW XQG LQ
VHLQHP$QZHQGXQJVEHUHLFKEHVFKUlQNW'DQHEHQGHU7UDJIlKLJNHLWGHU6FKUDXEHDXFKGLH9HU
IRUPXQJVIlKLJNHLW PD‰JHEHQG IU GLH 7UDJIlKLJNHLW GHU 9HUELQGXQJ VHLQ NDQQ ZXUGHQ 1lKH
UXQJVIRUPHOQIUGLH%HUFNVLFKWLJXQJGHU'XNWLOLWlWGHU6FKUDXEHDQJHJHEHQ
'D VLFK DOOH %HWUDFKWXQJHQ EOLFKHUZHLVH DXI HLQ DXV GHP *HVDPWV\VWHP KHUDXVJHVFKQLWWHQHV
6HJPHQWEH]LHKHQZXUGHGLHVH%HWUDFKWXQJVZHLVHLQ.DSLWHOPLW+LOIHHLQHVDXIZHQGLJHQ)(
0RGHOOVGHV*HVDPWV\VWHPVHLQHUNULWLVFKHQ%HWUDFKWXQJXQWHU]RJHQ(V]HLJWHVLFKGD‰IUGLH
(UPLWWOXQJ GHU (UPGXQJVEHDQVSUXFKXQJ QXU HLQ XQZHVHQWOLFKHU 8QWHUVFKLHG ]ZLVFKHQ 6HJ
PHQWXQG*HVDPWV\VWHPEHWUDFKWXQJEHVWHKW'HVZHLWHUHQZXUGHQ8QWHUVXFKXQJHQ]XP(LQIOX‰
HLQHV:LQNHOVSDOWHVVRZLHHLQHUJHULQJHUHQ9RUVSDQQNUDIWHLQHU6FKUDXEHDQJHVWHOOW'LH$QDO\
VHGHU0H‰HUJHEQLVVHÄ,Q6LWX³RIIHQEDUWH'LIIHUHQ]HQ]XGHQPLWGHP)(0RGHOOEHUHFKQHWHQ
:HUWHQ$OVP|JOLFKH8UVDFKHZXUGHHLQ(LQIOX‰GHU]XU$EGLFKWXQJJHJHQHLQGULQJHQGHV:DV
VHU DXIJHEUDFKWHQ .OHEHPDVVH GLH ]X HLQHP (ODVWRPHU DXVKlUWHW LGHQWLIL]LHUW %H]JOLFK GHU
7UDJIlKLJNHLWZXUGHQ+LQZHLVH]XP(LQIOX‰GHU*HVDPWV\VWHPEHWUDFKWXQJJHJHEHQ
1HEHQGHUUHLQHQ9HUELQGXQJVIXQNWLRQKDWGLH5LQJIODQVFKYHUELQGXQJDXFKHLQHQ(LQIOX‰DXIGLH
%HXOVLFKHUKHLWGHU7XUPVFKDOHLQ.DSLWHOZXUGHQGHVKDOE%HWUDFKWXQJHQ]XUDXVVWHLIHQGHQ
:LUNXQJDQJHVWHOOW'DGXUFKGDV6FKOLH‰HQHLQHVYRUGHU0RQWDJHYRUKDQGHQHQ:LQNHOVSDOWHV
6FKQLWWJU|‰HQ XQG 9HUIRUPXQJHQ GHU 7XUPVFKDOH KHUYRUJHUXIHQ ZHUGHQ ZXUGH DX‰HUGHP HLQ
9RUVFKODJ]XU%HJUHQ]XQJGHU*U|‰HGHV:LQNHOVSDOWHVXQWHUEUHLWHW
.DSLWHO HQWKlOWGLHDXVGHQGXUFKJHIKUWHQ 8QWHUVXFKXQJHQ DEJHOHLWHWHQ (PSIHKOXQJHQ ]XU
$XVELOGXQJ%HUHFKQXQJ0RQWDJHXQG:DUWXQJHLQHU5LQJIODQVFKYHUELQGXQJ$XVGHQHQWZLN
NHOWHQ %HUHFKQXQJVYHUIDKUHQ XQG GHQ GXUFKJHIKUWHQ 3DUDPHWHUVWXGLHQ ZXUGHQ HLQIDFKH )RU
PHOQXQG'LDJUDPPHH[WUDKLHUWGLHHVGHP3UDNWLNHUHUODXEHQHLQHVFKQHOOH9RUEHPHVVXQJGHU
9HUELQGXQJGXUFK]XIKUHQ
,P$QKDQJVLQGHUJlQ]HQGDOOH9HUIDKUHQLQ)RUPYRQ]HKQ$EODXIGLDJUDPPHQDXIJHDUEHLWHW
$QKDQGHLQHVDXVIKUOLFKHQ%HLVSLHOVZLUGGLH'LPHQVLRQLHUXQJXQG%HUHFKQXQJGHPRQVWULHUW
=XVDPPHQIDVVXQJXQG$XVEOLFN 6HLWH

 $XVEOLFN
'LH GXUFKJHIKUWHQ 8QWHUVXFKXQJHQ EHVFKUlQNHQ VLFK LQ GHU YRUOLHJHQGHQ $UEHLW EHUZLHJHQG
DXIGDVDXVGHP*HVDPWV\VWHPKHUDXVJHVFKQLWWHQH6HJPHQWE]ZGDVRKQH,PSHUIHNWLRQHQDXV
JHIKUWH *HVDPWV\VWHP ,P +LQEOLFN DXI ]XOlVVLJH $EZHLFKXQJHQ YRQ GHU 6ROOJHRPHWULH VWHKW
ELVODQJGLH%HZHUWXQJEDXSUDNWLVFKXQYHUPHLGOLFKHU,PSHUIHNWLRQHQQRFKDXV+LHULVWGXUFK]X
NQIWLJH )RUVFKXQJVDUEHLWHQ HLQH $QJDEH YRQ ]XOlVVLJHQ :HUWHQ ZQVFKHQVZHUW ZREHL QDFK
YHUVFKLHGHQHQ,PSHUIHNWLRQVIRUPHQ]%:LQNHONODIIXQJRGHU:HOOLJNHLWXQWHUVFKLHGHQZHUGHQ
PX‰*JINDQQIUGDVYRUJHVWHOOWH%HUHFKQXQJVYHUIDKUHQHLQ(UVDW]LPSHUIHNWLRQVZLQNHODQJH
JHEHQ ZHUGHQ PLW GHP GLH ]XOlVVLJHQ $EZHLFKXQJHQ DEJHGHFNW ZHUGHQ =XVlW]OLFK VROOWH GHU
(LQIOX‰HODVWLVFKHU'LFKWPDVVHQGLHHEHQIDOOVHLQHbQGHUXQJGHV7UDJYHUKDOWHQVEHZLUNHQN|Q
QHQHLQJHKHQGHUXQWHUVXFKWZHUGHQ
=XU%HZHUWXQJGHU(UPGXQJVIHVWLJNHLWELHJHEHDQVSUXFKWHU6FKUDXEHQLVWGLH(LQRUGQXQJLQHL
QH  .HUEIDOONODVVH HUIRUGHUOLFK 'XUFK 'DXHUVFKZLQJYHUVXFKH DQ NRPELQLHUW EHDQVSUXFKWHQ
6FKUDXEHQLVW]XGHPGLHYRUJHVFKODJHQH,QWHUSRODWLRQ]ZLVFKHQ(UPGXQJVIHVWLJNHLWVNXUYHQIU
1RUPDONUDIWXQG%LHJHEHDQVSUXFKXQJ]XEHUSUIHQXQGJJI]XYHUEHVVHUQ'LHVJLOWLQVEHVRQ
GHUHIU6FKUDXEHQJUR‰HU'XUFKPHVVHUDE0IUGLHELVODQJNDXP9HUVXFKVHUJHEQLVVHYRU
OLHJHQ
,P %H]XJ DXI GLH YRUKDQGHQH 9RUVSDQQNUDIW VLQG V\VWHPDWLVFKH 8QWHUVXFKXQJHQ ]XU +|KH GHU
XQWHUUHDOHQ%HGLQJXQJHQHLQJHEUDFKWHQ9RUVSDQQNUDIWZQVFKHQVZHUW,P)HOGYHUVXFKZXUGHQ
QLHGULJH9RUVSDQQXQJHQIHVWJHVWHOOW$XFKZHQQHVIUGLHVHHLQHSODXVLEOH(UNOlUXQJJLEWNDQQ
QLFKWDXVJHVFKORVVHQZHUGHQGD‰KLHUELVODQJQLFKWEHNDQQWH(IIHNWHEHLGHU0RQWDJHHLQH5ROOH
VSLHOHQ 5HLKHQXQWHUVXFKXQJHQ DQ UHDOHQ %DXZHUNHQ EHL GHQHQ GLH 9RUVSDQQNUDIW JHPHLQVDP
PLWGHP$Q]LHKGUHKPRPHQWJHPHVVHQZLUGVFKDIIHQKLHUPHKU6LFKHUKHLW
%HLGHU%HVWLPPXQJGHU7UDJIlKLJNHLWGHU9HUELQGXQJLVWHVSULQ]LSLHOOQRWZHQGLJGLH'XNWLOLWlW
GHU6FKUDXEHLQGLH%HWUDFKWXQJHQHLQ]XEH]LHKHQ'LHVHNDQQEHUHLWVEHL9HUZHQGXQJGHV6HJ
PHQWDQVDW]HVGLH*UHQ]WUDJIlKLJNHLWEHVWLPPHQ'LH)UDJHJHZLQQWZHLWHUDQ%HGHXWXQJZHQQ
GDUEHUKLQDXVGLH7UDJIlKLJNHLWGHV*HVDPWV\VWHPVGLHGHXWOLFKEHUGHUGHV6HJPHQWHVOLHJW
EHUFNVLFKWLJWZHUGHQVROO(LQHTXDQWLWDWLYH%HZHUWXQJGLHVHV(LQIOXVVHVVWHKWELVODQJDXV$OV
$OWHUQDWLYHN|QQHQ6FKUDXEHQPLWHLQHUJU|‰HUHQ9HUIRUPXQJVIlKLJNHLW]%GXUFK9HUZHQGXQJ
HLQHVGXUFKJHKHQGHQ*HZLQGHVYHUZHQGHWZHUGHQ,QGLHVHP)DOOLVWGLH*OHLFKZHUWLJNHLWGLHVHU
QHXHQ6FKUDXEHQ]%LP%H]XJDXIGLH(UPGXQJVIHVWLJNHLW]XKLQWHUIUDJHQ
'HU (LQIOX‰ YRQ 5LQJVWHLIHQ DXI GLH %HXOVLFKHUKHLW ODQJHU 6FKDOHQ LQ ]\OLQGULVFKHU E]Z NRQL
VFKHU $XVIKUXQJ XQWHU 4XHUNUDIWELHJXQJ LVW HEHQIDOOV QRFK ZHLWJHKHQG XQJHNOlUW +LHU VLQG
8QWHUVXFKXQJHQ E]JO GHU 6WDELOLWlWVJHIlKUGXQJ GXUFK 2YDOLVLHUXQJ GHV 4XHUVFKQLWWHV XQG GLH
HYWOP|JOLFKH9HUKLQGHUXQJGLHVHV(IIHNWVGXUFK5LQJVWHLIHQVLQQYROO
$OV$OWHUQDWLYH]XP9ROOIODQVFKVLQGDX‰HUGHP)ODQVFKHPLWDQGHUHQ$XVIKUXQJVIRUPHQ]%
PLWGHILQLHUWHQ.RQWDNWIOlFKHQGHQNEDU'LH%HVRQGHUKHLWHQGLHVHU9DULDQWHQLQ%H]XJDXI%H
UHFKQXQJXQG.RQVWUXNWLRQVLQGGXUFK]XNQIWLJH$UEHLWHQKHUDXV]XVWHOOHQ
6HLWH $XVEOLFN
$QKlQJH 6HLWH

 $QKlQJH
 $QKDQJ$±$EODXIGLDJUDPPH
=XU9HUDQVFKDXOLFKXQJGHU%HUHFKQXQJVDEOlXIHXQGDOV+LOIHIUGHQ3UDNWLNHUZHUGHQLQGLHVHP
$QKDQJ DOOH YRUJHVFKODJHQHQ %HUHFKQXQJVPHWKRGHQ LQ )RUP YRQ $EODXIGLDJUDPPHQ ]XVDP
PHQJHID‰W'LH5HLKHQIROJHGHU5HFKHQDQZHLVXQJHQHQWVSULFKWGDEHLGHUHPSIRKOHQHQ5HLKHQ
IROJHEHL'LPHQVLRQLHUXQJXQG1DFKZHLV
 9RUEHPHVVXQJ

'LPHQVLRQLHUXQJYRQ6FKUDXEHQGXUFKPHVVHUGXQG0LQGHVWDEVWDQGF
%HPHVVXQJVGLDJUDPP.DSLWHO

0LQGHVWDEVWDQGEV]XU6FKDOHDXV7DEHOOH Ÿ
)ODQVFKPD‰EGXUFK$GGLWLRQYRQ6FKDOHQGLFNH

'LPHQVLRQLHUXQJGHU)ODQVFKPD‰HDXQGWDXVGHP*HEUDXFKVWDXJOLFKNHLWVQDFKZHLV
= ÂV PD[ ˜ F ˜ V

 ˜ = ˜ E ˜ F   ˜  ˜ =  ˜ E  ˜ F    ˜ =  ˜ $ ˜ E ˜ F   ˜ = ˜ $ ˜ E ˜ )9 ˜ F

D .ODII  ˜
 ˜ )9 ˜ F   ˜ = ˜ F

DOWHUQDWLY$EOHVXQJDXV'LPHQVLRQLHUXQJVGLDJUDPPLQ.DSLWHO
W VHU t  ˜ D NODII

'LPHQVLRQLHUXQJGHU)ODQVFKPD‰HDXQGWDXVGHP7UDJVLFKHUKHLWVQDFKZHLV
D *=7  ˜ E

)W 5 ˜ D *=7
˜  ˜ E  )W  5N ˜ '  G % 
D *=7  E
W%
 ˜ Fc ˜ I \ N
DOWHUQDWLYQDFK7DEHOOHLQ.DSLWHO

­D NODII
D PD[ ®
¯D *=7
­W VHU
°D E
°
W PD[ ® NODII ˜ E ZHQQ D NODII ! E
° DE
°¯W %

5HFKHQDQZHLVXQJ'LPHQVLRQLHUXQJGHU)ODQVFKSDUDPHWHUGFEDW
6HLWH $QKDQJ$±$EODXIGLDJUDPPH

 7UDJVLFKHUKHLWVQDFKZHLV
$EPHVVXQJHQ 01,QWHUDNWLRQEHL9=%'(
DdÂE
Ec% Ec' E
9HUVDJHQVODVWIU9=%'E]Z(LQ
Ec( E  '  G %    $EKlQJLJNHLWGHUYROOSODVWLVFKHQ
Fc F  G % *UHQ]VFKQLWWJU|‰HQ
)8 I 0 SO    0 SO  

:LGHUVWlQGH
Fc ˜ W  I \ N 01,QWHUDNWLRQLPJH]RJHQHQ%OHFK
0cSO  ˜
 J0
ª § ) · º
F˜W 
I \ N 0 3O  1  «  ¨ 8 ¸ » ˜ 0 SO
0 SO  ˜
 J0 « ¨© 1 SO ¸¹ »
¬ ¼
F ˜ V  I \ N
0 SO ˜
 J0
)W 5G '  G % 9HUVDJHQVODVWIU9=%'E]Z(LQ
'0 SO  ˜ $EKlQJLJNHLWGHUYROOSODVWLVFKHQ
 
*UHQ]VFKQLWWJU|‰HQXQWHU%HUFNVLFKWLJXQJ
I \N
1 SO F˜V ˜ GHU,QWHUDNWLRQ
J0
)8 I 0 SO   0 SO 1  
I \N
9SO F˜W˜
J0 ˜  ,WHUDWLRQEHHQGHQZHQQJHZQVFKWH
*HQDXLJNHLWHUUHLFKW

9HUVDJHQVPRGXV$
)8 $ )W 5G 9HUVDJHQVPRGXV(
0 SO   0 SO
)8 (
Ec(
9HUVDJHQVPRGXV%
­ )W 5 ˜ D  0 SO
° D  Ec
°
PLQ^)8 $  )8 %  )8 '  )8 ( `
%
)8 PLQ ® )8
° ˜ ) ˜ D
°¯ W 5
D  Ec%

$QPHUNXQJ
)UGLH(UVWHOOXQJGLHVHV$EODXIGLDJUDPPHV
9HUVDJHQVPRGXV'
ZXUGHYRUDXVJHVHW]WGD‰GDV)OLH‰JHOHQNDQ
0 cSO   '0 SO   0 SO
)8 ' GHU%OHFKVHLWHLP7XUPEOHFKXQGQLFKWLP
Ec' )ODQVFKDXIWULWW%HLVHKUGQQHQ)ODQVFKHQLVW
.DSLWHO]XEHDFKWHQ

5HFKHQDQZHLVXQJ7UDJVLFKHUKHLWVQDFKZHLV
$QKlQJH 6HLWH

 (UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJ
5HFKQHULVFKH)ODQVFKPD‰H :HQQD DLVWGDQQLVW
EHVWLPPHQ IUGLHZHLWHUH%HUHFKQXQJ
EFW D D ]XVHW]HQ
­
° D
G3  G6  E6  Q QDFK9',5LFKWOLQLH$XVJDEH
°°
D PLQ ®  ˜ W
°
°E  D  E ˜ W  ZHQQ D ! E
°¯ E

 ( ˜ S ª§ W · 
º
&' ˜ «¨ '  ¸  G % »
G3  ˜ W ¬«©  ¹ ¼»
NHLQH
G6  E6 QDFK 9', Ÿ &6   G6

DN E'

9HUHLQIDFKXQJ Pl‰LJ
DU F  '   
K W

VWDUN Q  ˜ Q  ' ˜ N DU

DN
Q '    ˜
($ K
&6 
 ˜ W §D · §D ·
N DU |    ˜ ¨ U ¸   ˜ ¨ U ¸
˜W ©K¹ ©K¹
E6
(,
)  G3
) Q˜
G 3  G6

E6 E6   = 
&6  ˜ &6 E E V  

%HUHFKQXQJGHU
6FKUDXEHQEHDQVSUXFKXQJ )6 )9 " MD = =  '=
QDFK5HFKHQDQZHLVXQJ 6FKOHLIHIU
ZHLWHUH3XQNWH
QHLQ DXIGHU.XUYH
.RUUHNWXUGHU %HUHFKQXQJGHU
$QIDQJVZHUWHQDFK 6FKUDXEHQEHDQVSUXFKXQJ
5HFKHQDQZHLVXQJ QDFK5HFKHQDQZHLVXQJ

5HFKHQDQZHLVXQJ%HVWLPPXQJGHU(LQJDQJVZHUWHXQG6FKOHLIH]XU%HUHFKQXQJGHU6FKUDXEHQEHDQVSUXFKXQJ
6HLWH $QKDQJ$±$EODXIGLDJUDPPH

RSWLRQDO ([]HQWUL]LWlWGHU6FKUDXEHEHUHFKQHQ
D E 6WDUW
V V\P

D  D
MD 7UlJKHLWVPRPHQWGHV5HVW4XHUVFKQLWWHVEHVWLPPHQ
QHLQ
F ˜ D  E   

,

D dD"
QHLQ 6FKUDXEHQNUDIWXQG%LHJHPRPHQW0EHVWLPPHQ

W ˜ V V\P ˜ & 6 ˜ = ˜ E  V V\P  (, ˜ ) ˜ =  )9  M LPS ˜ V V\P ˜ & 6 

)6 
& 6 ˜ W ˜ V V\P  (,
'E
D D 
 0

(, ˜ = ˜ V V\P  E  ) ˜ V V\P  )9 ˜ V V\P  M LPS ˜ V V\P ˜ & 6



& 6 ˜ W ˜ V V\P  (,
MD

.RQWDNWNUDIW5EHVWLPPHQ
E " 5 )6  =

'
QHLQ E !" MD E5   ˜ W


E E 'E MD E ! E 5 "

QHLQ

5 5 ˜ E E 5 
V1 V1 ˜
D  E  ˜ F F ˜ D ˜ E  E   ˜ D ˜E 5   ˜ E ˜E 5 

0 6FKUDXEHQEHDQVSUXFKXQJ
V V1  ˜ D  E   
, W
M ˜0
(,
)6
QHLQ V t " MD V1
$6
06 M
V0
:6 E6 ˜ :6

5HFKHQDQZHLVXQJ$EODXIGLDJUDPPIUGDV%HUHFKQXQJVYHUIDKUHQ]XU(UPLWWOXQJGHU%HDQVSUXFKXQJHQ
$QKlQJH 6HLWH

)9 ˜ W ˜ V V\P
M 
a 6FKUDXEHQNUDIWQDFK5HFKHQDQZHLVXQJ (,
)9 )9 a a a
IU =  PLW M LPS MLPS XQG )9 )9 EHUHFKQHQ a )9 ˜ )9
)9
)6

a
)9 ˜ W ˜ V V\P
M  6FKUDXEHQEHDQVSUXFKXQJQDFK5HFKHQDQZHLVXQJ
(,
a a a
a )9 ˜ )9 IU =  PLW M M  M XQG ) ) EHUHFKQHQ
LPS LPS  9 9
)9
)6
QHLQ

*HZQVFKWH
*HQDXLJNHLW
HUUHLFKW"

MD

6FKUDXEHQEHDQVSUXFKXQJQDFK5HFKHQDQZHLVXQJ
a a
IU = z  PLW M LPS MLPS  M XQG )9 )9 EHUHFKQHQ

5HFKHQDQZHLVXQJ.RUUHNWXUGHU6FKUDXEHQEHDQVSUXFKXQJIU= 
6HLWH $QKDQJ$±$EODXIGLDJUDPPH

 (UPGXQJVIHVWLJNHLWVQDFKZHLV
(LQJDQJVZHUWHEHVWLPPHQ

 ˜ )9 ˜ D  ˜ F
= NODII
 ˜ E ˜ D ˜ F  & 6 ˜ W  (    ˜ D  ˜ F ˜   ) 

9HUIDKUHQQLFKW
= %HWULHE J )I ˜ J 0I ˜ V PD[ ˜ F ˜ V = %HWULHE d = .ODII QHLQ
P|JOLFK

MD

)9 ˜ D ˜ F ˜  ˜ E   ˜ D 
)6NODII
 ˜ E ˜ D ˜ F  & 6 ˜ W  (    ˜ D  ˜ F ˜   ) 
)9 ˜ E ˜ W
0 6NODII  ˜
> @
 ˜ E ˜ D ˜ F  & 6 ˜ W  (    ˜ D  ˜ F ˜   )  ˜ D ˜ E 6

)6 NODII
'V 1
$6
0 6NODII
'V 0
:6

'V 0
K
'V 0  'V 1

'V &  0  1 'V &  1  K ˜ 'V & 0  'V &  1 

= %HWULHE 1DFKZHLV
˜ 'V 1  'V 0  d 'V &0  1 MD
= .ODII HUIOOW

QHLQ

1DFKZHLVQLFKW
HUIOOW

5HFKHQDQZHLVXQJ(UPGXQJVIHVWLJNHLWVQDFKZHLVRKQH%HUHFKQXQJGHU6FKUDXEHQEHDQVSUXFKXQJ
$QKlQJH 6HLWH

9ROOVWlQGLJH
'V &  0  1 'V &  1  K ˜ 'V & 0  'V &  1 
5DLQIORZPDWUL[GHU
%HODVWXQJDXV0HVVXQJ
RGHU6LPXODWLRQVUHFKQXQJ
PLWQ.ODVVHQ
.HUEIlOOH "

1HLQ -D
6FKOHLIHEHUDOOH
9RQ.ODVVHQ
6FKOHLIHQ]lKOHUL 'V '  0  1  ˜ 'V & 0  1 'V '  0  1  ˜ 'V & 0  1

6FKOHLIHEHUDOOH
1DFK.ODVVHQ 'V 0  'V 1 'V 0  'V 1
MD MD
6FKOHLIHQ]lKOHUM t 'V '  0  1 " t 'V ' 0  1 "

QHLQ QHLQ
')6 )6 L   )6  M
0 6 L   0 6  M
 
'0 6 
'V '  0  1 'V '  0  1
1 LM  ˜  ˜ 1 LM   ˜
'V 0  'V 1  'V 0  'V 1 

'0 6
'V 0 J 0I ˜ J )I ˜ 'V &  0  1

:6 1 LM  ˜  ˜ 

') 'V 0  'V 1 

'V 1 J 0I ˜ J )I ˜ 6
$6
'V 'V 1  'V 0 Q LM
' LM
1 LM

'V 0
K
'V 1  'V 0 6FKOHLIHQHQGHM

Q Q 6FKOHLIHQHQGHL
' ¦¦ '
L  M 
LM

1DFKZHLV 1DFKZHLV
QHLQ 'd" MD
QLFKWHUIOOW HUIOOW

5HFKHQDQZHLVXQJ9ROOVWlQGLJHU(UPGXQJVIHVWLJNHLWVQDFKZHLVIU5LQJIODQVFKYHUELQGXQJHQYRQ:($
6HLWH $QKDQJ$±$EODXIGLDJUDPPH

 *HEUDXFKVWDXJOLFKNHLWVQDFKZHLVH
0D[LPDOH=XJNUDIWLP
*HEUDXFKV]XVWDQG 0D[LPXPGHU6SDQQXQJLP,QWHUYDOO d[
dUEHVWLPPHQ]%GXUFK:HUWHWDEHOOH
= = PD[ V PD[ ˜ F ˜ V
§  ·
0$  ¨ 4$ ˜ [  ˜ S ˜ [  ¸
©  ¹
V[ 
+LOIVZHUWH
r
  
F  ˜ ˜[ ˜U  [ ˜W   
)6  ˜ )6 = 

 ˜ )6 = 
S
G% 9HUWLNDOVSDQQXQJLQIROJHGHU
RGHUDXIGHUVLFKHUHQ6HLWH )OlFKHQSUHVVXQJ
OLHJHQGYHUHLQIDFKW G%
D=  ˜ d
)  ˜ )9 W
 ˜ )9  ˜ )6 = 
V= D= ˜
S
G% 
S ˜ '  G %



6FKQLWWJU|‰HQDP5DQGGHV 9HUJOHLFKVVSDQQXQJVQDFKZHLV
%RKUORFKV
 
V9 V [  V =  V [ ˜ V = d I \ G
U G%  

4$ )=

0$ = ˜ E  U    ˜ ) ˜ U

5HFKHQDQZHLVXQJ1DFKZHLVJHJHQ)ODQVFKIOLH‰HQLP*HEUDXFKV]XVWDQG

(LQJDQJVZHUWHQDFK :  ˜ E ˜ D ˜ F  & 6 ˜ W  (    ˜ D  ˜ F ˜   ) 
5HFKHQDQZHLVXQJ
 ˜ )9 ˜ D  ˜ F
EHVWLPPHQ = NODII
:

0D[LPDOH=XJNUDIWLP
*HEUDXFKV]XVWDQG 1DFKZHLV  = d = NODII
= = PD[ V PD[ ˜ F ˜ V

5HFKHQDQZHLVXQJ9HUIRUPXQJVEHJUHQ]XQJLP*HEUDXFKV]XVWDQG.ODIIHQELV6FKUDXEHQDFKVH
$QKlQJH 6HLWH

 .RQVWUXNWLRQ

.ODIIXQJ 6FKDOHQSDUDPHWHU
U
N U
M
D EV
N  
 ˜  P ˜   UD V
V
UL
UV
6FKDOHQVFKQLWWJU|‰HQ 6SDQQXQJLQGHU
M˜ ( ˜V ˜ U 7XUPVFKDOH
P W
 ˜ N P
N V 
T P˜ V 
U

+LOIVZHUWH.UHLVULQJSODWWH
E UL  UD E U6  UD

 ( ˜ W
O .
  E 
 ˜   P  

%HVWLPPXQJVJOHLFKXQJIUIV
§ W·
¨ P  T ˜ ¸ ˜ UD ˜ O § E    ˜ E  ˜ OQ E ·
© ¹ §   P · I 6 ˜ UD ˜ U6
M  ˜ ¨¨  E ˜ ¸¸  ˜ ¨¨  ¸
. ˜   P  ©   P ¹  ˜ . ˜ E 
  ©   P   P ¸
¹

6FKUDXEHQNUDIW]XP
6FKOLH‰HQGHV6SDOWHV
 ˜ S ˜ UV
)6HUI ˜ IV
Q

5HFKHQDQZHLVXQJ%HJUHQ]XQJGHU%HDQVSUXFKXQJLP0DQWHOEOHFKLQIROJH6FKOLH‰HQHLQHV:LQNHOVSDOWV
6HLWH $QKDQJ%±%HPHVVXQJVEHLVSLHO

 $QKDQJ%±%HPHVVXQJVEHLVSLHO
=XU ,OOXVWUDWLRQ GHU YRUJHVFKODJHQHQ %HPHVVXQJVPHWKRGHQ IROJW HLQ %HLVSLHO ]XU )ODQVFK
GLPHQVLRQLHUXQJXQGEHPHVVXQJ,QVEHVRQGHUHEHLGHU(UPLWWOXQJGHU%HDQVSUXFKXQJXQGGHP
(UPGXQJVIHVWLJNHLWVQDFKZHLVN|QQHQDOOHUGLQJVQXUH[HPSODULVFK:HUWHDQJHJHEHQZHUGHQGD
GLHYROOVWlQGLJHQ%HUHFKQXQJHQ]XXPIDQJUHLFKZlUHQ
 (LQJDQJVZHUWH
=X EHPHVVHQ VHL HLQ )ODQVFK IU HLQHQ 0RQWDJHVWR‰ PLW 'D PP W PP :DQGGLFNH
6WDKOVRUWH 6 $OV %HODVWXQJ IU GHQ (UPGXQJVIHVWLJNHLWVQDFKZHLV ZLUG HLQH K\SRWKHWLVFKH
5DLQIORZPDWUL[YHUZHQGHW
$XV GHP %HXOVLFKHUKHLWVQDFKZHLV QDFK ',1  7HLO  HUJLEW VLFK HLQH *UHQ]EHXOVSDQQXQJ
YRQV[65G 1PPð'LHVHVLVWGLHPD[LPDOP|JOLFKH6SDQQXQJLP0DQWHOEOHFKXQWHUJ)
IDFKHQ/DVWHQ'HU7XUPVHLLP%HXOVLFKHUKHLWVQDFKZHLV]XDXVJHQXW]WHVHUJLEWVLFKGLH
PD[LPDOH6SDQQXQJDXI*HEUDXFKVODVWQLYHDX]XPD[V[ Â 1PPð
 9RUEHPHVVXQJ
'LPHQVLRQLHUXQJGHU6FKUDXEHQJU|‰H
(LQJDQJVZHUWIUGDV%HPHVVXQJVGLDJUDPP$EELOGXQJ
V [ G ˜ V ˜   ˜  ˜  ˜   1PP (LQJDQJVZHUWIU
$EELOGXQJ6HLWH

F>PP@
KLHUDXVVFKQLWWVZHLVH
0
 0 GDUJHVWHOOW
 0
0


 

 
 J)ÂV [ÂVÂ>1PP@

   

$EOHVXQJ6FKUDXEH0F|PP
E  PP 7DEHOOH6HLWH
§V ·
'XUFKPHVVHU6FKUDXEHQORFKNUHLV '6 'D   ˜ ¨  E ¸ PP
©  ¹
S ˜ '6
HUIRUGHUOLFKH6FKUDXEHQDQ]DKO Q HUI 

JHZlKOW 6FKUDXEHQ0',1F PP
!FPLQ PPFPD[ PP 7DEHOOH6HLWH
F60) PP(LQIOX‰EUHLWHLQ6FKDOHQPLWWHOIOlFKH 8QWHUVFKLHG]XU(LQIOX‰
EUHLWHLQ6FKUDXEHQDFKVH
YHUQDFKOlVVLJEDU
$QKlQJH 6HLWH

'LPHQVLRQLHUXQJYRQD
.ODIIHQELV6FKUDXEHQDFKVHLP*HEUDXFKV]XVWDQG (LQJDQJVZHUWIU
= V [ N ˜ V ˜ F  ˜    ˜  ˜   N1 $EELOGXQJ6HLWH
D>PP@ 'LPHQVLRQLHUXQJ)ODQVFKPD‰D $EOHVXQJ $XVVFKQLWWDXV
 $EELOGXQJ$EOHVH
V PP DtPP
 EHLVSLHO

 0
 0
0
 = V[ ÂVÂF>N1@
0

     
+LQZHLV'DVPLW$EELOGXQJHUPLWWHOWH0D‰ÄD³HQWVSULFKWGHP0D‰DNODIIQDFK*O
ZREHLGLHLQ$EVFKQLWWHUOlXWHUWHQ$QQDKPHQE]JOGHU0D‰HEXQGFYHUZHQGHWZHUGHQ
'LH$QQDKPHQIUGDV'LDJUDPPVLQGIUHLQH6FKUDXEH0XQGHLQH:DQGGLFNHV PP
|PPF PPXQGE PPVLHVWLPPHQGDPLWJXWPLWGHQWDWVlFKOLFKHQ0D‰HQEHU
HLQ

)UGLH$QZHQGXQJGHVYHUHLQIDFKWHQ(UPGXQJVIHVWLJNHLWVQDFKZHL
VHVQDFK$EVFKQLWWHUJLEWVLFKD]X
= J 0I ˜ J )I ˜ V [ N ˜ V ˜ F  ˜  ˜  N1  N1 ŸDtPP
8PGDV.ODIIHQELV]XU6FKUDXEHQDFKVHDXFKXQWHUJ0IÂJ)IIDFKHQ/D
VWHQ]XJHZlKUOHLVWHQLVWHLQVHKUJUR‰HV0D‰DHUIRUGHUOLFK'LHVHV
0D‰ZLUGDOVXQZLUWVFKDIWOLFKDQJHVHKHQHVZLUGGHUYROOVWlQGLJH
(UPGXQJVIHVWLJNHLWVQDFKZHLVJHIKUW
'LPHQVLRQLHUXQJYRQDGXUFKGHQ7UDJVLFKHUKHLWVQDFKZHLV
DtÂEŸDtPPPD‰JHEHQG
+LQZHLVD ÂELVWLP%HPHVVXQJVGLDJUDPP$EELOGXQJYRU
DXVJHVHW]W:HQQGLHVHV0D‰IUGHQ7UDJVLFKHUKHLWVQDFKZHLVQLFKW
HUIRUGHUOLFKLVWNDQQJJIDXFKHLQNOHLQHUHV0D‰JHZlKOWZHUGHQ
*HZlKOWD PP

'LPHQVLRQLHUXQJYRQW
6Ÿ W t W %    ˜ G    ˜  PP *O6HLWH
WVHUtÂDNODIIŸWVHUtPP
'DDNODII PPE PPLVWPX‰GLHOHW]WH%HGLQJXQJIUGLH
)ODQVFKGLFNHWQLFKWEHUSUIWZHUGHQ

*HZlKOWW PPDXIGHUVLFKHUHQ6HLWHKLHUUHFKWJUR‰]JLJPL

QLPDOKlWWHHWZDW PPJHZlKOWZHUGHQN|QQHQ
6HLWH $QKDQJ%±%HPHVVXQJVEHLVSLHO

 7UDJVLFKHUKHLWVQDFKZHLV
)ODQVFK 0DWHULDO6W PPŸI\N 1PPð 1HQQZHUWQDFK',1(1
6FKDOH 0DWHULDO6W PPŸI\N 1PPð QDFK(XURFRGHNDQQIU%OHFKH
WdPPDEZHLFKHQGYRQ(1
I\N 1PPðDQJH
QRPPHQZHUGHQ
3ODVWLVFKH:LGHUVWDQGVJU|‰HQIU)ODQVFKXQG6FKDOH
F ˜ V  I \ N SODVWLVFKHV0RPHQWGHV7XUP
0 SO  ˜ EOHFKVEH]DXIGDV6HJPHQW
 J0
 ˜    VLHKHDXFK$EVFKQLWWQlKH
˜    N1PP UXQJVZHLVHZLUGKLHUPLWGHU(LQ
  IOX‰EUHLWHLQ6FKUDXEHQDFKVHJH
UHFKQHWVLFKHUH6HLWH
I \ N YROOSODVWLVFKH1RUPDONUDIWIUGDV
1 SO  F˜V˜ 6HJPHQW
J0

 ˜  ˜    N1

F ˜ W  I \ N YROOSODVWLVFKHV%LHJHPRPHQWGHV
0 SO   ˜ )ODQVFKHV
 J0
 ˜  
˜   N1PP
 
Fc ˜ W  I \ N YROOSODVWLVFKHV%LHJHPRPHQWGHV
0 cSO   ˜ )ODQVFKHVEHL%HUFNVLFKWLJXQJ
 J0
GHV/RFKDE]XJV
   ˜  ˜    N1PP
 
6FKUDXEH 0Ÿ)W5G N1 %HPHVVXQJVZHUWGHU*UHQ]]XJ
NUDIWQDFK(&E]Z',1
VLHKH7DEHOOH6HLWH

hEHUSUIXQJGHUP|JOLFKHQ9HUVDJHQVPRGL
9HUVDJHQVPRGXV%
D PPdÂE Â PP
 ˜    RKQH01,QWHUDNWLRQLP%OHFK
)8 %  N1
  
 ˜    PLW01,QWHUDNWLRQLP%OHFK
)8 %  N1
   DQGHUH9HUVDJHQV]XVWlQGHZHUGHQ
QLFKWPD‰JHEHQG
.RQWUROOHGHVSODVWLVFKHQ0R
PHQWHVLP%OHFK%HUHFKQXQJHU
IROJWLWHUDWLYKLHUQXU:LHGHUJDEH
GHVOHW]WHQ,WHUDWLRQVVFKULWWHV
$QKlQJH 6HLWH

ª § ) · º
0 3O  1 «  ¨ 8 % ¸ » ˜ 0 SO 
« ¨© 1 SO  ¸¹ »
¬ ¼
ª §  ·  º
«  ¨ ¸ » ˜   N1PP
¬« ©  ¹ ¼»
D  'LH]ZHLWH%HGLQJXQJQDFK*O
)8 % d  ˜ )W 5G ˜  ˜  ˜
.RQWUROOH D  E
%    ZLUGQLFKWPD‰JHEHQG
 N1 !  N1

+LQZHLV'LH*UHQ]ODVWQDFK9HUVDJHQVPRGXV&PX‰QLFKW
HUPLWWHOWZHUGHQGDGLHVHU0RGXVQXUQRFK]XP9HUJOHLFK
EHODVVHQZXUGH

9HUVDJHQVPRGXV'
0 cSO    '0 SO    0 SO  0SO GDEHLSODVWLVFKHU$XV
)8 ' QXW]XQJDXI1RUPDONUDIWNHLQ
E
 N1PP   N1PP   %LHJHPRPHQWPHKUDXIJHQRPPHQ
 N1 ! 1 SO  ZHUGHQNDQQ
PP
'LH*UHQ]]XJNUDIWEHUVFKUHLWHWGLHSODVWLVFKH1RUPDONUDIW '0SODXV7DEHOOH
VRGD‰GLHVHU9HUVDJHQVPRGXVQLFKWPD‰JHEHQGLVW

9HUVDJHQVPRGXV(
0 SO    0 SO  0SO GDEHLSODVWLVFKHU$XV
)8 ( QXW]XQJDXI1RUPDONUDIWNHLQ
Ec(
%LHJHPRPHQWPHKUDXIJHQRPPHQ
 N1PP  
 N1 ! 1 SO  ZHUGHQNDQQ
      
'LH*UHQ]]XJNUDIWEHUVFKUHLWHWGLHSODVWLVFKH1RUPDONUDIW
VRGD‰GLHVHU9HUVDJHQVPRGXVQLFKWPD‰JHEHQGLVW

)8 PLQ^`  N1 VLHKH5HFKHQDQZHLVXQJ

1DFKZHLV )8 %  N1 !  ˜  ˜  ˜   N1 1DFKZHLVHUIOOW

6HLWH $QKDQJ%±%HPHVVXQJVEHLVSLHO

 (UPLWWOXQJGHU6FKUDXEHQEHDQVSUXFKXQJ
=XU (UPLWWOXQJ GHU (LQJDQJVZHUWH ZLUG GLH ÄPl‰LJH³ 9HUHLQIDFKXQJ HQWVSUHFKHQG
5HFKHQDQZHLVXQJYHUZHQGHW=XP9HUJOHLFKZHUGHQLQGHUUHFKWHQ6SDOWH:HUWHDQJHJHEHQ
GLHEHLHLQHUJHQDXHUHQ%HUHFKQXQJE]ZGHUVWDUNHQ9HUHLQIDFKXQJHUPLWWHOWZHUGHQ
(LQJDQJVZHUWHIUHODVWLVFKH%HUHFKQXQJ
.UDIWHLQOHLWXQJVIDNWRUQ VLHKH$EVFKQLWW
DN E  '       

K W 
Ÿ Q  '    ˜  
DU       Ÿ N DU 
K 
Ÿ Q  ˜  ˜   JHQDXHUH(UPLWWOXQJQDFK9',
Q 

(ODVWLVFKH1DFKJLHELJNHLWGHV)ODQVFKHV VLHKH$EVFKQLWW
 ( ˜ S ª§ W ·

º =XP9HUJOHLFK%HL(UPLWWOXQJ

& ' ˜ «¨ '  ¸  G % » QDFK9',5LFKWOLQLH$XV
G 3  ˜  W ¬«©  ¹ ¼» JDEHHUJLEWVLFKHLQ:HUW
 ˜ S ª§  ˜  ·


º 1 YRQ G 3  ˜   PP  1 'LH
˜ «¨   ¸   »  ˜   HUPLWWHOWH1DFKJLHELJNHLWZLUGPLW
 ˜  ˜  «¬©  ¹ »¼ PP
GHUHLQIDFKHQ)RUPHOXP
G 3  ˜   PP  1 EHUVFKlW]WVRGD‰GLH6FKUDX
EHQNUlIWHDXIGHUVLFKHUHQ6HLWH
OLHJHQGHEHQIDOOVEHUVFKlW]WZHU
1DFKJLHELJNHLWGHU6FKHLEHQ GHQ
 ( ˜ '   G   ˜ S
&'
G3 ˜V
 ˜     ˜ S 1
 ˜ 
 ˜ PP
G 3   &'  ˜   PP  1
*HVDPWQDFKJLHELJNHLWGHV.OHPPSDNHWV
G3 G 3   ˜ G 3   ˜   PP  1

(ODVWLVFKH1DFKJLHELJNHLWGHU6FKUDXEH 4XHUVFKQLWWVZHUWH]XU%HUHFKQXQJ
$G PPð ,G PP  YRQD[LDOHU1DFKJLHELJNHLWXQG
%LHJHQDFKJLHELJNHLW
$1 PPð ,1 PP
$6 PPð ,6 PP
$EPHVVXQJHQG PPO*HZ PPO PP
G6 G *  G 0  G *HZ  G  G6.  ˜   PP  1 )RUPHOQVLHKH$EELOGXQJ
6HLWH
E6 E *  E 0  E *HZ  E  E 6.  ˜    1PP
$QKlQJH 6HLWH

1lKHUXQJHQN|QQHQDQVWDWWGHUJHQDXHQ:HUWHYHUZHQGHW 9HUJOHLFKVZHUWHZHQQQXUPLW

ZHUGHQKLHUQXULQIRUPDWLYDQJHJHEHQ 6FKDIWTXHUVFKQLWWJHUHFKQHWZLUG
G6 G  ˜   PP  1 'LHVH:HUWHHUJHEHQK|KHUH%H
DQVSUXFKXQJHQXQGOLHJHQDXIGHU
E6 E  ˜    1PP VLFKHUHQ6HLWH'HU5HFKHQDXI
ZDQGJHJHQEHUGHUÄH[DNWHQ³
%HUHFKQXQJQDFK9',5LFKWOLQLH
YHUULQJHUWVLFKGHXWOLFK

G3 9HUJOHLFK$EVFKlW]XQJQDFK
Ÿ.UlIWHYHUKlOWQLV ) Q˜ 
G 3  G6 7DEHOOH ) Q ˜  

(LQJDQJVZHUWH]XU(UPLWWOXQJGHU%HDQVSUXFKXQJHQ 5HFKHQDQZHLVXQJ6HLWH
­ 'XUFKGLH:DKOGHU9RUEHPHV
° D PP VXQJVIRUPHOQLVWVLFKHUJHVWHOOW
°° GD‰D !DNODIILVW
D PLQ®  ˜ W PP
°
°     ˜  PP
°¯  ˜ 

hEHUSUIXQJGHU)ODQVFKGLFNH1lKHUXQJVZHUWH
 ˜   ˜   ˜  *O6HLWHDQVWDWWDLVWD
Wt PP PP9 ]XVHW]HQ
 ˜    

W |  ˜    ˜  PP PP9 *O6HLWHDQVWDWWDLVWD

]XVHW]HQ

DOWHUQDWLY

 D ˜ E    ˜  ­!  YJO$EVFKQLWWDQ

K ˜ ˜  ® RN VWDWWDLVWD ]XVHW]HQ
 W   ¯ 
D  ˜ E ˜ $   ˜   ˜  ­!  YJO$EVFKQLWWDQ
G ˜ ˜  ® RN VWDWWDLVWD ]XVHW]HQ
W  ˜ F ˜ D  E   ˜  ˜     ¯  

&6    G6     ˜  1  PP KDOEH1DFKJLHELJNHLWHQGD+HU

OHLWXQJGHV%HUHFKQXQJVYHUIDK
E6 E6    ˜    1PP
UHQVIUKDOEHV6\VWHP
E EV  PP 6WDUWZHUWIUGLH,WHUDWLRQ
D E   
VV\P  PP
 
6HLWH $QKDQJ%±%HPHVVXQJVEHLVSLHO

%HUHFKQXQJYRQ6FKUDXEHQNUDIWXQGPRPHQW 5HFKHQDQZHLVXQJ6HLWH
= N1
F ˜ D  E   

,  ˜   PP 
W ˜ V V\P ˜ &6 ˜ = ˜ E  V V\P   (, ˜ ) ˜ =  )9 
)6 
VV\P ˜ W ˜ &6  (,
(, ˜ )9 9HUHLQIDFKXQJGHU)RUPHOIU

VV\P ˜ W ˜ &6  (, = 

 ˜  ˜  ˜ 

 N1 )6 )9GDKHUNHLQH.RUUHNWXUGHU
  ˜  ˜  ˜    ˜  ˜  
$QIDQJVZHUWHHUIRUGHUOLFK
(, ˜ > =  ) ˜ =  )9  ˜ VV\P  = ˜ E@  (, ˜ )9 ˜ VV\P
0   9HUHLQIDFKXQJIU= 
V V\P ˜ W ˜ &6  (, V V\P ˜ W ˜ &6  (,
 )6 ˜ V V\P  1PP
5 )6  =  N1
'
E5   ˜ W      ˜  PP

5 ˜ E E 5  ]XIlOOLJGDE  E5
V1 ˜ 
F ˜ D ˜ E  E   ˜ D ˜ E 5   ˜ E ˜E 5 
0 ,WHUDWLRQHUIRUGHUOLFK
V V1  ˜ D  E     1  PP  
,

,WHUDWLRQIU= E  PP QHXHU:HUWIUE VRJHZlKOWGD‰

VV\P      PP GLH,WHUDWLRQEHHQGHWZLUG

F ˜ D  E   

,  ˜  PP 
(, ˜ )9 'LH6FKUDXEHQNUDIWHQWVSULFKW)9
)6  HLQH.RUUHNWXUQDFK
VV\P ˜ W ˜ &6  (,
5HFKHQDQZHLVXQJLVWQLFKWHU
 ˜  ˜   ˜  IRUGHUOLFK
 N1
 ˜  ˜  ˜    ˜  ˜ 
0  )6 ˜ VV\P  1PP
5 ˜ E E 5 
V1 ˜
F ˜ D ˜ E  E   ˜ D ˜ E 5   ˜ E ˜E 5 
 ˜    
˜  1  PPð
 ˜  ˜       ˜  ˜    ˜  ˜  
0 'LHUHFKQHULVFKH6SDQQXQJDP
V V1  ˜ D  E   
, .ODIIXQJVUDQGLVWJU|‰HUGLH,WH
 UDWLRQNDQQEHHQGHWZHUGHQ
  ˜        ! 
 ˜ 
$QKlQJH 6HLWH

M W  UHFKQHULVFKHV0RPHQWLP9RU
06 ˜0˜
E6 (, E6 VSDQQ]XVWDQG09
 

˜  ˜  1PP
 ˜  ˜   ˜  

= N1E  PP :HUWVRJHZlKOWGD‰QXUHLQ

VV\P      PP ,WHUDWLRQVVFKULWWHUIRUGHUOLFK

F ˜ D  E     ˜  PP 

,
W ˜ VV\P ˜ &6 ˜ = ˜ E  VV\P   (, ˜ ) ˜ =  )9 
)6 
VV\P ˜ W ˜ &6  (,
 ˜  ˜  ˜  ˜  ˜      ˜  ˜  ˜  ˜   
 ˜  ˜  ˜    ˜  ˜ 
 N1

(, ˜ > =  ) ˜ =  )9  ˜ VV\P  = ˜ E@
0 
V V\P ˜ W ˜ &6  (,
 ˜  ˜  ˜ >   ˜    ˜    ˜ @
 ˜  ˜  ˜     ˜  ˜ 
 1PP
5 )6  =     N1
5 ˜ E E 5 
V1 ˜
F ˜ D ˜ E  E   ˜ D ˜ E 5   ˜ E ˜E 5 
 ˜    
˜  1  PPð
 ˜  ˜       ˜  ˜    ˜  ˜  
0 ,WHUDWLRQEHHQGHW
V V1  ˜ D  E   
,

  ˜        1  PPð
 ˜ 
M W 
06 ˜0˜
E6 (, E6
 

˜  ˜  1PP
 ˜  ˜   ˜  
6HLWH $QKDQJ%±%HPHVVXQJVEHLVSLHO

)V>N1@ 0V>1P@
 
 3HWHUVHQELOLQHDU
 )(0
6FKPLGW1HXSHU
 3HWHUVHQ3RO\QRP  6HLGHO
 9',.UHLVERJHQ 
3DUDEHODQVDW]
 
)(0
 6HLGHO 
 
 
 
 
 
 
         
=XJNUDIW=LP0DQWHOEOHFK>N1@ =XJNUDIW=LP0DQWHOEOHFK>N1@

$EELOGXQJ%HUHFKQHWH6FKUDXEHQNUDIWXQG6FKUDXEHQELHJHPRPHQWHQYHUOlXIH
,Q$EELOGXQJVLQGGLH%HDQVSUXFKXQJHQIUGLHEOLFKHQ%HUHFKQXQJVYHUIDKUHQGDUJHVWHOOW
'DV HLJHQH 9HUIDKUHQ OLHIHUW ZLHGHUXP HLQH JXWH $EVFKlW]XQJ GHU 6FKUDXEHQNUDIW GLH LP J H
VDPWHQ 9HUODXI DXI GHU VLFKHUHQ 6HLWH OLHJW 'DV %LHJHPRPHQW ZLUG LP 9HUJOHLFK ]XU )(
5HFKQXQJIDVWH[DNWHUPLWWHOW:HQQGDVYROOH0D‰DDQVWDWWD IUGLH%HUHFKQXQJYHUZHQGHW
ZLUGGDQQLVWGLH$QQlKHUXQJIUGLH6FKUDXEHQNUDIWQRFKEHVVHUGDV%LHJHPRPHQWZLUGGDQQ
DEHUEHLJU|‰HUHQ=XJNUlIWHQDEFDN1XQWHUVFKlW]W'LHDQJHJHEHQH5HGXNWLRQHUZHLVWVLFK
GDPLWDOVHUIRUGHUOLFK
 (UPGXQJVIHVWLJNHLWVQDFKZHLV
)U GHQ (UPGXQJVIHVWLJNHLWVQDFKZHLV ZLUG GLH IROJHQGH K\SRWKHWLVFKH 5DLQIORZPDWUL[ YH U
ZHQGHW'LH*HVDPW]DKOGHU6SDQQXQJVVSLHOHOLHJWKLHUPLW1 ÂLQP|JOLFKHU*U|‰HQ
RUGQXQJIUHLQH:($GHU0:.ODVVH'LH0DWUL[LVWV\PPHWULVFKDXIMHGHU6HLWHVLQGKDOEH
6FKZLQJVSLHOHDXIJHWUDJHQÄ9RQo1DFK³Ä1DFKo9RQ³ HLQYROOVWlQGLJHV6FKZLQJVSLHO
       
 ( ( ( ( ( ( (
 ( ( ( ( ( ( (
 ( ( ( ( ( ( (
 ( ( ( ( ( ( (
 ( ( ( ( ( ( (
 ( ( ( ( ( ( (
 ( ( ( ( ( ( (
 ( ( ( ( ( ( (

7DEHOOH5DLQIORZPDWUL[IUGHQ(UPGXQJVIHVWLJNHLWVQDFKZHLV=DKOHQIU%HLVSLHOXPUDQGHW
)U GLHVH 0DWUL[ PVVHQ IU DOOH Ä9RQ³Ä1DFK³.RPELQDWLRQHQ GLH 6FKlGLJXQJHQ EHUHFKQHW
ZHUGHQVRGD‰LQVJHVDPWIU.RPELQDWLRQHQHLQ6FKlGLJXQJVDQWHLO]XHUPLWWHOQLVW([H P
SODULVFK ZLUG GLHV JH]HLJW IU Ä9RQ ³ o Ä1DFK ³ 'LH =DKOHQZHUWH GHU EHQ|WLJWHQ
6FKUDXEHQEHDQVSUXFKXQJHQVLQGJHPHLQVDPPLWHLQLJHQZLFKWLJHQ=ZLVFKHQZHUWHQGHU%HUHF K
QXQJLQ7DEHOOH]XVDPPHQJHVWHOOW
$QKlQJH 6HLWH

= E VV\P )6 5 0 M 06 ,
N1 PP PP N1 N1 N1P UDG 1PP PP
      (  (
      (  (
      (  (
      (  (
      (  (
      (  (
      (  (
      (  (

7DEHOOH %HDQVSUXFKXQJHQIUGHQ(UPGXQJVIHVWLJNHLWVQDFKZHLV$EZHLFKXQJHQJHJHQEHUGHUDXVIKUOLFKHQ

5HFKQXQJGXUFK5XQGXQJVGLIIHUHQ]HQ
'LH%HUHFKQXQJHUIROJWPLWGHQ.HUEJUXSSHQIUGHQ1RUPDOVSDQQXQJVDQWHLOXQGIUGHQ
%LHJHVSDQQXQJVDQWHLO
%HLVSLHOÄ9RQN1³oÄ1DFK³
')6     N1
'0 6     1PP
$6 PPð:6S PPñ 4XHUVFKQLWWVZHUWHGHV6SDQ
QXQJVTXHUVFKQLWWV
')6  1
'V 1 J 0I ˜ J )I ˜  ˜  ˜ 
$6  PPð
'0 6  1
'V 0 J 0I ˜ J )I ˜  ˜  ˜ 
:6  PPð
1
'V 'V 1  'V 0 
PPð
'V 0 $QWHLOGHU%LHJHVSDQQXQJDQGHU
K 
'V 1  'V 0 *HVDPWVSDQQXQJ
'V &0  1 'V &1  K ˜ 'V &0  'V & 1 
   ˜     1  PPð
'V '  0  1  ˜ 'V &0  1  1  PPð

 'V &0  1

'V 0  'V 1 t 'V '0  1
101  ˜  ˜ 
 'V 0  'V 1 
QL  ˜     GDLQGHU0DWUL[MHZHLOVKDOEH
6FKZLQJVSLHOHDXIJHWUDJHQVLQG

'L  LVWGLH6XPPHGHU:HUWHEHLGVHL
 WLJGHU'LDJRQDOHGXUFK]XGLYL
GLHUHQ
6HLWH $QKDQJ%±%HPHVVXQJVEHLVSLHO

'LHIROJHQGH7DEHOOH]HLJWGLH6FKlGLJXQJHQIUDOOH/DVWVWXIHQ
       

 (
 ( (
 ( ( (
 ( ( ( (
 ( ( ( ( (
 ( ( ( ( ( (
 ( ( ( ( ( ( (

7DEHOOH6FKlGLJXQJHQ'IUGLHHLQ]HOQHQ/DVWVWXIHQGHU5DLQIORZPDWUL[

QL
'LH6FKlGLJXQJLVW ' ¦1    GHU1DFKZHLVLVWDOVRHUIOOW
L

0LWGHQ'DWHQDXVGHU)(5HFKQXQJHUJLEWVLFKGLH6FKlGLJXQJ]X' GLH%HUHFKQXQJ
OLHJWDOVRDXIGHUVLFKHUHQ6HLWH
'LH JU|‰WHQ 6FKlGLJXQJVEHLWUlJH VWDPPHQ WURW] NOHLQHU /DVWZHFKVHO]DKOHQ DXV GHQ 6WXIHQ
lXQGlGDGRUWLQIROJHGHVSURJUHVVLYHQ9HUODXIHVGHU%HDQVSUXFKXQJVIXQN
WLRQHQGLHJU|‰WHQ6SDQQXQJVVFKZLQJEUHLWHQDXIWUHWHQ'LHK|KHUHQ/DVWZHFKVHO]DKOHQEHLGH
QHQGLH=XJNUDIWNOHLQHULVWOLHIHUQKLQJHJHQZHQLJHUJUR‰H$QWHLOH
7DEHOOH]HLJWDXFKIUGLHVHV%HLVSLHOGHQ9HU .ROOHNWLY 5DLQIORZ
JOHLFKGHUPLWGHPHLQVWXILJHQ.ROOHNWLYXQGGHU 0RGHOO,  
5DLQIORZPDWUL[ EHUHFKQHWHQ 6FKlGLJXQJHQ IU 0RGHOO,,  
DOOH 9HUIDKUHQ :LH EHL GHQ ]XYRU EHUHFKQHWHQ 0RGHOO,,,  
0RGHOO,,,  
%HLVSLHOHQ ]HLJW VLFK DXFK KLHU ZLHGHU GD‰ GLH
9',  
PLW GHQ 9HUIDKUHQ QDFK 9',5LFKWOLQLH HUPLWWHO 3DUDEHO  
WHQ 6FKlGLJXQJHQ GHXWOLFK ]X QLHGULJ VLQG 'LH )(  
PLW GHP YRUJHVFKODJHQHQ 9HUIDKUHQ HUPLWWHOWH 6HLGHO  
6FKlGLJXQJ OLHJW ]ZDU EHL GHP )QIIDFKHQ GHU )(01  
6FKlGLJXQJ GLH PLW GHQ %HDQVSUXFKXQJHQ GHU 6HLGHO01  
)(5HFKQXQJ HUPLWWHOW ZLUG GLHVHV LVW DEHU LP
7DEHOOH 5HODWLYH6FKlGLJXQJHQEHL(UPLWWOXQJ
9HUJOHLFK ]X GHQ DQGHUHQ 9HUIDKUHQ HLQ JXWHV GHU6FKUDXEHQEHDQVSUXFKXQJQDFKYHU
(UJHEQLV VFKLHGHQHQ%HUHFKQXQJVYHUIDKUHQ
'HU1DFKZHLVPLW.HUEJUXSSH XQWHU9HUQDFKOlVVLJXQJGHU%LHJHDQWHLOHHUJLEWEHLPHLJHQHQ
9HUIDKUHQHLQH6FKlGLJXQJ' GDVEHGHXWHWHLQH8QWHUVFKlW]XQJXPQXUUXQG%HL
9HUZHQGXQJGHU)('DWHQKLQJHJHQOLHJWGLH6FKlGLJXQJQXUEHL' XQGGDPLWZHLWDXI
GHUXQVLFKHUHQ6HLWH'LHVLVWGXUFKGLHUHODWLYKRKHQ%LHJHDQWHLOHYRQUXQGLP%HUHLFK]ZL
VFKHQXQGN1=XJNUDIWEHJUQGHWGLHREHUKDOEGHULQ$EVFKQLWWHUPLWWHOWHQ=X
VDW]VSDQQXQJOLHJHQGLHGXUFKGLH:DKOGHUQLHGULJHQ.HUEJUXSSHDEJHGHFNWVLQG
$QKlQJH 6HLWH

 *HEUDXFKVWDXJOLFKNHLWVQDFKZHLVH
.ODIIHQELV]XU6FKUDXEHQDFKVH
 ˜ )9 ˜ D  ˜F
= NODII
 ˜ E ˜ D ˜F  & 6 ˜ W  (    ˜ D  ˜F ˜   ) 
 ˜  ˜   ˜ 
 
 ˜  ˜  ˜    ˜   ˜      ˜   ˜  ˜   
 N1
= %HWULHE  ˜  ˜  ˜     N1  = NODII  N1 9

$XV GHU )(5HFKQXQJ NDQQ DXFK HQWQRPPHQ ZHUGHQ GD‰ GHU )ODQVFK IU =  N1 ELV ]XU
6FKUDXEHQDFKVHNODIIW'LH$EVFKlW]XQJGXUFKGDVYRUJHVFKODJHQH0RGHOOHUZHLVWVLFKDXFKKLHU
DOVJXW
3ODVWL]LHUHQGHV)ODQVFKHVXQWHU*HEUDXFKVODVW
=%HWULHE N1 VLHKHYRUKHULJHU$EVFKQLWW
)6 )9 N1 GDGLH%HUHFKQXQJQDFKGHPHLJHQHQ0RGHOOLP
PHUDXIGHUVLFKHUHQ6HLWHOLHJWZLUGKLHUGDHLQH
JU|‰HUH6FKUDXEHQNUDIWIUGLHVHQ1DFKZHLVJQ
VWLJZLUNWGLH9RUVSDQQNUDIWYHUZHQGHW
ŸV[ 1PPð 'LH%HUHFKQXQJHUIROJWHPLWHLQHP([FHO
$UEHLWVEODWWQDFK$EVFKQLWWDQDORJ]X
$EELOGXQJ6HLWH
G%  )RUPHO6HLWH
D=  ˜  ˜ 
W 
 ˜ )6 )RUPHO
V= D = ˜

S ˜ '  G%


 ˜ 
 ˜  1  PPð

S ˜      
V9
 
V[  V=  V[ ˜ V= 1DFKZHLVHUIOOWEHL)ODQVFKHQEHLGHQHQ9HUVD
JHQVPRGXV%PD‰JHEHQGLVWGUIWHGLHVIDVWLP
 
     ˜   1  PPð PHUGHU)DOOVHLQ
d I \ G     1  PPð
6HLWH $QKDQJ%±%HPHVVXQJVEHLVSLHO

3ODVWL]LHUHQGHU6FKUDXEHXQWHU*HEUDXFKVODVW
=%HWULHE N1 VLHKHYRUKHULJHU$EVFKQLWW
)6  N1 6FKUDXEHQNUDIWXQG0RPHQWQlKHUXQJVZHLVHIU
= N1DEJHOHVHQ
06  1PP
$6 PPð:6 PPñ 4XHUVFKQLWWVZHUWHGHU0
  'LHPD[LPDOH=XVDW]VSDQQXQJLP6SDQQXQJV
'V =    
  TXHUVFKQLWWGHU6FKUDXEHLP*HEUDXFKV]XVWDQG
1 1 OLHJWEHL1PPðVRGD‰VHOEVWXQWHUXQJQVWLJ
 |  VWHQ%HGLQJXQJHQNHLQHQHQQHQVZHUWHQ3ODVWL]LH
PPð PPð
UXQJHQ]XHUZDUWHQVLQG

 .RQVWUXNWLRQ
'HU )ODQVFK VROO ]XU 9HUEHVVHUXQJ GHV 7UDJYHUKDOWHQV PLW HLQHP :LQNHOVSDOW Z PP
JHVDPWHU 6SDOW DXVJHIKUW ZHUGHQ (V ZLUG GD]X EHUSUIW ZHOFKH .UDIW ]XP 6FKOLH‰HQ GHV
6SDOWHVHUIRUGHUOLFKLVWXQGZHOFKH6SDQQXQJHQGDGXUFKLQGHU7XUPVFKDOHHQWVWHKHQ
Z  .ODIIXQJVZLQNHOGHU)ODQVFKHSHU'HILQLWL
M
D  E  V  RQ:LQNHOMH6HLWH

  VLHKH$EELOGXQJ
N   ˜     ˜ 
 
   ˜  ˜  ˜  1PP 1lKHUXQJQDFK$EVFKQLWW
P 
 ˜  PP VLHKH)RUPHOQXQG
 1
T  ˜ 
 PP
§  · (UPLWWOXQJGHU]XP
¨   ˜ ¸ ˜  ˜  6FKOLH‰HQGHU:LQNHO
 ¹ §    ·
© ˜ ¨   ˜ ¸ NODIIXQJHUIRUGHUOLFKHQ
  ˜  ˜   

©    ¹
.UDIWDXV)RUPHO
I 6 ˜  ˜  §      ˜  ˜ OQ  ·
 ˜ ¨  ¸¸
 ˜  ˜  ˜    ¨©       ¹
 1
Ÿ   I 6 ˜  ˜   Ÿ I 6 
 PP
 ˜ S ˜  ˜  $QPHUNXQJ'LH%HUHFKQXQJDQHLQHP
)6  1
 D[LDOV\PPHWULVFKHQ)(0RGHOOHUJLEWHLQ
IDVWLGHQWLVFKHV(UJHEQLV
6SDQQXQJLQGHU6FKDOH 'LH(PSIHKOXQJDXV$EVFKQLWWZLUG
 1 1 HLQJHKDOWHQ
V%   V [65 G 
    PP  PP 
$QKlQJH 6HLWH

 $QKDQJ&±3URJUDPPH
 'DWHQHUIDVVXQJ'LDGHP‹
=XU'DWHQHUIDVVXQJXQG6LFKHUXQJZXUGHGDVNRPPHU]LHOOH0H‰GDWHQHUIDVVXQJVXQG$XVZHUWH
V\VWHP'LDGHP‹YHUZHQGHW,QIRUPDWLRQHQ]XGLHVHP3URJUDPPJLEWHVLP,QWHUQHWXQWHU
KWWSZZZGLDGHPGHRGHUKWWSZZZJIVDFGH
 'DWHQDXVZHUWXQJ'HKQB5)6
=XU%HVWLPPXQJGHULQGHU6FKUDXEHZLUNHQGHQ.UlIWHXQG0RPHQWHZLUGGDV([FHO3URJUDPP
'HKQB5)6[OV YHUZHQGHW 'LHVHV 3URJUDPP ZDQGHOW GLH 'HKQXQJVGDWHQ DXV GHP 'LDGHP
)RUPDWLQHLQH([FHO7DEHOOHGHU.UlIWH%LHJHPRPHQWHXVZXP(VZXUGHLQGHQ'LSORPDU
EHLWHQYRQ%2/=(>@XQG:,/.(>@HQWZLFNHOWXQGVSlWHUHUJlQ]W'LH+HUOHLWXQJGHVGRUW
LPSOHPHQWLHUWHQ5HFKHQJDQJHV]XU(UPLWWOXQJGHV%LHJHPRPHQWHVZLUGLPIROJHQGHQNXU]GDU
JHVWHOOW
*HJHEHQVLQGGUHL'HKQXQJVZHUWHGLHDQEHOLHELJHQ:LQNHOSRVLWLRQHQEHUGHQ8PIDQJGHVDE
JHGUHKWHQ 6FKUDXEHQTXHUVFKQLWWHV YHUWHLOW VLQG 'LHVH GUHL 'HKQXQJHQ GHILQLHUHQ HLQH 6SDQ
QXQJVHEHQHVRIHUQQLFKW]ZHL:LQNHOEHUHLQVWLPPHQ*HVXFKWLVWGDV0D[LPXPGHU'HKQXQ
JHQDXIGHP8PIDQJGHV.UHLVHV
$OV (UJHEQLV GHU %HUHFKQXQJ ZLUG QHEHQ GHQ 0D[LPDOZHUWHQ GHU 'HKQXQJHQ GLH /DJH GHU
6SDQQXQJVPLWWHOOLQLH HUPLWWHOW GLH GXUFK H FRQVW JHNHQQ]HLFKQHW LVW 'LH :LQNHOGHILQLWLRQ
ZLUGLQ$EELOGXQJDQJHJHEHQ)UM ƒOLHJWGDV0D[LPXPGHU'HKQXQJHQDP%RKUORFK
GHU6FKUDXEH
\
%RKUORFK ƒ 'HILQLWLRQGHV
%LHJHZLQNHOV
M
ƒ 0D[LPXPDP
[ %RKUORFK9RU]HLFKHQ
OLQ V

VRQVWPDWKHPDWLVFK
H O XQJ

SRVLWLYGUHKHQ
LH
Q
DQ

$EELOGXQJ9RU]HLFKHQGHILQLWLRQIU
6S
LWW

GLH/DJHGHU6SDQQXQJVPLWWHOOLQLH
P

'LHGUHL2UWVYHNWRUHQGHU'HKQXQJHQZHUGHQZLHIROJWGHILQLHUW
§ [ · § [ · § [ ·
& ¨ ¸ & ¨ ¸ & ¨ ¸
H ¨ \ ¸  H ¨ \ ¸  H ¨ \ ¸ 
¨H ¸ ¨H ¸ ¨H ¸
© ¹ © ¹ © ¹
6HLWH $QKDQJ&±3URJUDPPH

'LHVHGUHL9HNWRUHQVSDQQHQGLH(EHQHDXIGLHVLFKLQ3DUDPHWHUGDUVWHOOXQJVFKUHLEHQOl‰W
§[·
& ¨ ¸ & & & & &
] ¨ \¸ H  U ˜  H   H   V ˜  H   H 
¨H¸
© ¹
§ [ · § [   [ · § [   [ · § E · § F · 
¨ ¸ ¨ ¸ ¨ ¸ & ¨ ¸ ¨ ¸
¨ \  ¸  U ˜ ¨ \   \ ¸  V ˜ ¨ \   \  ¸ H  U ˜ ¨ E  ¸  V ˜ ¨ F  ¸
¨H ¸ ¨H H ¸ ¨H H ¸ ¨E ¸ ¨F ¸
© ¹ ©  

& 
 ¹ ©  

& 
 ¹ © ¹ © ¹
E F

0LW+LOIHGHV1RUPDOHQYHNWRUVGHU(EHQHNDQQLQ.RRUGLQDWHQVFKUHLEZHLVHXPJHIRUPWZHUGHQ
%HVWLPPXQJGHV1RUPDOHQYHNWRUV
§ Q · § E ˜ F  E ˜ F  ·
& ¨ ¸ & & ¨ ¸
Q ¨ Q ¸ EuF ¨ E  ˜ F  E ˜ F  ¸ 
¨Q ¸ ¨E ˜F  E ˜F ¸
© ¹ ©    ¹

8PIRUPXQJLQ.RRUGLQDWHQVFKUHLEZHLVH
& & & &
Q ˜ ] Q ˜ H D
Q ˜ [  Q  ˜ \  Q  ˜ ] D 
] $  %˜ [  &˜ \
D Q Q 
 ˜[   ˜\
Q Q Q
'LH 6FKQLWWNXUYH GHU (EHQH QDFK *O  PLW GHP .UHLV]\OLQGHU GHU GLH 0DQWHOIOlFKH GHU
6FKUDXEHLPDEJHGUHKWHQ%HUHLFKEHVFKUHLEWGHILQLHUWGLH5DQGVSDQQXQJDOV5DXPIXQNWLRQ(V
PVVHQGDV0LQLPXPXQGGDV0D[LPXPGLHVHU5DXPIXQNWLRQEHVWLPPWZHUGHQGDGLH]XJHK|
ULJHQ ].RRUGLQDWHQ GLH PLQPD[ 'HKQXQJHQ HUJHEHQ $XV GHQHQ VLQG ZLHGHUXP GHU :LQNHO
GHU0LWWHOOLQLHVRZLHGDVDXIWUHWHQGH0RPHQW]XEHUHFKQHQ
0DWKHPDWLVFKJHVHKHQHUJLEWVLFKDXVRELJHU)RUGHUXQJHLQH([WUHPZHUWDXIJDEHPLWHLQHU1H
EHQEHGLQJXQJ*HVXFKWZHUGHQGLH([WUHPDGHU3XQNWH[\]5ñPLW] I[\XQWHUGHU1H
EHQEHGLQJXQJ*[\ PLW[\5ð
I [ \   ] $  %˜[  &˜ \

1% *  [ \   [   \   U   .UHLVJOHLFKXQJU 5DGLXVLPDEJHGUHKWHQ%HUHLFK

'LHDQDO\WLVFKH/|VXQJHUIROJWPLWGHP9HUIDKUHQYRQ/DJUDQJH>@'D]XZLUGGLH/DJUDQ
JHµVFKH+LOIVIXQNWLRQDXIJHVWHOOW
/ [  \ O   I  [  \   O ˜ *  [  \ 

 $  % ˜ [  & ˜ \  O ˜ [   \   U  
$QKlQJH 6HLWH

'LH([WUHPDHUJHEHQVLFKDXVGHUQRWZHQGLJHQ%HGLQJXQJ
/¶[ /¶\ /¶O  
1DFKGHP6DW]YRQ:HLHUVWUDVVPX‰GLH$XVZHUWXQJJHQDXHLQDEVROXWHV0LQLPXPXQGHLQDE
VROXWHV 0D[LPXP HUJHEHQ XQWHU GHU 9RUDXVVHW]XQJ I[\ z FRQVW ZHLO GLH )XQNWLRQ I[\
VWHWLJXQGEHUHLQHPNRPSDNWHQ%HUHLFKGHILQLHUWLVW

(VIROJWIUGLH.RRUGLQDWHQGHU([WUHPD
c %
/[ % ˜O ˜[  Ÿ [  
O
c &
/\ &  ˜O ˜\  Ÿ \  
O
c
/O [   \  U   

(LQVHW]HQYRQXQGLQHUJLEW

%  & 
O r 
 ˜ U
'DPLWODVVHQVLFKGLH3XQNWNRRUGLQDWHQGHU([WUHPDXQGGXUFK5FNZlUWVHLQVHW]HQDXFKGLH]X
JHK|ULJHQ'HKQXQJHQEHUHFKQHQ0DQHUNHQQWGXUFK*OGD‰VLFK]ZHL3XQNWH3 [\
XQG3 [\PLWEHWUDJVPl‰LJJOHLFKHQ.RRUGLQDWHQPLWXQWHUVFKLHGOLFKHP9RU]HLFKHQHUJH
EHQ'LHVH7DWVDFKHGHFNWVLFKPLWGHU$QVFKDXXQJ
'LH*HUDGHQJOHLFKXQJGXUFKGLH([WUHPDKDWGLH)RUP
\   \
\ N ˜ [  O PLW N 
[   [
)U GHQ $FKVHQDEVFKQLWW PX‰ JHOWHQ O  GD GLH HODVWLVFKH 0LWWHOOLQLH GXUFK GHQ .UHLVPLWWHO
SXQNWYHUODXIHQPX‰
'DPLWHUJLEWVLFKGLH*OHLFKXQJGHUHODVWLVFKHQ0LWWHOOLQLH]X

\  ˜[ 
N
'HU1HLJXQJVZLQNHOJHJHQGLH+RUL]RQWDOHLVWVRPLW
§ ·
M DUFWDQ ¨  ¸ 
© N¹
'DV3URJUDPPELHWHW]XU$XVZHUWXQJIROJHQGH)XQNWLRQHQ
 5HGXNWLRQGHU0H‰GDWHQEHU$Q]DKOGHU0H‰GDWHQ
 (UVWHOOXQJHLQHU8PKOOHQGHQGHU6FKUDXEHQNUlIWH
 )LOWHUXQJGHU([WUHPDOZHUWH



(LQH7HLOPHQJHKLHU5ðJLOWDOVNRPSDNWZHQQVLHEHVFKUlQNWXQGDEJHVFKORVVHQLVW%VS.UHLVH5HFKWHFNH
6HLWH $QKDQJ'±:LFKWLJH6FKUDXEHQNHQQZHUWH

 )LQLWH(OHPHQW%HUHFKQXQJHQ$16<6Š 
)UGLH)(%HUHFKQXQJHQZXUGHGDVNRPPHU]LHOOH3URJUDPPV\VWHP$16<6ŠLQGHU$XVEDXVWXIH
Ä5HVHDUFK)DFXOW\9HUVLRQ³YHUZHQGHW,QIRUPDWLRQHQHUKDOWHQ6LHLP,QWHUQHWXQWHU
KWWSZZZDQV\VFRP
 $QDO\WLVFKH%HUHFKQXQJHQ)ODQVFK[OV
=XU'XUFKIKUXQJGHU9HUJOHLFKVEHUHFKQXQJHQIUGLH6FKUDXEHQEHDQVSUXFKXQJGLH7UDJODVWEH
UHFKQXQJHQ XQG (UPGXQJVIHVWLJNHLWVQDFKZHLVH ZXUGH GDV HLJHQH 3URJUDPP )ODQVFK[OV YHU
ZHQGHW'DV3URJUDPPEHVLW]WIROJHQGH)lKLJNHLWHQ
 %HUHFKQXQJ GHU 6FKUDXEHQNUDIWIXQNWLRQHQ QDFK VLHEHQ 9HUIDKUHQ 3(7(56(1  ELOLQHDU
6&+0,'71(83(5 WULOLQHDU 3(7(56(1 3RO\QRP .UHLVERJHQDQVDW] QDFK 9',5LFKWOLQLH
3DUDEHODQVDW]QDFK'$/+2))'20%52:6.,/(+0$116(,'(/QLFKWOLQHDU
 %HUHFKQXQJGHV6FKUDXEHQELHJHPRPHQWHVQDFKGHPHLJHQHQ9HUIDKUHQ6(,'(/QLFKWOLQH
DU
 %HVWLPPXQJGHU6HJPHQWWUDJIlKLJNHLW
 6FKlGLJXQJVUHFKQXQJXQWHU%HUFNVLFKWLJXQJYRQ1RUPDONUDIWXQGJJI%LHJHPRPHQWIU
YROOVWlQGLJH5DLQIORZ0DWUL]HQEHLIUHLHU:DKOGHU.HUEJUXSSHQIU1RUPDOXQG%LHJH
VSDQQXQJVDQWHLOH
 'XUFKIKUXQJYRQ3DUDPHWHUVWXGLHQIU7UDJIlKLJNHLWXQG(UPGXQJVIHVWLJNHLWVQDFKZHLVH
 *HEUDXFKVWDXJOLFKNHLWVQDFKZHLVH)ODQVFKIOLH‰HQXQG.ODIIHQELV]XU6FKUDXEHQDFKVH
 'XUFKIKUXQJYRQ6FKlGLJXQJVEHUHFKQXQJHQPLWLPSRUWLHUWHQ'DWHQHLQHU)(5HFKQXQJ
,QIRUPDWLRQHQ]XGLHVHP3URJUDPPVLQGEHUGLH+RPHSDJHGHV$XWRUV
KWWSZZZPDUFVHLGHOGH
HUKlOWOLFK'RUWLVWHEHQIDOOVHLQ ([FHO3URJUDPP ]XU 9RUEHPHVVXQJ YRQ )ODQVFKYHUELQGXQJHQ
NRVWHQIUHL]XP'RZQORDGEHUHLWJHVWHOOW

 $QKDQJ'±:LFKWLJH6FKUDXEHQNHQQZHUWH
'LH 0D‰H GHU 6FKUDXEH HUJHEHQ VLFK QDFK ',1 >@ DXV GHP 1HQQGXUFKPHVVHU G XQG GHU
*HZLQGHVWHLJXQJ3]X
)ODQNHQGXUFKPHVVHU G G   ˜ 3
.HUQGXUFKPHVVHU G G   ˜ 3
G  G
6SDQQXQJVGXUFKPHVVHU G 6 G   ˜ 3

'LH4XHUVFKQLWWVZHUWHIUHLQHQ.UHLVTXHUVFKQLWWHUJHEHQVLFKGDUDXV
G G G
)OlFKH $ S ˜ :LGHUVWDQGVPRPHQW : S˜ 7UlJKHLWVPRPHQW , S˜
  
'LH:HUWHGHUXQWHUVFKLHGOLFKHQ%H]XJVTXHUVFKQLWWHGLHLQGHQYHUVFKLHGHQHQ=XVDPPHQKlQJHQ
EHQ|WLJWZHUGHQVLQGLQGHUIROJHQGHQ7DEHOOH]XVDPPHQJHVWHOOW
$QKlQJH 6HLWH

1HQQTXHUVFKQLWW )ODQNH .HUQTXHUVFKQLWW 6SDQQXQJVTXHUVFKQLWW

*U|‰H 3 G $ , G $G ,G G6 $6 :6 ,6 :76
  
>@ >PP@ >PP@ >PPð@ >PP @ >PP@ >PPð@ >PP @ >PP@ >PPð@ >PPñ@ >PP @ >PPñ@
0            
0            
0            
0            
0            
0            
0            
0            
0            
0            
0            
0            

7DEHOOH:LFKWLJH4XHUVFKQLWWVZHUWHGHU6FKUDXEHQ

 $QKDQJ(±$EPHVVXQJHQGHU9HUVXFKVVFKUDXEHQ
.OHPPOlQJHGHUYHUVSDQQWHQ7HLOHON

ONRQXV ONRQXV

 GUHG
G

O OUHG O OJHZ

OJHV

$EELOGXQJ%H]HLFKQXQJHQIUGLH$EPHVVXQJHQGHU9HUVXFKVVFKUDXEHQ

6FKUDXEH OJHV O OUHG O OJHZ ONRQXV ON G GUHG

01U         
01U         
01U         
01U         
01U         
01U         
01U         
7DEHOOH$EPHVVXQJHQGHU9HUVXFKVVFKUDXEHQ
6HLWH $QKDQJ)±0DWHULDONHQQZHUWH

 $QKDQJ)±0DWHULDONHQQZHUWH
 6FKUDXEHQ
7DEHOOH  ]HLJW GLH 0DWHULDOIHVWLJNHLWHQ GHU YHUZHQGHWHQ 6FKUDXEHQ ZLH VLH LP 3UI]HXJQLV
%QDFK',1(1DQJHJHEHQVLQG'LHUHFKQHULVFKHQ*UHQ]]XJNUlIWHHUJHEHQVLFKGXUFK
0XOWLSOLNDWLRQGHU=XJIHVWLJNHLWPLWGHP6SDQQXQJVTXHUVFKQLWW
6FKUDXEHQ :HUNVWRII =XJIHVWLJNHLW *UHQ]]XJNUDIW
>1PPð@ >N1@
01U &U%  
01U &U%  
01U &U%  
01U &U0R  
7DEHOOH:HUNVWRIIXQG=XJIHVWLJNHLWGHUYHUZHQGHWHQ6FKUDXEHQ

 )ODQVFKHIUGLH6HJPHQWYHUVXFKH
)UGLHYHUZHQGHWHQ)ODQVFKVHJPHQWHODJHQ3UI]HXJQLVVH%QDFK',1(1YRU'DEHL
ZXUGHQIROJHQGH0DWHULDONHQQZHUWHLP=XJYHUVXFKHUPLWWHOW
3UREH 0DWHULDO 6WUHFNJUHQ]H =XJIHVWLJ %UXFK 0LQGHVWZHUW
5H+ NHLW5P GHKQXQJ 6WUHFNJUHQ]H5H+
>1PPð@ >1PPð@ $>@ >1PPð@
)ODQVFKH 0DQWHO 6    
EOHFK   
)ODQVFKH )ODQVFK 6    
)ODQVFKH 0DQWHO 6    
EOHFK
)ODQVFKH )ODQVFK 6    
7DEHOOH:HUNVWRIINHQQZHUWHGHU9HUVXFKVIODQVFKH
(UJlQ]HQGZXUGHQPLW5XQGSUREHQQDFK',1HLJHQH=XJYHUVXFKHGXUFKJHIKUW'LH(U
JHEQLVVHZLFKHQQLFKWPD‰JHEHQGYRQGHQ:HUWHQGHU3UI]HXJQLVVHDE
 0DWHULDONHQQZHUWHLP)HOGYHUVXFK
=XU %HVWLPPXQJ GHV (ODVWL]LWlWVPRGXOV GHU 7XUPVFKDOH ZXUGHQ )ODFK]XJSUREHQ DXV GHU YHU
ZHQGHWHQ %OHFKWDIHO HQWQRPPHQ XQG LP =XJYHUVXFK JHWHVWHW 'LH /lQJXQJ ZXUGH PLW YLHU
)HLQZHJDXIQHKPHUQ YRP 7\S +%0 :7. JHPHVVHQ 'HU (ODVWL]LWlWVPRGXO ZXUGH ]X
( 1PPðHUPLWWHOW



)UGDV%OHFKYRQ9HUVXFKVIODQVFKZXUGHQ%OHFKHDXV]ZHL6FKPHO]HQYHUZHQGHW(LQH=XRUGQXQJ]XGHQLP
/DERUJHSUIWHQ)ODQVFKHQLVWQLFKWP|JOLFK
/LWHUDWXU 6HLWH

 /LWHUDWXU
 1RUPHQXQG5LFKWOLQLHQ
>@ 9',5LFKWOLQLH6\VWHPDWLVFKH%HUHFKQXQJKRFKEHDQVSUXFKWHU6FKUDXEHQYHUELQ
GXQJHQ=\OLQGULVFKH(LQVFKUDXEHQYHUELQGXQJHQ-XOL
>@ (QWZXUI9',5LFKWOLQLH6\VWHPDWLVFKH%HUHFKQXQJKRFKEHDQVSUXFKWHU6FKUDX
EHQYHUELQGXQJHQ=\OLQGULVFKH(LQVFKUDXEHQYHUELQGXQJHQ1RYHPEHU
>@ ',%W+UVJ5LFKWOLQLHIU:LQGNUDIWDQODJHQ5HLKH%+HIW(LQZLUNXQJHQXQG
6WDQGVLFKHUKHLWVQDFKZHLVHIU7XUPXQG*UQGXQJ-XQL
>@ ',%W+UVJ5LFKWOLQLHIU:LQGHQHUJLHDQODJHQ(QWZXUI)HEUXDU
>@ *HUPDQLVFKHU/OR\G+UVJ9RUVFKULIWHQXQG5LFKWOLQLHQ,9±1LFKWPDULWLPH7HFKQLN
7HLO±:LQGHQHUJLH5LFKWOLQLHIUGLH=HUWLIL]LHUXQJYRQ:LQGNUDIWDQODJHQ2NW
>@ ',16FKRUQVWHLQHDXV6WDKO1RYHPEHU
>@ ',10HWULVFKHV,62*HZLQGH5HJHOJHZLQGHYRQPPELVPP*HZLQGH
1HQQGXUFKPHVVHU'H]HPEHU
>@ ',1(17HLO0HFKDQLVFKH(LJHQVFKDIWHQYRQ6FKUDXEHQZHUNVWRIIHQ$SULO

>@ ',16HFKVNDQWVFKUDXEHQPLWJUR‰HQ6FKOVVHOZHLWHQ+96FKUDXEHQLQ6WDKO
NRQVWUXNWLRQHQ2NWREHU
>@ ',16HFKVNDQWPXWWHUQPLWJUR‰HQ6FKOVVHOZHLWHQIU+99HUELQGXQJHQPLW
+96FKUDXEHQLQ6WDKONRQVWUXNWLRQHQ2NWREHU
>@ ',16FKHLEHQUXQGIU+96FKUDXEHQLQ6WDKONRQVWUXNWLRQHQ2NWREHU
>@ ',1,627HLO9HUELQGXQJVHOHPHQWHPLW*HZLQGH'DXHUVFKZLQJYHUVXFKHXQWHU
=XJ6FKZHOOEHDQVSUXFKXQJ3UIYHUIDKUHQ0lU]
>@ ',19HUELQGXQJVHOHPHQWHPLW*HZLQGH6FKZLQJIHVWLJNHLWVYHUVXFKEHL$[LDOEHOD
VWXQJ3UIYHUIDKUHQXQG$XVZHUWXQJGHU(UJHEQLVVH'H]HPEHU
>@ ',16WDKOEDXWHQ±%HPHVVXQJXQG.RQVWUXNWLRQ1RYHPEHU
>@ ',197HLO6WDKOEDXWHQ±$XVIKUXQJXQG+HUVWHOOHUTXDOLILNDWLRQ2NWREHU

>@ ',17HLO6WDKOEDXWHQ±+HUVWHOOHQ(LJQXQJVQDFKZHLVH]XP6FKZHL‰HQ$SULO

>@ (19(XURFRGH%HPHVVXQJXQG.RQVWUXNWLRQYRQ6WDKOEDXWHQ7HLO
$OOJHPHLQH%HPHVVXQJVUHJHOQ%HPHVVXQJVUHJHOQIUGHQ+RFKEDX$SULO
>@ (19(XURFRGH3DUW6WHHO%ULGJHV
>@ (19(XURFRGH%HPHVVXQJXQG.RQVWUXNWLRQYRQ6WDKOEDXWHQ±7HLO
7UPH0DVWHXQG6FKRUQVWHLQH7UPHXQG0DVWH'H]HPEHU
>@ (19(XURFRGH%HPHVVXQJXQG.RQVWUXNWLRQYRQ6WDKOEDXWHQ±7HLO
7UPH0DVWHXQG6FKRUQVWHLQH6FKRUQVWHLQH'H]HPEHU
>@ (1(XURFRGH3DUW)DWLJXHVWUHQJWKRIVWHHOVWUXFWXUHV'UDIW
>@ ',1(1:DUPJHZDO]WH(U]HXJQLVVHDXVXQOHJLHUWHQ%DXVWlKOHQ7HFKQLVFKH
/LHIHUEHGLQJXQJHQ0lU]
>@ 'HW1RUVNH9HULWDV'19&ODVVLILFDWLRQ1RWHV±%XFNOLQJVWUHQJWKDQDO\VLVRIPRELOH
RIIVKRUHXQLWV1RWH1R+RYLN'19
>@ %XFNOLQJRI6WHHO6KHOOV(XURSHDQ5HFRPPHQGDWLRQV(&&6±7HFKQLFDO&RPPLWWHH
±6WUXFWXUDO6WDELOLW\7HFKQLFDO:RUNLQJ*URXS±6WDELOLW\RI6KHOOVWK(GLWLRQ

>@ ',1,627HLOXQG7HLO$OOJHPHLQWROHUDQ]HQ$XVJDEH
>@ ',1(1,62ELV.RUURVLRQVVFKXW]YRQ6WDKOEDXWHQGXUFK%HVFKLFKWXQJVV\
VWHPH
6HLWH 0RQRJUDSKLHQ+DQGEFKHUXQG$XIVlW]H

 0RQRJUDSKLHQ+DQGEFKHUXQG$XIVlW]H
>@ $JDWRQRYLF39HUKDOWHQYRQ6FKUDXEHQYHUELQGXQJHQEHL]XVDPPHQJHVHW]WHU%H
WULHEVEHDQVSUXFKXQJ%HUOLQ'LVV
>@ $OW$:HQQGLH6FKUDXEH]XU)HGHUZLUG±1HXHV3UIPDVFKLQHQNRQ]HSWIUGLHG\
QDPLVFKH%LHJHEHODVWXQJKRFKYRUJHVSDQQWHU6FKUDXEHQYHUELQGXQJHQ.RQVWUXNWLRQ
6
>@ %D6DOHHP027KHRUHWLVFKHXQGH[SHULPHQWHOOH8QWHUVXFKXQJHQGHU6HW]YHUOXVWH
DQ6FKUDXEHQYHUELQGXQJHQ&KHPQLW]'LVV
>@ %LFNIRUG-$Q,QWURGXFWLRQWRWKH'HVLJQDQG%HKDYLRURI%ROWHG-RLQWV1HZ<RUN
0DUFHO'HNNHU
>@ %RHQLFN88QWHUVXFKXQJHQDQ6FKUDXEHQYHUELQGXQJHQ%HUOLQ'LVV
>@ %RXZPDQ/3)DWLJXHRIEROWHGFRQQHFWLRQVDQGEROWVORDGHGLQWHQVLRQ5HSRUW
6WHYLQ/DERUDWRU\78'HOIW
>@ %UDFKW:2UNDQNQLFNW6±XQGQXQ"(UQHXHUEDUH(QHUJLHQ6
>@ %URQVWHLQ,17DVFKHQEXFKGHU0DWKHPDWLN$XIODJH)UDQNIXUWDP0DLQ+DUUL
'HXWVFK
>@ %UXFN3HWHU$QGUHDV'DXHUVFKZLQJIHVWLJNHLWYRQ6FKUDXEHQEHLNRPELQLHUWHU=XJ
XQG%LHJHEHDQVSUXFKXQJ%HUOLQ'LVV
>@ %XFKPDQQ.6FKlGHQDQ:LQGHQHUJLHDQODJHQODVVHQVLFKRIWLQGHQ$QIDQJVVWDGLHQ
YHUPHLGHQ:DV%HWUHLEHUVHOEVWWXQN|QQHQ(UQHXHUEDUH(QHUJLHQ6
>@ %XUWK.%URFNV:3ODVWL]LWlW*UXQGODJHQXQG$QZHQGXQJHQIU,QJHQLHXUH
%UDXQVFKZHLJ9LHZHJ
>@ &KULVWRSKHU5-.XODN*/)LVKHU-:&DOLEUDWLRQRI$OOR\6WHHO%ROWV-RXUQDO
RIWKH6WUXFWXUDO'LYLVLRQ3URFHHGLQJVRIWKH$PHULFDQ6RFLHW\RI&LYLO(QJLQHHUV
6
>@ 'DOKRII3'RPEURZVNL$/HKPDQQ'%HUHFKQXQJJUR‰HU)ODQVFKYHUELQGXQJHQ
EHL:LQGHQHUJLHDQODJHQ9',%HULFKWH1U6
>@ 'RPEURZVNL$%HULFKW]XU%HUHFKQXQJYRQYRUJHVSDQQWHQ)ODQVFKYHUELQGXQJHQPLW
+LOIHGHU)(0HWKRGH,QWHUQHU%HULFKW:(*HUPDQLVFKHU/OR\G
>@ 'QNHO96FKZLQJIHVWLJNHLWYRQ6FKUDXEHQYHUELQGXQJHQ2SWLPLHUWH9HUVXFKVIK
UXQJXQGGHUHQ$QZHQGXQJEHLGHU8QWHUVXFKXQJYRQ5DQGVFKLFKWXQG2EHUIOlFKHQ
]XVWlQGHQ'DUPVWDGW'LVV
>@ (EHUW0%XFKHU&6WRFKDVWLVFKHQLFKWOLQHDUH8QWHUVXFKXQJYRUJHVSDQQWHU6FKUDX
EHQYHUELQGXQJHQXQWHU:LQGHLQZLUNXQJ:7*'UHLOlQGHUWDJXQJ%UDXQVFKZHLJ
>@ (EHUW0%XFKHU&(LQIOX‰]XIlOOLJHUJHRPHWULVFKHU,PSHUIHNWLRQHQDXIGDV7UDJ
YHUKDOWHQYRUJHVSDQQWHU9HUELQGXQJHQ:7*'UHLOlQGHUWDJXQJ%HUOLQ
>@ (OOLQDV&36XSSOH:-:DONHU$&+UVJ%XFNOLQJRIRIIVKRUHVWUXFWXUHVD
VWDWHRIWKHDUWUHYLHZ/RQGRQ*UDQDGD
>@ (VVOLQJHU0hEHUGLH(QGULQJHYRQD[LDOJHGUFNWHQ.UHLV]\OLQGHUQ6WDKOEDX
1U6XQG1U6
>@ )DHOOD&3LOXVR95L]]DQR*6WUXFWXUDO6WHHO6HPLULJLG&RQQHFWLRQV7KHRU\
'HVLJQDQG6RIWZDUH%RFD5DWRQ&5&3UHVV//&
>@ )DXOKDEHU$7KRPDOD:(UOlXWHUXQJHQ]XU5LFKWOLQLH9',%ODWW'HU
QLFKWOLQHDUH%HUHFKQXQJVDQVDW]9',=%G1U
>@ )HOGPDQQ+6SDQQXQJVEHUHFKQXQJDQ6FKUDXEHQ0XWWHUQ*HZLQGHQPLWWHOVGHU
0HWKRGHGHU)LQLWHQ(OHPHQWH.RQVWUXNWLRQ+6
>@ )UDQN.+)DWLJXH6WUHQJWKRI$QFKRU%ROWV-RXUQDORIWKH6WUXFWXUDO'LYLVLRQ9RO
1R-XQHSS
>@ *DVFK5:LQGNUDIWDQODJHQ6WXWWJDUW%*7HXEQHU
/LWHUDWXU 6HLWH

>@ *HEEHNHQ1:DQ]HN73HWHUVHQ&6HPL5LJLG&RQQHFWLRQV76WXE0RGHOOH±
9HUVXFKVEHULFKW%HULFKW8QLYHUVLWlWGHU%XQGHVZHKU0QFKHQ
>@ *HLJHU:'LH$EZHLFKXQJXQGGHU)HKOHU)HLQZHUNWHFKQLNXQG0H‰WHFKQLN
6
>@ *LUNPDQQ.)OlFKHQWUDJZHUNH:LHQ6SULQJHU9HUODJ
>@ *UDQVWU|P$%ROWHG(QG3ODWH&RQQHFWLRQV±(+66WHHO %HDPWR&ROXPQ$SSOL
FDWLRQ5HSRUW6ZHGLVK,QVWLWXWHIRU6WHHO&RQVWUXFWLRQ6WRFNKROP
>@ +DLEDFK(%HWULHEVIHVWLJNHLW9HUIDKUHQXQG'DWHQ]XU%DXWHLOEHUHFKQXQJ%HUOLQ
6SULQJHU9HUODJ
>@ +DQDX$=XP.UDIWHLQOHLWXQJVIDNWRUEHLGHU%HUHFKQXQJYRQ6FKUDXEHQYHUELQGXQ
JHQ.RQVWUXNWLRQ6
>@ +DQDX$=XP.UDIWOHLWXQJVYHUKDOWHQ]HQWULVFKYHUVSDQQWHU6FKUDXEHQYHUELQGXQJHQ
6FKULIWHQUHLKH.RQVWUXNWLRQVWHFKQLN%HUOLQ
>@ +DQHQNDPS:8QWHUVXFKXQJHQ]XU=HLWXQG'DXHUIHVWLJNHLWYRQKRFKIHVWHQ6FKUDX
EHQERO]HQLP'XUFKPHVVHUEHUHLFK0ELV0.RQVWUXNWLRQ6

>@ +DVVHOPDQQ8*UHQ]IOlFKHQSUHVVXQJYHUVSDQQWHU7HLOH±*HRPHWULHDEKlQJLJH:HUN
VWRIINHQQZHUWH]XU%HUHFKQXQJYRQ6FKUDXEHQYHUELQGXQJ,Q6FKUDXEHQYHUELQGXQJHQ
1HXH(UJHEQLVVHDXV)RUVFKXQJXQG3UD[LV7+'DUPVWDGW
>@ +DZUDQHN5=XU6LFKHUKHLWYRQVWDWLVFKEHDQVSUXFKWHQ+99HUELQGXQJHQXQWHUEH
VRQGHUHP%H]XJDXIGLH'$6W5LFKWOLQLHQGHU-DKUHXQG'VVHOGRUI
:HUQHU
>@ +DX(:LQGNUDIWDQODJHQ%HUOLQ6SULQJHU9HUODJ
>@ +HGHQNDPS$=XUZLUNOLFKNHLWVQDKHQ%HUHFKQXQJYRQ6WLUQSODWWHQVW|‰HQGHV6WDKO
EDXVXQWHUVFKZLQJHQGHU%LHJHPRPHQWHQEHDQVSUXFKXQJ+DQQRYHU'LVV
>@ +HPSHO0'DXHUIHVWLJNHLWVVFKDXELOGHUYRQ¶¶XQG¶¶6FKUDXEHQEHLYHUVFKLH
GHQHQ=XJPLWWHOVSDQQXQJHQ$UFK(LVHQKWWHQZHVHQ6
>@ +LQVFK&6HLIHUW+6|NHU+(UPLWWOXQJYRQ(UPGXQJVODVWHQDQJUR‰HQ:LQG
NUDIWDQODJHQ(QGEHULFKW]XP9'0$)RUVFKXQJVSURMHNW:LOKHOPVKDYHQ-XQL
>@ +RIIPDQQ.DUO(LQH(LQIKUXQJLQGLH7HFKQLNGHV0HVVHQVPLW'HKQXQJVPH‰VWUHL
IHQ'DUPVWDGW+RWWLQJHU%DOGZLQ0H‰WHFKQLN
>@ ,OOJQHU.+%HHOLFK.+(LQIOX‰EHUODJHUWHU%LHJXQJDXIGLH+DOWEDUNHLWYRQ
6FKUDXEHQYHUELQGXQJHQ.RQVWUXNWLRQ+6
>@ ,OOJQHU.+(LQIOX‰GHU2EHUIOlFKHQEHKDQGOXQJDXIGLH(LJHQVFKDIWHQYRQ+9
6FKUDXEHQYHUELQGXQJHQXQGLKUH$QZHQGXQJ6WDKOEDX1U6
>@ -DKQNH(%HODVWXQJVYHUWHLOXQJLQ*HZLQGHYHUELQGXQJHQPLW6WHLJXQJVGLIIHUHQ]HQ
'RUWPXQG'LVV
>@ -DQQDVFK'.DSWRXRP(%HDQVSUXFKXQJVXQG9HUIRUPXQJVSUREOHPHGHU6FKUDX
EHQYHUELQGXQJHQEHL]HQWULVFKXQGH[]HQWULVFKZLUNHQGHQ9HUVSDQQXQJHQXQG%H
WULHEVNUlIWHQ'UHVGHQ'LVV
>@ .DLVHU%%H\HU6'QNHO96FKQHLGHU:6FKUDXEHQYHUELQGXQJHQ±%HDQVSUX
FKXQJVYHUWHLOXQJXQWHUUXKHQGHUXQGVFKZLQJHQGHU%HODVWXQJ0DWHULDOSUIXQJ
6
>@ .DPSI0'DXHUKDOWEDUNHLWYRQ6FKUDXEHQXQWHUNRPELQLHUWHU=XJXQG%LHJHEHDQ
VSUXFKXQJ%HUOLQ'LVV
>@ .DPSI0'DXHUKDOWEDUNHLWVXQWHUVXFKXQJHQDQ6FKUDXEHQYHUVFKLHGHQHU*HVWDOWYDUL
DQWHQEHLNRPELQLHUWHU=XJXQG%LHJHEHODVWXQJ.RQVWUXNWLRQ6
>@ .DW]XQJ:3IHLIIHU+6FKQHLGHU$=XP9RUVSDQQNUDIWDEIDOOLQSODQPl‰LJYRUJH
VSDQQWHQ6FKUDXEHQYHUELQGXQJHQPLWEHVFKLFKWHWHQ.RQWDNWIOlFKHQ6WDKOEDX
1U6
6HLWH 0RQRJUDSKLHQ+DQGEFKHUXQG$XIVlW]H

>@ .HLO6%HDQVSUXFKXQJVHUPLWWOXQJPLW'HKQXQJVPH‰VWUHLIHQ=ZLQJHQEHUJ&XQHXV
9HUODJ
>@ .ORRV.+.DLVHU%'QNHO96FKZLQJIHVWLJNHLWYRQ6FKUDXEHQYHUELQGXQJHQ±
(LQIOX‰GHU/DVWIROJH0DWHULDOSUIXQJ6
>@ .ORRV.+.DLVHU%'QNHO96FKZLQJYHUVXFKHDQ6FKUDXEHQYHUELQGXQJHQDXV
ZHUWHQ±=XU$QZHQGEDUNHLWQHXDUWLJHU$XVZHUWHYHUIDKUHQ0DWHULDOSUIXQJ
6
>@ .ORRV.+.DLVHU%'QNHO96FKUDXEHQYHUELQGXQJHQSUIHQ0DWHULDOSUIXQJ
6
>@ .ORRV.+6FKQHLGHU:8QWHUVXFKXQJHQ]XU$QZHQGEDUNHLWIHXHUYHU]LQNWHU+9
6FKUDXEHQGHU)HVWLJNHLWVNODVVH9',=6
>@ .ORRV.+6FKQHLGHU:8QWHUVXFKXQJYHUVFKLHGHQHU(LQIOVVHDXIGLH'DXHUKDOW
EDUNHLWYRQ6FKUDXEHQYHUELQGXQJHQ9',=
>@ .ORRV.+6FKQHLGHU:%HDQVSUXFKXQJXQG+DOWEDUNHLWKRFKYRUJHVSDQQWHU
6FKUDXEHQYHUELQGXQJHQ0DWZLVVXQG:HUNVWRIIWHFKQLN
>@ .ORRV.+7KRPDOD:6WDWLVWLVFKH$XVZHUWXQJYRQ'DXHUVFKZLQJYHUVXFKHQDQ
6FKUDXEHQYHUELQGXQJHQ:HUNVWRIIWHFKQLN6
>@ .QREORFK06FKPLGW+6WDWLVWLVFKH7UDJIlKLJNHLWVGDWHQLQGXVWULHOOJHIHUWLJWHU
6FKUDXEHQXQWHUYRUZLHJHQGUXKHQGHU=XJXQG$EVFKHUEHDQVSUXFKXQJLP*HZLQGH
)RUVFKXQJVEHULFKWHDXVGHP)DFKEHUHLFK%DXZHVHQ1U8QL*+(VVHQ
>@ .QREORFK06FKPLGW+7UDJIlKLJNHLWXQG7UDJYHUKDOWHQVWDKOEDXEOLFKHU6FKUDX
EHQXQWHUUHLQHU6FKHUEHDQVSUXFKXQJXQGXQWHUNRPELQLHUWHU6FKHU=XJEHDQVSUXFKXQJ
*+8QLYHUVLWlW(VVHQ
>@ .Q|GHO30DLHUK|IHU'=XU6WDELOLWlWYRQ=\OLQGHUQXQWHU$[LDOODVWXQG5DQGPR
PHQWHQ6WDKOEDX6
>@ .RHQLJVPDQQ:9RJW*'DXHUIHVWLJNHLWYRQ6FKUDXEHQYHUELQGXQJHQJUR‰HU1HQQ
GXUFKPHVVHU.RQVWUXNWLRQ+6
>@ .RZDOVNH'(LQ%HLWUDJ]XU%HUHFKQXQJH[]HQWULVFKEHODVWHWHU)ODQVFKYHUELQGXQJHQ
%HUOLQ'LVV
>@ .UDVV)ULW]'LH9HUELQGXQJYRQ6FKUDXEHQPLWJUR‰HQ*HZLQGHGXUFKPHVVHUQ'V
VHOGRUI9',9HUODJ
>@ .EOHU.+0DJHV:+DQGEXFKGHUKRFKIHVWHQ6FKUDXEHQ(VVHQ:*LUDUGHW

>@ .XQHUW.+UVJ6WDKOEDX+DQGEXFK7HLO$.|OQ6WDKOEDX9HUODJVJHVHOOVFKDIW
PE+
>@ .XODN*)LVKHU-6WUXLN-*XLGHWR'HVLJQ&ULWHULDIRU%ROWHGDQG5LYHWHG-RLQWV
1HZ<RUN-RKQ:LOH\ 6RQV
>@ .XSHUXV$7KHIDWLJXHVWUHQJWKRIWHQVLOHORDGHGWLJKWHQHG+6)*+LJK6WUHQJWK
)ULFWLRQ*ULSEROWV6WHYLQ/DERUDWRU\78'HOIW
>@ /DFKHU*'HU)HVWLJNHLWVQDFKZHLVYRQKRFKIHVWHQ6FKUDXEHQXQWHUVFKZLQJHQGHP
=XJLQQDWLRQDOHQ1RUPHQXQG5LFKWOLQLHQ,Q.XUW.O|SSHO*HGlFKWQLV.ROORTXLXP
'DUPVWDGW
>@ /DFKHU*.LH‰OLFK+3'DXHUVFKZLQJYHUVXFKHDOV*UXQGODJH]XU%HPHVVXQJYRQ
KRFKIHVWHQD[LDOEHDQVSUXFKWHQ6FKUDXEHQGHU*WHLQ.RSISODWWHQYHUELQGXQJHQ
6FKOX‰EHULFKW]XP)RUVFKXQJVYRUKDEHQ,QVWLWXWIU6WDKOEDX8QLYHUVLWlW+DQQRYHU

>@ /DFKHU*'DXHUVFKZLQJYHUVXFKHDQD[LDOEHDQVSUXFKWHQ6FKUDXEHQLQ7
9HUELQGXQJHQ6WDKOEDX1U6
>@ /DFKHU*hEHUGHQ(LQIOX‰GHU$EVWW]XQJDXIH[]HQWULVFKVFKZLQJHQGEHDQVSUXFKWH
YRUJHVSDQQWH6FKUDXEHQLQ3ODWWHQYHUELQGXQJHQ6WDKOEDX1U6
/LWHUDWXU 6HLWH

>@ /DFKHU*=HLWXQG'DXHUIHVWLJNHLWYRQVFKZDU]HQXQGIHXHUYHU]LQNWHQKRFKIHVWHQ
6FKUDXEHQ0GHU)HVWLJNHLWVNODVVHXQWHUD[LDOHU%HDQVSUXFKXQJ%DXLQJHQLHXU
6
>@ /DFKHU*=XU%HPHVVXQJYRQKRFKIHVWHQYRUJHVSDQQWHQ6FKUDXEHQDXI=XJHLQ
9HUJOHLFK6WDKOEDX1U6
>@ /DFKHU*+HGHQNDPS$%HWULHEVIHVWLJNHLWYRQKRFKIHVWHQYRUJHVSDQQWHQ6FKUDXEHQ
LQ6WLUQSODWWHQVW|‰HQYRQ.UDQEDKQHQ6WDKOEDX1U6
>@ /DFKHU*+HGHQNDPS$=HLWXQG'DXHUIHVWLJNHLWYRQKRFKIHVWHQYRUJHVSDQQWHQ
6FKUDXEHQLQ6WLUQSODWWHQVW|‰HQ7HLOH,XQG,,6WDKOEDX1U6
XQG1U6
>@ /DFKHU*.LH‰OLFK+3/LWHUDWXUVWXGLH]XU%HPHVVXQJYRQKRFKIHVWHQYRUJH
VSDQQWHQ6FKUDXEHQGHU*WHLQ.RSISODWWHQYHUELQGXQJHQXQWHUlX‰HUHU=XJ
6FKZHOOEHDQVSUXFKXQJ8QLYHUVLWlW+DQQRYHU,QVWLWXWIU6WDKOEDX
>@ /DFKHU*.LH‰OLFK+3%HUQHUW-6FKOX‰EHULFKW]XP)RUVFKXQJVYRUKDEHQ,9
=HLWXQG'DXHUIHVWLJNHLWYRQKRFKIHVWHQ6FKUDXEHQGHU*WHXQWHUD[LD
OHP=XJ(UPLWWOXQJGHU:|KOHUOLQLHQ7HLOSURJUDPP)HXHUYHU]LQNWH6FKUDXEHQ
08QLYHUVLWlW+DQQRYHU,QVWLWXWIU6WDKOEDX
>@ /DFKHU*=XU:HLWHUHQWZLFNOXQJGHU$Q]LHKWHFKQLNYRQKRFKIHVWHQYRUJHVSDQQWHQ
6FKUDXEHQLP6WDKOEDX,Q1DWKHU))HVWVFKULIW5RLN%RFKXP
>@ /HKPDQQ'%HUHFKQXQJGHVQLFKWOLQHDUHQ7UDJYHUKDOWHQVJH]RJHQHUYRUJHVSDQQWHU/
)ODQVFKH6WDKOEDX6
>@ /HKPDQQ'0|OOHU*6WDQGVLFKHUKHLWYRQ7XUPXQG*UQGXQJYRQ:LQGNUDIWDQOD
JHQPLW+LQZHLVHQDXI7\SHQSUIXQJHQ,Q7DJXQJVEDQG'(:(.¶:LOKHOPVKDYHQ

>@ /RUL:8QWHUVXFKXQJHQ]XU3ODWWHQQDFKJLHELJNHLWLQ(LQVFKUDXEYHUELQGXQJHQ.RQ
VWUXNWLRQ6
>@ /RUL:*OlVHU+%HUHFKQXQJGHU3ODWWHQQDFKJLHELJNHLWEHL6FKUDXEHQYHUELQGXQJHQ
.RQVWUXNWLRQ6
>@ 0DUGDQHK+'DXHUIHVWLJNHLWVXQWHUVXFKXQJHQDQELHJHEHDQVSUXFKWHQ6FKUDXEHQ%HU
OLQ'LVV
>@ 0DUGDQHK+0HWKRGLVFKH(QWZLFNOXQJHLQHUQHXHQ3UIPDVFKLQHIUELHJHEHDQ
VSUXFKWH6FKUDXEHQ.RQVWUXNWLRQ6
>@ 0iUNXV*7KHRULHXQG%HUHFKQXQJURWDWLRQVV\PPHWULVFKHU%DXZHUNH'VVHOGRUI
:HUQHU9HUODJ
>@ 0XQWHU+/1$QJOHVFRQQHFWHGE\EROWVLQRQHOHJ&RPSDULVRQRI)UHQFK
(XURFRGHDQG'XWFKIRUPXODHZLWKWKHUHVXOWVRI)UHQFKDQG'XWFKWHVWV'HOIW'HOIW
8QLYHUVLW\RI7HFKQRORJ\'HSDUWPHQWRI&LYLO(QJLQHHULQJ6WHYLQ/DERUDWRU\
>@ 1HXEHU+6FKPLGW-+HFNHO.'LH%HVWLPPXQJGHV.HUEIDNWRUVYRQ6FKUDXEHQ
0XWWHU9HUELQGXQJHQ.RQVWUXNWLRQ6
>@ 1HXHQGRUI.(LQ%DONHQPRGHOOIUGLH%HUHFKQXQJGHVHODVWRVWDWLVFKHQ9HUKDOWHQV
KRFKEHDQVSUXFKWHU6FKUDXEHQYHUELQGXQJHQ%HUOLQ'LVV
>@ 2GODQG-%XFNOLQJUHVLVWDQFHRIXQVWLIIHQHGDQGVWLIIHQHGFLUFXODUF\OLQGULFDOVKHOO
VWUXFWXUHV,Q1RUZHJLDQ0DULWLPH5HVHDUFK1R9RO
>@ 2ZHQV*&KHDO%6WUXFWXUDO6WHHOZRUN&RQQHFWLRQV/RQGRQ%XWWHUZRUWKV
>@ 3HWHUVHQ&1DFKZHLVGHU%HWULHEVIHVWLJNHLWH[]HQWULVFKEHDQVSUXFKWHU5LQJIODQVFK
YHUELQGXQJHQ6WDKOEDX6±
>@ 3HWHUVHQ&6WDKOEDX$XIODJH%UDXQVFKZHLJ:LHVEDGHQ9LHZHJ
>@ 3HWHUVHQ&6WDWLVFKHXQGG\QDPLVFKH7UDJIlKLJNHLWYRQ5LQJIODQVFKYHUELQGXQJHQ±
7KHRULHXQGQHXH9HUVXFKH6WHLQIXUWHU6WDKOEDX6HPLQDU5KHLQH
6HLWH 0RQRJUDSKLHQ+DQGEFKHUXQG$XIVlW]H

>@ 3HWHUVHQ&7UDJIlKLJNHLWLPSHUIHNWLRQVEHKDIWHWHUJHVFKUDXEWHU5LQJIODQVFKYHUELQ
GXQJHQ,Q6WDKOEDX1U6
>@ 3IDII+%HUHFKQXQJGHU9RUVSDQQNUDIWDQGHU)OLH‰JUHQ]HEHUHODVWLVFKDQJH]RJHQHU
6FKUDXEHQYHUELQGXQJHQ.RQVWUXNWLRQ6
>@ 3IOJHU$(OHPHQWDUH6FKDOHQVWDWLN%HUOLQ6SULQJHU9HUODJ
>@ 5HQGH+(LQ%HLWUDJ]XU8QWHUVXFKXQJGHUHODVWLVFKHQ1DFKJLHELJNHLWHQYRQ6FKUDX
EHQYHUELQGXQJHQ.DLVHUVODXWHUQ'LVV
>@ 5HQJHU*6FKUDXEHQYHUELQGXQJHQEHLH[]HQWULVFKHU%HDQVSUXFKXQJ&KHPQLW]'LVV

>@ 5RVW6%HULFKW]XU)(0%HUHFKQXQJYRQ7XUPIODQVFKYHUELQGXQJHQ*HUPDQLVFKHU
/OR\G0DL
>@ 5|WVFKHU)'LH0DVFKLQHQHOHPHQWH%HUOLQ6SULQJHU9HUODJ
>@ 5XPSI-/)LVKHU-:&DOLEUDWLRQRI$%ROWV-RXUQDORIWKH6WUXFWXUDO'LYLVL
RQ3URFHHGLQJVRIWKH$PHULFDQ6RFLHW\RI&LYLO(QJLQHHUV6
>@ 6FKHHU-$XVZLUNXQJGHU$Q]LHKYHUIDKUHQ'UHKPRPHQWHQYHUIDKUHQXQG'UHK
ZLQNHOYHUIDKUHQDXIGDV7UDJYHUKDOWHQYRQ+96FKUDXEHQ$EVFKOX‰EHULFKW)UDXQKR
IHU,5%9HUODJ6WXWWJDUW
>@ 6FKHHU-3HLO81|OOH+6FKUDXEHQPLWSODQPl‰LJHU%LHJHEHDQVSUXFKXQJ6WDKO
EDX1U6
>@ 6FKHHU-0DLHU:5RKGH0%DVLVYHUVXFKH]XUVWDWLVFKHQ6WUHFNJUHQ]H6WDKOEDX
1U6
>@ 6FKHUI2.RQWLQXXPVPHFKDQLVFKH0RGHOOLHUXQJQLFKWOLQHDUHU.RQWDNWSUREOHPHXQG
LKUHQXPHULVFKH$QDO\VHPLWDGDSWLYHQ)LQLWH(OHPHQW0HWKRGHQ'DUPVWDGW'LVV

>@ 6FKPLGW+-DNXERZVNL$(UPGXQJVVLFKHUKHLWLPSHUIHNWHUYRUJHVSDQQWHU5LQJ
IODQVFKVW|‰HLQZLQGEHDQVSUXFKWHQWXUPDUWLJHQ6WDKOEDXWHQ%HULFKW8QL
YHUVLWlW*+(VVHQ
>@ 6FKPLGW+.QREORFK06FKUDXEHQXQWHUUHLQHU6FKHUEHDQVSUXFKXQJXQGNRPEL
QLHUWHU6FKHU=XJEHDQVSUXFKXQJ6WDKOEDX6
>@ 6FKPLGW+1HXSHU0=XPHODVWRVWDWLVFKHQ7UDJYHUKDOWHQH[]HQWULVFKJH]RJHQHU/
6W|‰HPLWYRUJHVSDQQWHQ6FKUDXEHQ6WDKOEDX6±
>@ 6FKPLGW+6FKDXPDQQ3/DQJH+6HLGHO0:HLWHUHQWZLFNOXQJGHU9HUIDKUHQ
]XUVLFKHUHQXQGZLUWVFKDIWOLFKHQ%HPHVVXQJYRQ7UPHQIU:LQGNUDIWDQODJHQPLW
KRKHU/HLVWXQJ(VVHQ+DQQRYHU
>@ 6FKPLGW+:LQWHUVWHWWHU7.UDPHU01RQOLQHDU(ODVWLF%HKDYLRXURI,PSHUIHFW
(FFHQWULFDOO\7HQVLRQHG/)ODQJH5LQJ-RLQWVZLWK3UHVWUHVVHG%ROWVDV%DVLVIRUWKH
)DWLJXH'HVLJQ(XURSHDQ&RQIHUHQFHRQ&RPSXWDWLRQDO0HFKDQLFV0QFKHQ
>@ 6FKQHLGHU:(LQIOX‰GHU8PIDQJVEHDQVSUXFKXQJDXIGLH%HPHVVXQJVWlKOHUQHU.D
PLQH6WDKOEDX6
>@ 6FKQHLGHU:7KLHOH5&DUU\LQJFDSDFLW\RIVOHQGHUZLQGORDGHGF\OLQGULFDOVKHOOV
,Q&DUU\LQJFDSDFLW\RIVWHHOVKHOOVWUXFWXUHV%UQQ
>@ 6FKQHLGHU:%HDQVSUXFKXQJXQG+DOWEDUNHLWKRFKYRUJHVSDQQWHU6FKUDXEHQYHUELQ
GXQJHQ'DUPVWDGW'LVV
>@ 6FKQHLGHU:'DXHUKDOWEDUNHLWYRQ6FKUDXEHQYHUELQGXQJHQ±%HUFNVLFKWLJXQJGHV
EHUHODVWLVFKHQ$Q]LHKHQV0DWHULDOSUIXQJ6
>@ 6FKZDU]2+UVJ.XQVWVWRIINXQGH:U]EXUJ9RJHO9HUODJ
>@ 6HGODFHN*.DPPHO&'DXHUYHUKDOWHQYRQ*99HUELQGXQJHQEHLYHU]LQNWHQ.RQ
VWUXNWLRQHQLP)UHLOHLWXQJV0DVWXQG.DPLQEDX6WXGLHQJHVHOOVFKDIW6WDKODQZHQGXQJ
H93URMHNW%HULFKWVHQWZXUI
/LWHUDWXU 6HLWH

>@ 6LHEROG+'LHSODVWLVFKHQ(LJHQVFKDIWHQYRQ6WDKOXQWHU'UXFNEHDQVSUXFKXQJXQGLK
UH%HUFNVLFKWLJXQJEHLGHUWKHRUHWLVFKHQ(UPLWWOXQJGHV7UDJYHUKDOWHQVJHGUFNWHU
6WlEH)RUWVFKULWWVEHULFKWH9',5HLKH1U'VVHOGRUI9',9HUODJ
>@ 6LPR-&/DXUVHQ7$$Q$XJPHQWHG/DJUDQJLDQ7UHDWPHQWRI&RQWDFW3UREOHPV
LQYROYLQJ)ULFWLRQ&RPSXWHUVDQG6WUXFWXUHV9RO6
>@ 6WHUOLQJ*+7URXS(:-&KHVVRQ()LVKHU-:&DOLEUDWLRQ7HVWVRI$+LJK
6WUHQJWK%ROWV-RXUQDORIWKH6WUXFWXUDO'LYLVLRQ3URFHHGLQJVRIWKH$PHULFDQ6RFLHW\
RI&LYLO(QJLQHHUV6
>@ 6WHXUHU$7UDJXQG9HUIRUPXQJVYHUKDOWHQYRQDXI=XJEHDQVSUXFKWHQ6FKUDXEHQ,Q
VWLWXWIU%DXVWDWLNXQG.RQVWUXNWLRQ(7+=ULFK
>@ 6WXFN.8QWHUVXFKXQJHQEHUGLH)HGHUHLJHQVFKDIWHQGHUYHUVSDQQWHQ7HLOHYRQ
6FKUDXEHQYHUELQGXQJHQ$DFKHQ'LVV
>@ 7DPEROL$5+DQGERRNRI6WUXFWXUDO6WHHO&RQQHFWLRQ'HVLJQDQG'HWDLOV1HZ
<RUN0F*UDZ+LOO
>@ WHQ%RVFK0%HUHFKQXQJGHU0DVFKLQHQHOHPHQWH%HUOLQ6SULQJHU9HUODJ
>@ 7KRPDOD:(ODVWLVFKH1DFKJLHELJNHLWYHUVSDQQWHU7HLOHHLQHU6FKUDXEHQYHUELQGXQJ
9',=1U6
>@ 7KRPDOD:.ORRV.+=XU'DXHUKDOWEDUNHLWYRQ6FKUDXEHQYHUELQGXQJHQ9HUELQ
GXQJVWHFKQLN+HIW+HIW+HIWXQG+HIW
>@ 9DOWLQDW*'HU(LQVDW]GHU)HXHUYHU]LQNXQJLP6WDKOEDXLP+LQEOLFNDXI6FKUDXEHQ
YHUELQGXQJHQ%HUDWXQJ)HXHUYHU]LQNHQ+DJHQ
>@ 9DOWLQDW*6FKZLQJIHVWLJNHLWYRQKRFKWHPSHUDWXUYHU]LQNWHQ6FKUDXEHQGLHELVLQGHQ
SODVWLVFKHQ%HUHLFKDQJH]RJHQVLQG,Q1HXH(QWZLFNOXQJHQLPNRQVWUXNWLYHQ,QJH
QLHXUEDX)HVWVFKULIW3URI6WHLQKDUGW3URI0DQJ8QLYHUVLWlW.DUOVUXKH
>@ 9DOWLQDW*$QVRUJH-6FKZLQJIHVWLJNHLWYRQKRFKWHPSHUDWXUYHU]LQNWHQ6FKUDXEHQ
GLHELVLQGHQSODVWLVFKHQ%HUHLFKDQJH]RJHQVLQG)RUVFKXQJVEHULFKW]XP$L)
9RUKDEHQ1U78+DPEXUJ+DUEXUJ
>@ 9DQ'LHQ-.DF]LQVNL0'H[WHU5)DWLJXH7HVWLQJRI$QFKRU%ROWV,Q%XLOGLQJ
DQ,QWHUQDWLRQDO&RPPXQLW\RI6WUXFWXUDO(QJLQHHUV3URFHHGLQJVRI6WUXFWXUHV&RQ
JUHVV;,9&KLFDJR
>@ :DQ]HN7=X7KHRULH1XPHULNXQG9HUVXFKHQYHUIRUPEDUHU$QVFKOX‰NRQVWUXNWLR
QHQ%HULFKWHDXVGHP.RQVWUXNWLYHQ,QJHQLHXUEDXGHU8QLYHUVLWlWGHU%XQGHVZHKU
0QFKHQ0QFKHQ
>@ :DQ]HN7*HEEHNHQ19HUVXFKHXQGQXPHULVFKH%HUHFKQXQJHQIUJHVFKUDXEWH
.RSISODWWHQDQVFKOVVH%DXLQJHQLHXU6
>@ :HEHU+6WDWLVFKHXQGG\QDPLVFKH8QWHUVXFKXQJHQDQH[]HQWULVFKEHODVWHWHQ
6FKUDXEHQYHUELQGXQJHQ%HUOLQ'LVV
>@ :HEHU:8QWHUVXFKXQJHQ]XU(UPLWWOXQJGHU)HGHUVWHLIHGHUYHUVSDQQWHQ7HLOHHLQHU
6FKUDXEHQYHUELQGXQJ.DUO0DU[6WDGW'LVV
>@ :HL‰+:DOOQHU)'LH+96FKUDXEHXQWHU=XJEHDQVSUXFKXQJ6WDKO5XQGVFKDX
6IIXQG1U6II
>@ :LHJDQG+,OOJQHU%%HUHFKQXQJXQG*HVWDOWXQJYRQ6FKUDXEHQYHUELQGXQJHQ
%HUOLQ6SULQJHU9HUODJ
>@ :LHJDQG+.ORVV.+7KRPDOD:6FKUDXEHQYHUELQGXQJHQ%HUOLQ6SULQJHU
9HUODJ
>@ :LHJDQG+6WULJHQV3=XP)HVWLJNHLWVYHUKDOWHQIHXHUYHU]LQNWHU+96FKUDXEHQ,Q
GXVWULH$Q]HLJHU6
>@ :LHJDQG+7KRPDOD:=XP)HVWLJNHLWVYHUKDOWHQIHXHUYHU]LQNWHU+96FKUDXEHQ
'UDKWZHOW6
6HLWH :HLWHUH8QWHUODJHQ

>@ :XQGHUOLFK&$Q]LHKHQYRQ6WDKOVFKUDXEHQYHUELQGXQJHQ.DUO0DU[6WDGW
&KHPQLW]'LVV
>@ :UJHV0=ZHFNPl‰LJH9RUVSDQQXQJYRQ6FKUDXEHQYHUELQGXQJHQ'DUPVWDGW'LVV

>@ <DQJ-'H:ROI-70DWKHPDWLFDO0RGHOIRU5HOD[DWLRQLQ+LJK6WUHQJWK%ROWHG
&RQQHFWLRQV-RXUQDORI6WUXFWXUDO(QJLQHHULQJ9RO1R$XJXVWSS

>@ =RHWHPHLMHU3$'HVLJQ0HWKRGIRUWKH7HQVLRQ6LGHRI6WDWLFDOO\/RDGHG%ROWHG
%HDPWR&ROXPQ&RQQHFWLRQ+HURQ9RO7HFKQLVFKH+RJHVFKRRO'HOIW
>@ =RHWHPHLMHU3$'HVLJQ0HWKRGIRUEROWHG%HDPWR&ROXPQ&RQQHFWLRQVZLWK)OXVK
(QG3ODWHVDQG+DXQFKHG%HDPV6WHYLQ5HSRUW1U7HFKQLVFKH+RJHVFKRRO
'HOIW
>@ =RHWHPHLMHU30XQWHU+3URSRVDOIRUWKH6WDQGDUGL]DWLRQRI([WHQGHG(QG3ODWH
&RQQHFWLRQVEDVHGRQ7HVWUHVXOWV6WHYLQ5HSRUW1U7HFKQLVFKH+RJHVFKRRO
'HOIW
 :HLWHUH8QWHUODJHQ
>@ $16<60DQXDO5HY6ZDQVRQ$QDO\VLV6\VWHPV
>@ .DW]RUNH%HULFKWEHUHLQHIUDNWRJUDSKLVFKH8QWHUVXFKXQJYRQYLHU%UXFKIOlFKHQ
7h9+DQQRYHU6DFKVHQ$QKDOWH9%HULFKW36+DQQRYHU
>@ 3HLQHU8PIRUPWHFKQLN6HFKVNDQWVFKUDXEHQ*DUQLWXUHQPLWJUR‰HU6FKOVVHOZHLWH±
%HPHVVXQJVXQG$XVIKUXQJVGDWHQ:HUNVQRUP:16HSWHPEHU
>@ 3IOHLGHUHU$*=HLFKQXQJ656HNWLRQ7:V1+ P:=,,
LQWHUQHV)LUPHQGRNXPHQW
>@ 7DFNH:LQGHQHUJLH*PE+6WDWLVFKH%HUHFKQXQJ6WDKOYROOZDQGWXUPIUGLH:LQG
NUDIWDQODJH7:V6DO]EHUJHQ-XOLLQWHUQHV)LUPHQGRNXPHQW
>@ (QURQ:LQG*PE+6SHFLILFDWLRQIRU3URWHFWLRQDJDLQVW&RUURVLRQ5HY6DO]EHUJHQ
)HEUXDULQWHUQHV)LUPHQGRNXPHQW
>@ :DWHUORR0DSOH,QF0DSOH95HO2QOLQH0DQXDO
 (LJHQH9HU|IIHQWOLFKXQJHQ]XP7KHPDGHU$UEHLW
>@ 6FKDXPDQQ36HLGHO0=XU*UHQ]WUDJIlKLJNHLWYRQ9HUELQGXQJHQPLWSODQPl‰LJ
DXI=XJEHDQVSUXFKWHQ6FKUDXEHQ%DXLQJHQLHXU6
>@ 6FKDXPDQQ36HLGHO0)DLOXUHDQDO\VLVRIEROWHGVWHHOIODQJHV3URFHHGLQJVRIWKH
WK,QWHUQDWLRQDO6\PSRVLXPRQ6WUXFWXUDO)DLOXUHDQG3ODVWLFLW\,03/$67
0HOERXUQH
>@ 6FKDXPDQQ36HLGHO0(UPGXQJVEHDQVSUXFKXQJJHVFKUDXEWHU5LQJIODQVFKYHUELQ
GXQJHQEHL:LQGHQHUJLHDQODJHQ6FKULIWHQUHLKHGHV,QVWLWXWVIU6WDKOEDX+HIW
8QLYHUVLWlW+DQQRYHU
>@ 6FKDXPDQQ36HLGHO0%HXOVLFKHUKHLWVQDFKZHLVHIU:LQGNUDIWDQODJHQ)RU
VFKXQJVEHULFKWLP$XIWUDJYRQ$1:LQGHQHUJLH%UHPHQ8QLYHUVLWlW+DQQRYHU,QVWL
WXWIU6WDKOEDX
>@ 6FKDXPDQQ36HLGHO00HHVHQEXUJ/:HLWHUHQWZLFNOXQJGHV%HXOQDFKZHLVHV
YRQ:($7UPHQPLWHODVWRSODVWLVFKHQ)(0$QDO\VHQ7DJXQJVEDQG]XU'(:(.
¶:LOKHOPVKDYHQ
>@ 6FKDXPDQQ3.OHLQHLGDP36HLGHO0=XU)(0RGHOOLHUXQJYRQ6FKUDXEHQ
YHUELQGXQJHQ6WDKOEDX6
+LQZHLV (LQ7HLOGLHVHU9HU|IIHQWOLFKXQJHQNDQQEHUGLH+RPHSDJHGHV,QVWLWXWVIU6WDKOEDX
XQWHU KWWSZZZVWDKOEDXXQLKDQQRYHUGH RGHU XQWHU KWWSZZZPDUFVHLGHOGH LP
3'))RUPDWEH]RJHQZHUGHQ
 /LWHUDWXU 6HLWH

 'LSORPDUEHLWHQ
>@ %RO]H/7KHRUHWLVFKH8QWHUVXFKXQJHQ]XP7UDJXQG9HUIRUPXQJVYHUKDOWHQYRQDXI
=XJXQG%LHJXQJEHDQVSUXFKWHQ6FKUDXEHQLQ5LQJIODQVFKYHUELQGXQJHQ,QVWLWXWIU
6WDKOEDX8QLYHUVLWlW+DQQRYHU'LSORPDUEHLW
>@ %UDQGW'1XPHULVFKHXQGDQDO\WLVFKH8QWHUVXFKXQJHQ]XU7UDJIlKLJNHLWJHVFKUDXEWHU
6WLUQSODWWHQYHUELQGXQJHQ,QVWLWXWIU6WDKOEDX8QLYHUVLWlW+DQQRYHU'LSORPDUEHLW

>@ %UXQV08QWHUVXFKXQJHQ]XP(LQIOX‰GHU,QWHUDNWLRQ]ZLVFKHQ1RUPDOXQG%LHJH
VSDQQXQJHQDXIGLH(UPGXQJVIHVWLJNHLWYRQ6FKUDXEHQ,QVWLWXWIU6WDKOEDX8QLYHU
VLWlW+DQQRYHU'LSORPDUEHLW
>@ *|UUHV/7KHRUHWLVFKHXQGH[SHULPHQWHOOH8QWHUVXFKXQJHQ]XU(UPGXQJVIHVWLJNHLW
YRQDXI=XJXQG%LHJXQJEHDQVSUXFKWHQ6FKUDXEHQLQ5LQJIODQVFKYHUELQGXQJHQ,QVWL
WXWIU6WDKOEDX8QLYHUVLWlW+DQQRYHU'LSORPDUEHLW
>@ +KQH&8QWHUVXFKXQJHQ]XUHODVWLVFKHQ%HUHFKQXQJJHVFKUDXEWHU5LQJIODQVFKYHU
ELQGXQJHQ,QVWLWXWIU6WDKOEDX8QLYHUVLWlW+DQQRYHU'LSORPDUEHLW
>@ .LHKQ$8QWHUVXFKXQJHQ]XU)(0RGHOOLHUXQJYRQ5LQJIODQVFKYHUELQGXQJHQ,QVWLWXW
IU6WDKOEDX8QLYHUVLWlW+DQQRYHU'LSORPDUEHLW
>@ .OHLQHLGDP38QWHUVXFKXQJHQ]XP6\VWHPWUDJYHUKDOWHQYRQ5LQJIODQVFKYHUELQGXQ
JHQ,QVWLWXWIU6WDKOEDX8QLYHUVLWlW+DQQRYHU'LSORPDUEHLW
>@ .UHXW]IHOGW-:HLWHUHQWZLFNOXQJXQG9HULILNDWLRQHLQHV)(0RGHOOV]XU7UDJODVWEH
UHFKQXQJYRQ5LQJIODQVFKYHUELQGXQJHQ,QVWLWXWIU6WDKOEDX8QLYHUVLWlW+DQQRYHU
'LSORPDUEHLW
>@ .UXWVFKLQQD/8QWHUVXFKXQJHQ]XP7UDJYHUKDOWHQYRQ5LQJIODQVFKVHJPHQWHQPLWGH
ILQLHUWHQ.RQWDNWIOlFKHQ,QVWLWXWIU6WDKOEDX8QLYHUVLWlW+DQQRYHU'LSORPDUEHLW

>@ 5DLW]YRQ)UHQW])8QWHUVXFKXQJHQ]XU%HUHFKQXQJYRQ7UlJHU6WW]HQ
9HUELQGXQJHQ,QVWLWXWIU6WDKOEDX8QLYHUVLWlW+DQQRYHU'LSORPDUEHLW
>@ 6FK|UJHU28QWHUVXFKXQJHQ]XPHODVWLVFKSODVWLVFKHQ7UDJYHUKDOWHQJHVFKUDXEWHU
5LQJIODQVFKYHUELQGXQJHQ,QVWLWXWIU6WDKOEDX8QLYHUVLWlW+DQQRYHU'LSORPDUEHLW

>@ :LONH)([SHULPHQWHOOH8QWHUVXFKXQJHQ]XP7UDJXQG9HUIRUPXQJVYHUKDOWHQYRQ
DXI=XJXQG%LHJXQJEHDQVSUXFKWHQ6FKUDXEHQLQ5LQJIODQVFKYHUELQGXQJHQ,QVWLWXWIU
6WDKOEDX8QLYHUVLWlW+DQQRYHU'LSORPDUEHLW

View publication stats