)5',(.5$1.+(,76.267(181'.5$1.(1+$867$*(*(/'9(56,&+(581* 7(,/, 5$+0(1%(',1*81*(15%.. 7HLO,,i 7(,/,, 7$5,)%(',1*81*(17%.. ]Xi5%..9HUVLFKHUXQJVIDOO 'HU9HUVLFKHUXQJVVFKXW] i *HJHQVWDQG8PIDQJXQG*HOWXQJVEHUHLFKGHV 9HUVLFKHUXQJVVFKXW]HV 'HU9HUVLFKHUHUELHWHW9HUVLFKHUXQJVVFKXW]I¾U.UDQNKHLWHQ8QI¦OOHXQG DQGHUH LP 9HUWUDJ JHQDQQWH (UHLJQLVVH (U HUEULQJW VRIHUQ YHUHLQEDUW GDPLWXQPLWWHOEDU]XVDPPHQK¦QJHQGH]XV¦W]OLFKH'LHQVWOHLVWXQJHQ,P 9HUVLFKHUXQJVIDOOHUEULQJWGHU9HUVLFKHUHU D LQ GHU .UDQNKHLWVNRVWHQYHUVLFKHUXQJ (UVDW] YRQ $XIZHQGXQJHQ I¾U +HLOEHKDQGOXQJXQGVRQVWYHUHLQEDUWH/HLVWXQJHQ E LQGHU.UDQNHQKDXVWDJHJHOGYHUVLFKHUXQJEHLVWDWLRQ¦UHU+HLOEHKDQG OXQJHLQ.UDQNHQKDXVWDJHJHOG 9HUVLFKHUXQJVIDOO LVW GLH PHGL]LQLVFK QRWZHQGLJH +HLOEHKDQGOXQJ HLQHU YHUVLFKHUWHQ 3HUVRQ ZHJHQ .UDQNKHLW RGHU 8QIDOOIROJHQ 'HU 9HUVLFKH UXQJVIDOOEHJLQQWPLWGHU+HLOEHKDQGOXQJHUHQGHWZHQQQDFKPHGL]L QLVFKHP%HIXQG%HKDQGOXQJVEHG¾UIWLJNHLWQLFKWPHKUEHVWHKW0XVVGLH +HLOEHKDQGOXQJDXIHLQH.UDQNKHLWRGHU8QIDOOIROJHDXVJHGHKQWZHUGHQ GLHPLWGHUELVKHUEHKDQGHOWHQQLFKWXUV¦FKOLFK]XVDPPHQK¦QJWVRHQW VWHKWLQVRZHLWHLQQHXHU9HUVLFKHUXQJVIDOO$OV9HUVLFKHUXQJVIDOOJHOWHQ DXFK D 8QWHUVXFKXQJ XQG PHGL]LQLVFK QRWZHQGLJH %HKDQGOXQJ ZHJHQ 6FKZDQJHUVFKDIWXQGGLH(QWELQGXQJ E DPEXODQWH 8QWHUVXFKXQJHQ ]XU )U¾KHUNHQQXQJ YRQ .UDQNKHLWHQ QDFK JHVHW]OLFK HLQJHI¾KUWHQ 3URJUDPPHQ JH]LHOWH 9RUVRUJHXQWHU VXFKXQJHQ F 7RGVRZHLWKLHUI¾U/HLVWXQJHQYHUHLQEDUWVLQG 'HU 8PIDQJ GHV 9HUVLFKHUXQJVVFKXW]HV HUJLEW VLFK DXV GHP 9HUVLFKH UXQJVVFKHLQ VS¦WHUHQ VFKULIWOLFKHQ 9HUHLQEDUXQJHQ GHQ $OOJHPHLQHQ 9HUVLFKHUXQJVEHGLQJXQJHQ 5DKPHQEHGLQJXQJHQ 7DULIEHGLQJXQJHQ XQG 7DULI VRZLH GHQ JHVHW]OLFKHQ 9RUVFKULIWHQ 'DV 9HUVLFKHUXQJVYHU K¦OWQLVXQWHUOLHJWGHXWVFKHP5HFKW 'HU9HUVLFKHUXQJVVFKXW]HUVWUHFNWVLFKDXI+HLOEHKDQGOXQJLQ(XURSD(U NDQQGXUFK9HUHLQEDUXQJDXIDX¡HUHXURS¦LVFKH/¦QGHUDXVJHGHKQWZHU GHQYJODEHUi$EV:¦KUHQGGHVHUVWHQ0RQDWVHLQHVYRU¾EHU JHKHQGHQ$XIHQWKDOWHVLPDX¡HUHXURS¦LVFKHQ$XVODQGEHVWHKWDXFKRK QH EHVRQGHUH 9HUHLQEDUXQJ 9HUVLFKHUXQJVVFKXW] 0XVV GHU $XIHQWKDOW ZHJHQ QRWZHQGLJHU +HLOEHKDQGOXQJ ¾EHU HLQHQ 0RQDW KLQDXV DXVJH GHKQWZHUGHQEHVWHKW9HUVLFKHUXQJVVFKXW]VRODQJHGLHYHUVLFKHUWH3HU VRQ GLH 5¾FNUHLVH QLFKW RKQH *HI¦KUGXQJ LKUHU *HVXQGKHLW DQWUHWHQ NDQQO¦QJVWHQVDEHUI¾UZHLWHUH]ZHL0RQDWH 9HUOHJWHLQHYHUVLFKHUWH3HUVRQLKUHQJHZ¸KQOLFKHQ$XIHQWKDOWLQHLQHQ DQGHUHQ 0LWJOLHGVVWDDW GHU (XURS¦LVFKHQ 8QLRQ RGHU LQ HLQHQ DQGHUHQ 9HUWUDJVVWDDWGHV$ENRPPHQV¾EHUGHQ(XURS¦LVFKHQ:LUWVFKDIWVUDXP EOHLEWGHU9HUVLFKHUHUK¸FKVWHQV]XGHQMHQLJHQ/HLVWXQJHQYHUSIOLFKWHW GLHHUEHLHLQHP$XIHQWKDOWLP,QODQG]XHUEULQJHQK¦WWH 'HU9HUVLFKHUXQJVQHKPHUNDQQGLH8PZDQGOXQJGHU9HUVLFKHUXQJLQHL QHQJOHLFKDUWLJHQ9HUVLFKHUXQJVVFKXW]YHUODQJHQVRIHUQGLHYHUVLFKHUWH 3HUVRQ GLH 9RUDXVVHW]XQJHQ I¾U GLH 9HUVLFKHUXQJVI¦KLJNHLW HUI¾OOW 'HU 9HUVLFKHUHULVW]XU$QQDKPHHLQHVVROFKHQ$QWUDJVYHUSIOLFKWHW'LHHU ZRUEHQHQ 5HFKWH EOHLEHQ HUKDOWHQ GLH QDFK GHQ WHFKQLVFKHQ %HUHFK QXQJVJUXQGODJHQJHELOGHWH5¾FNVWHOOXQJI¾UGDVPLWGHP$OWHUGHUYHUVL FKHUWHQ 3HUVRQ ZDFKVHQGH :DJQLV $OWHUXQJVU¾FNVWHOOXQJ ZLUG QDFK 0D¡JDEH GLHVHU %HUHFKQXQJVJUXQGODJHQ DQJHUHFKQHW 6RZHLW GHU QHXH 9HUVLFKHUXQJVVFKXW]K¸KHURGHUXPIDVVHQGHULVWNDQQLQVRZHLWHLQ5L VLNR]XVFKODJi$EVXQGYHUODQJWRGHUHLQ/HLVWXQJVDXVVFKOXVV YHUHLQEDUWZHUGHQIHUQHUVLQGI¾UGHQKLQ]XNRPPHQGHQ7HLOGHV9HUVL FKHUXQJVVFKXW]HV :DUWH]HLWHQ i $EV HLQ]XKDOWHQ 'HU 8PZDQG OXQJVDQVSUXFKEHVWHKWQLFKWEHLEHIULVWHWHQ9HUVLFKHUXQJVYHUK¦OWQLVVHQ 6RIHUQ GHU 7DULI QLFKWV DQGHUHV EHVWLPPW XPIDVVW GHU 9HUVLFKH UXQJVVFKXW] DXFK GLH 3V\FKRWKHUDSLH VRZHLW VLH PHGL]LQLVFK QRW ZHQGLJH +HLOEHKDQGOXQJ ZHJHQ .UDQNKHLW LVW XQG YRQ HLQHP QLH GHUJHODVVHQHQ$U]WGXUFKJHI¾KUWZLUG ,VW GHU %HKDQGOHU HLQ LQ HLJHQHU 3UD[LV W¦WLJHU XQG LP $U]WUHJLVWHU HLQJHWUDJHQHU 3V\FKRORJLVFKHU 3V\FKRWKHUDSHXW E]Z .LQGHU XQG -XJHQGOLFKHQSV\FKRWKHUDSHXW VLQG SV\FKRWKHUDSHXWLVFKH /HLVWXQ JHQQXUHUVWDWWXQJVI¦KLJZHQQXQGVRZHLWGHU9HUVLFKHUHUYRU%H KDQGOXQJVEHJLQQHLQHVFKULIWOLFKH/HLVWXQJV]XVDJHHUWHLOWKDW $XIZHQGXQJHQ I¾U 3V\FKRWKHUDSLH ZHUGHQ ELV ]X 6LW]XQJHQ MH .DOHQGHUMDKULQWDULIOLFKHP8PIDQJHUVWDWWHW 'HU 9HUVLFKHUXQJVVFKXW] GHU 7DULIH PLW /HLVWXQJHQ I¾U DPEXODQWH +HLOEHKDQGOXQJXPIDVVWDXFKGLH$XIZHQGXQJHQI¾U6FKXW]LPSIXQ JHQ JHJHQ 'LSKWKHULH 9LUXV+HSDWLWLV % ,QIOXHQ]D 9LUXVJULSSH +DHPRSKLOXVLQIOXHQ]DHE 3QHXPRNRNNHQ,QIHNWLRQ .HXFKKXVWHQ ¾EHUWUDJEDUH.LQGHUO¦KPXQJ0DVHUQ0XPSV5¸WHOQ7XEHUNXORVH :XQGVWDUUNUDPSI 7ROOZXW )U¾KVRPPHUPHQLQJR(Q]HSKDOLWLV =H FNHQVFKXW]LPSIXQJ 7HLO,,i ]Xi5%..*HOWXQJVEHUHLFK %HL HLQHP YRU¾EHUJHKHQGHQ $XIHQWKDOW LP DX¡HUHXURS¦LVFKHQ $XVODQG ZLUG LQ GHU .UDQNKHLWVNRVWHQYHUVLFKHUXQJ 9HUVLFKHUXQJVVFKXW] DXFK ¾EHUGLH LQi5%..JHQDQQWH)ULVWKLQDXVJHZ¦KUWZHQQ GHU9HUVLFKHUXQJVQHKPHUGHQ9HUVLFKHUHUYRU5HLVHDQWULWW¾EHU$XIHQW KDOWVGDXHUXQGRUWXQWHUULFKWHW i %HJLQQGHV9HUVLFKHUXQJVVFKXW]HV 'HU 9HUVLFKHUXQJVVFKXW] EHJLQQW PLW GHP LP 9HUVLFKHUXQJVVFKHLQ EH ]HLFKQHWHQ=HLWSXQNW9HUVLFKHUXQJVEHJLQQMHGRFKQLFKWYRU$EVFKOXVV GHV 9HUVLFKHUXQJVYHUWUDJHV LQVEHVRQGHUH =XJDQJ GHV 9HUVLFKHUXQJV VFKHLQHVRGHUHLQHUVFKULIWOLFKHQ$QQDKPHHUNO¦UXQJXQGQLFKWYRU$E ODXIYRQ:DUWH]HLWHQ)¾U9HUVLFKHUXQJVI¦OOHGLHYRU%HJLQQGHV9HUVL FKHUXQJVVFKXW]HVHLQJHWUHWHQVLQGZLUGQLFKWJHOHLVWHW1DFK$EVFKOXVV GHV9HUVLFKHUXQJVYHUWUDJHVHLQJHWUHWHQH9HUVLFKHUXQJVI¦OOHVLQGQXUI¾U GHQ7HLOYRQGHU/HLVWXQJVSIOLFKWDXVJHVFKORVVHQGHULQGLH=HLWYRU9HU VLFKHUXQJVEHJLQQRGHULQ:DUWH]HLWHQI¦OOW%HL9HUWUDJV¦QGHUXQJHQJHO WHQGLH6¦W]HELVI¾UGHQKLQ]XNRPPHQGHQ7HLOGHV9HUVLFKHUXQJV VFKXW]HV %HL1HXJHERUHQHQEHJLQQWGHU9HUVLFKHUXQJVVFKXW]RKQH5LVLNR]XVFKO¦ JHXQGRKQH:DUWH]HLWHQPLW9ROOHQGXQJGHU*HEXUWZHQQDP7DJHGHU *HEXUW HLQ (OWHUQWHLO PLQGHVWHQV GUHL 0RQDWH EHLP 9HUVLFKHUHU YHUVL FKHUWLVWXQGGLH$QPHOGXQJ]XU9HUVLFKHUXQJVS¦WHVWHQV]ZHL0RQDWH QDFKGHP7DJHGHU*HEXUWU¾FNZLUNHQGHUIROJW'HU9HUVLFKHUXQJVVFKXW] GDUI QLFKW K¸KHU RGHU XPIDVVHQGHU DOV GHU GHV YHUVLFKHUWHQ (OWHUQWHLOV VHLQ 'HU*HEXUWHLQHV.LQGHVVWHKWGLH$GRSWLRQJOHLFKVRIHUQGDV.LQGLP =HLWSXQNWGHU$GRSWLRQQRFKPLQGHUM¦KULJLVW0LW5¾FNVLFKWDXIHLQHU K¸KWHV5LVLNRLVWGLH9HUHLQEDUXQJHLQHV5LVLNR]XVFKODJHVELV]XUHLQID FKHQ%HLWUDJVK¸KH]XO¦VVLJ 7HLO,,i ]Xi5%..9HUVLFKHUXQJVVFKXW]EHL1HXJHERUHQHQ $EZHLFKHQG YRQ i 6DW] 5%.. NDQQ EHLP 9HUVLFKH UXQJVVFKXW]GHV1HXJHERUHQHQHLQHJHULQJHUHWDULIOLFKH6HOEVWEHWHL OLJXQJJHZ¦KOWZHUGHQDOVGLHHLQHVYHUVLFKHUWHQ(OWHUQWHLOV 'HU9HUVLFKHUHUHUVWDWWHWGLH8QWHUEULQJXQJVNRVWHQI¾UGHQJHVXQ GHQ6¦XJOLQJELV]X7DJHQ¾EHUGLHVHQ=HLWUDXPKLQDXVZHUGHQ GLH 8QWHUEULQJXQJVNRVWHQ VRODQJH JHZ¦KUW ZLH GLH 0XWWHU QDFK GHP :RFKHQEHWW DXV *U¾QGHQ PHGL]LQLVFK QRWZHQGLJHU +HLOEH KDQGOXQJ LP .UDQNHQKDXV YHUEOHLEHQ PXVV 9RUDXVVHW]XQJ LVW GLH IULVWJHP¦¡H1DFKYHUVLFKHUXQJGHV6¦XJOLQJV i VDJWKDW%HL7%&(UNUDQNXQJHQZLUGLQYHUWUDJOLFKHP8PIDQJDXFKI¾U GLHVWDWLRQ¦UH%HKDQGOXQJLQ7%&+HLOVW¦WWHQXQG6DQDWRULHQJHOHLVWHW :DUWH]HLWHQ 'LH:DUWH]HLWHQUHFKQHQYRP9HUVLFKHUXQJVEHJLQQDQ 'LHDOOJHPHLQH:DUWH]HLWEHWU¦JWGUHL0RQDWH6LHHQWI¦OOW D EHL8QI¦OOHQ E I¾UGHQ(KHJDWWHQHLQHUPLQGHVWHQVVHLWGUHL0RQDWHQYHUVLFKHUWHQ 3HUVRQVRIHUQHLQHJOHLFKDUWLJH9HUVLFKHUXQJLQQHUKDOE]ZHLHU0R QDWHQDFKGHU(KHVFKOLH¡XQJEHDQWUDJWZLUG 'LH EHVRQGHUHQ :DUWH]HLWHQ EHWUDJHQ I¾U (QWELQGXQJ 3V\FKRWKHUDSLH =DKQEHKDQGOXQJ=DKQHUVDW]XQG.LHIHURUWKRS¦GLHDFKW0RQDWH 6RIHUQGHU7DULIHVYRUVLHKWN¸QQHQGLH:DUWH]HLWHQDXI*UXQGEHVRQGH UHU9HUHLQEDUXQJHUODVVHQZHUGHQZHQQHLQ¦U]WOLFKHV=HXJQLV¾EHUGHQ *HVXQGKHLWV]XVWDQGYRUJHOHJWZLUG 3HUVRQHQGLHDXVGHUJHVHW]OLFKHQ.UDQNHQYHUVLFKHUXQJRGHUDXVHLQHP DQGHUHQ9HUWUDJ¾EHUHLQH.UDQNKHLWVNRVWHQYROOYHUVLFKHUXQJDXVJHVFKLH GHQVLQGZLUGGLHQDFKZHLVOLFKGRUWXQXQWHUEURFKHQ]XU¾FNJHOHJWH9HU VLFKHUXQJV]HLWDXIGLH:DUWH]HLWHQDQJHUHFKQHW9RUDXVVHW]XQJLVWGDVV GLH9HUVLFKHUXQJVS¦WHVWHQV]ZHL0RQDWHQDFK%HHQGLJXQJGHU9RUYHU VLFKHUXQJEHDQWUDJWZXUGHXQGGHU9HUVLFKHUXQJVVFKXW]LQ$EZHLFKXQJ YRQi$EVLPXQPLWWHOEDUHQ$QVFKOXVVEHJLQQHQVROO(QWVSUHFKHQ GHV JLOW EHLP $XVVFKHLGHQ DXV HLQHP ¸IIHQWOLFKHQ 'LHQVWYHUK¦OWQLV PLW $QVSUXFKDXI+HLOI¾UVRUJH 'HU9HUVLFKHUHUOHLVWHWLPYHUWUDJOLFKHQ8PIDQJI¾U8QWHUVXFKXQJVRGHU %HKDQGOXQJVPHWKRGHQ XQG $U]QHLPLWWHO GLH YRQ GHU 6FKXOPHGL]LQ ¾EHUZLHJHQG DQHUNDQQW VLQG (U OHLVWHW GDU¾EHU KLQDXV I¾U 0HWKRGHQ XQG $U]QHLPLWWHO GLH VLFK LQ GHU 3UD[LV DOV HEHQVR HUIROJYHUVSUHFKHQG EHZ¦KUW KDEHQ RGHU GLH DQJHZDQGW ZHUGHQ ZHLO NHLQH VFKXOPHGL]LQL VFKHQ0HWKRGHQRGHU$U]QHLPLWWHO]XU9HUI¾JXQJVWHKHQGHU9HUVLFKH UHU NDQQ MHGRFK VHLQH /HLVWXQJHQ DXI GHQ %HWUDJ KHUDEVHW]HQ GHU EHL GHU $QZHQGXQJ YRUKDQGHQHU VFKXOPHGL]LQLVFKHU 0HWKRGHQ RGHU $U] QHLPLWWHODQJHIDOOHQZ¦UH 7HLO,,i8PIDQJGHU/HLVWXQJVSIOLFKW ]XiÖ5%..+HLOEHKDQGOXQJXQG9RUVRUJHPD¡QDKPHQ ]Xi5%..$U]QHLPLWWHO D 'LH PHKUIDFKH $XVI¾KUXQJ HLQHU 9HURUGQXQJ PXVV YRP $U]W DXVGU¾FNOLFK YRUJHVFKULHEHQ VHLQ DQGHUQIDOOV EHVWHKW LQVRZHLW NHLQ(UVWDWWXQJVDQVSUXFK %HL 9HUWUDJV¦QGHUXQJHQ JHOWHQ GLH :DUWH]HLWUHJHOXQJHQ I¾U GHQ KLQ]X NRPPHQGHQ7HLOGHV9HUVLFKHUXQJVVFKXW]HV E .RVWHQI¾U1¦KU6W¦UNXQJVXQGNRVPHWLVFKH0LWWHO'HVLQIHN WLRQHQ :HLQH 0LQHUDOZ¦VVHU XQG ¦KQOLFKHV ZHUGHQ QLFKW HU VWDWWHW 7HLO,,i:DUWH]HLWHQ ]XiXQG5%.. D $EZHLFKHQG YRQ i XQG 5%.. YHU]LFKWHW GHU 9HUVLFKHUHU LQ GHU .UDQNKHLWVNRVWHQYROOYHUVLFKHUXQJ I¾U GHQ 9HUVLFKHUXQJVVFKXW]QDFK$PEXODQW6WDWLRQ¦UXQG=DKQWDUL IHQ EHL 3HUVRQHQ GLH DXV HLQHU SULYDWHQ .UDQNHQYHUVLFKHUXQJ ]XP 9HUVLFKHUHU ZHFKVHOQ XQG EHL GHQHQ GLH 9HUVLFKHUXQJ LP XQPLWWHOEDUHQ$QVFKOXVVDQGLHELVKHULJH9HUVLFKHUXQJEHJLQQW DXIGLH(LQKDOWXQJGHU:DUWH]HLWHQ (LQH .UDQNKHLWVNRVWHQYROOYHUVLFKHUXQJ OLHJW YRU ZHQQ I¾U GLH YHUVLFKHUWH 3HUVRQ EHL GHP ELVKHULJHQ 9HUVLFKHUHU 9HUVLFKH UXQJVVFKXW] PLQGHVWHQV I¾U DPEXODQWH XQG VWDWLRQ¦UH +HLOEH KDQGOXQJDOV*UXQGYHUVLFKHUXQJEHVWHKWXQGHQWVSUHFKHQGZHL WHUYHUHLQEDUWZLUG ]Xi5%..+HLOPLWWHO D (UVWDWWXQJVI¦KLJVLQGGLH$XIZHQGXQJHQI¾U$XJHQJO¦VHU%ULO OHQIDVVXQJHQ.RQWDNWOLQVHQRUWKRS¦GLVFKH6FKXKH%DQGDJHQ %UXFKE¦QGHU /HLEELQGHQ .XQVWDXJHQ N¾QVWOLFKH .HKON¸SIH RUWKRS¦GLVFKH 6W¾W]DSSDUDWH RUWKRS¦GLVFKH (LQODJHQ *XPPL VWU¾PSIH %HLQSURWKHVHQ $UPSURWKHVHQ ,QVXOLQSXPSHQ 8Q WHUDUPJHKVW¾W]HQ *HKVW¸FNH 6WRPD9HUVRUJXQJVDUWLNHO +¸U JHU¦WHXQGKDQGEHWULHEHQH6WDQGDUGNUDQNHQIDKUVW¾KOH ]Xi5%.. i $OV+HLOPLWWHOJHOWHQGLHLP*HE¾KUHQYHU]HLFKQLVGHUJHOWHQGHQ*H E¾KUHQRUGQXQJ I¾U U]WH XQWHU $EVFKQLWW ( Ý3K\VLNDOLVFK PHGL]LQLVFKH /HLVWXQJHQÛ DXIJHI¾KUWHQ /HLVWXQJHQ VRZHLW VLH YRQ HLQHP GHU XQWHU i5%.. DXIJHI¾KUWHQ 7KHUDSHXWHQ RGHUYRQHLQHPVWDDWOLFKJHSU¾IWHQ0DVVHXURGHUYRQHLQHPVWDDW OLFKJHSU¾IWHQPHGL]LQLVFKHQ%DGHPHLVWHUHUEUDFKWZHUGHQ ]Xi5%..+LOIVPLWWHO E $EZHLFKHQGYRQi5%..HQWIDOOHQGLHEHVRQGHUHQ :DUWH]HLWHQEHL8QI¦OOHQ (UVWDWWXQJVI¦KLJVLQGQXU*HE¾KUHQGLHGHQMHZHLOVJHOWHQGHQ*H E¾KUHQRUGQXQJHQ HQWVSUHFKHQ :HQQ GLH +¸FKVWV¦W]H GHU MHZHLOL JHQ *HE¾KUHQRUGQXQJHQ ¾EHUVFKULWWHQ ZHUGHQ EHVWHKW LQVRZHLW NHLQH(UVWDWWXQJVI¦KLJNHLW 'LH HUVWDWWXQJVI¦KLJHQ $XIZHQGXQJHQ I¾U %ULOOHQJHVWHOOH VLQG EHJUHQ]WDXIGLH.RVWHQGHUPLWWOHUHQ3UHLVODJH%HLRUWKRS¦ GLVFKHQ6FKXKHQVLQGGLH0HKUNRVWHQJHJHQ¾EHUQRUPDOHP/H GHUVFKXKZHUNHLQPDOLP.DOHQGHUMDKUHUVWDWWXQJVI¦KLJ :DUWH]HLWHQN¸QQHQHUODVVHQZHUGHQZHQQGHU$QWUDJVWHOOHULQQHU KDOE YRQ 7DJHQ QDFK $QWUDJVWHOOXQJ I¾U GLH ]X YHUVLFKHUQGHQ 3HUVRQHQ¦U]WOLFKH=HXJQLVVHDXIGHQYRP9HUVLFKHUHUYRUJHVFKULH EHQHQ)RUPXODUHQYRUOHJW'LH.RVWHQGHU¦U]WOLFKHQ8QWHUVXFKXQJ WU¦JWGHU$QWUDJVWHOOHU 'LHMHZHLOVJ¾OWLJHQ%HWU¦JHI¾UÝPLWWOHUH3UHLVODJHÛVRZLH I¾UÝQRUPDOHV/HGHUVFKXKZHUNÛZHUGHQLQGHU-DKUHVPLWWHL OXQJEHNDQQWJHJHEHQ 8PIDQJGHU/HLVWXQJVSIOLFKW E =XV¦W]OLFKVLQGEHLPHGL]LQLVFKHU1RWZHQGLJNHLWDXVVFKOLH¡OLFK GLH $XIZHQGXQJHQ I¾U IROJHQGH +LOIVPLWWHO HUVWDWWXQJVI¦KLJ VRIHUQVLHQDFKYRUKHULJHU$EVWLPPXQJPLWGHU&HQWUDO¾EHUGDV +LOIVPLWWHO0DQDJHPHQWGHU&HQWUDOEH]RJHQZHUGHQ +HLPPRQLWRUH ]XU EHUZDFKXQJ GHU $WPXQJV XQGRGHU +HU]W¦WLJNHLW YRQ .OHLQVWNLQGHUQ ]XU 9RUEHXJXQJ JHJHQ SO¸W]OLFKHQ.LQGVWRG6,'66DXHUVWRIIJHU¦WH(UQ¦KUXQJV SXPSHQ:HFKVHOGUXFNPDWUDW]HQV\VWHPH.UDQNHQEHWWHQ LQ IXQNWLRQDOHU 6WDQGDUGDXVI¾KUXQJ 6FKPHU]PLWWHOSXP SHQ %HDWPXQJVJHU¦WH 6FKODIDSQRHJHU¦WH 0RWRU %HZHJXQJVVFKLHQHQXQG+HLPGLDO\VHJHU¦WH $UWXQG+¸KHGHU9HUVLFKHUXQJVOHLVWXQJHQHUJHEHQVLFKDXVGHP7DULI GLHVHQ5DKPHQEHGLQJXQJHQXQGGHQ7DULIEHGLQJXQJHQ 'HUYHUVLFKHUWHQ3HUVRQVWHKWGLH:DKOXQWHUGHQQLHGHUJHODVVHQHQDS SURELHUWHQU]WHQXQG=DKQ¦U]WHQIUHL6RZHLWGHU7DULIRGHUGLH7DULI EHGLQJXQJHQ QLFKWV DQGHUHV EHVWLPPHQ G¾UIHQ +HLOSUDNWLNHU LP 6LQQH GHVGHXWVFKHQ+HLOSUDNWLNHUJHVHW]HVLQ$QVSUXFKJHQRPPHQZHUGHQ $U]QHL 9HUEDQG +HLO XQG +LOIVPLWWHO P¾VVHQ YRQ GHQ LQ $EV JH QDQQWHQ%HKDQGOHUQYHURUGQHW$U]QHLPLWWHODX¡HUGHPDXVGHU$SRWKHNH EH]RJHQZHUGHQ %HL PHGL]LQLVFK QRWZHQGLJHU VWDWLRQ¦UHU +HLOEHKDQGOXQJ KDW GLH YHUVL FKHUWH3HUVRQIUHLH:DKOXQWHUGHQ¸IIHQWOLFKHQXQGSULYDWHQ.UDQNHQ K¦XVHUQGLHXQWHUVW¦QGLJHU¦U]WOLFKHU/HLWXQJVWHKHQ¾EHUDXVUHLFKHQ GHGLDJQRVWLVFKHXQGWKHUDSHXWLVFKH0¸JOLFKNHLWHQYHUI¾JHQXQG.UDQ NHQJHVFKLFKWHQI¾KUHQ i )¾U PHGL]LQLVFK QRWZHQGLJH VWDWLRQ¦UH +HLOEHKDQGOXQJ LQ .UDQNHQDQ VWDOWHQGLHDXFK.XUHQE]Z6DQDWRULXPVEHKDQGOXQJGXUFKI¾KUHQRGHU 5HNRQYDOHV]HQWHQDXIQHKPHQLP¾EULJHQDEHUGLH9RUDXVVHW]XQJHQYRQ $EV HUI¾OOHQ ZHUGHQ GLH WDULIOLFKHQ /HLVWXQJHQ QXU GDQQ JHZ¦KUW ZHQQGHU9HUVLFKHUHUGLHVHYRU%HJLQQGHU%HKDQGOXQJVFKULIWOLFK]XJH .HLQH/HLVWXQJVSIOLFKWEHVWHKW D I¾UVROFKH.UDQNKHLWHQHLQVFKOLH¡OLFKLKUHU)ROJHQVRZLHI¾U)ROJHQ YRQ 8QI¦OOHQ XQG I¾U 7RGHVI¦OOH GLH GXUFK .ULHJVHUHLJQLVVH YHUXU VDFKW RGHU DOV :HKUGLHQVWEHVFK¦GLJXQJ DQHUNDQQW XQG QLFKW DXV GU¾FNOLFKLQGHQ9HUVLFKHUXQJVVFKXW]HLQJHVFKORVVHQVLQG F .RVWHQI¾UVDQLW¦UH%HGDUIVDUWLNHOXQGPHGL]LQLVFKH+HLODSSDUD WHVLQGQLFKWHUVWDWWXQJVI¦KLJ (LQVFKU¦QNXQJGHU/HLVWXQJVSIOLFKW E I¾U YRUV¦W]OLFK VHOEVW KHUEHLJHI¾KUWH .UDQNKHLWHQ XQG 8QI¦OOH HLQ VFKOLH¡OLFK GHUHQ )ROJHQ VRZLH I¾U (QW]LHKXQJVPD¡QDKPHQ HLQ VFKOLH¡OLFK(QW]LHKXQJVNXUHQ F I¾U%HKDQGOXQJGXUFKU]WH=DKQ¦U]WH+HLOSUDNWLNHUXQGLQ.UDQ NHQDQVWDOWHQ GHUHQ 5HFKQXQJHQ GHU 9HUVLFKHUHU DXV ZLFKWLJHP *UXQGHYRQGHU(UVWDWWXQJDXVJHVFKORVVHQKDWZHQQGHU9HUVLFKH UXQJVIDOOQDFKGHU%HQDFKULFKWLJXQJGHV9HUVLFKHUXQJVQHKPHUV¾EHU GHQ /HLVWXQJVDXVVFKOXVV HLQWULWW 6RIHUQ LP =HLWSXQNW GHU %HQDFK ULFKWLJXQJ HLQ 9HUVLFKHUXQJVIDOO VFKZHEW EHVWHKW NHLQH /HLVWXQJV SIOLFKWI¾UGLHQDFK$EODXIYRQGUHL0RQDWHQVHLWGHU%HQDFKULFKWL JXQJHQWVWDQGHQHQ$XIZHQGXQJHQ G I¾U.XUXQG6DQDWRULXPVEHKDQGOXQJVRZLHI¾U5HKDELOLWDWLRQVPD¡ QDKPHQ GHU JHVHW]OLFKHQ 5HKDELOLWDWLRQVWU¦JHU ZHQQ GHU 7DULI QLFKWVDQGHUHVYRUVLHKW H I¾U DPEXODQWH +HLOEHKDQGOXQJ LQ HLQHP +HLOEDG RGHU .XURUW 'LH (LQVFKU¦QNXQJ HQWI¦OOW ZHQQ GLH YHUVLFKHUWH 3HUVRQ GRUW LKUHQ VW¦QGLJHQ:RKQVLW]KDWRGHUZ¦KUHQGHLQHVYRU¾EHUJHKHQGHQ$XI HQWKDOWHV GXUFK HLQH YRP $XIHQWKDOWV]ZHFN XQDEK¦QJLJH (UNUDQ NXQJRGHUHLQHQGRUWHLQJHWUHWHQHQ8QIDOO+HLOEHKDQGOXQJQRWZHQ GLJZLUG I I¾U%HKDQGOXQJHQGXUFK(KHJDWWHQ(OWHUQRGHU.LQGHU1DFKJHZLH VHQH6DFKNRVWHQZHUGHQWDULIJHP¦¡HUVWDWWHW J I¾U HLQH GXUFK 3IOHJHEHG¾UIWLJNHLW RGHU 9HUZDKUXQJ EHGLQJWH 8Q WHUEULQJXQJ EHUVWHLJW HLQH +HLOEHKDQGOXQJ RGHU VRQVWLJH 0D¡QDKPH I¾U GLH /HLV WXQJHQYHUHLQEDUWVLQGGDVPHGL]LQLVFKQRWZHQGLJH0D¡NDQQGHU9HU VLFKHUHU VHLQH /HLVWXQJHQ DXI HLQHQ DQJHPHVVHQHQ %HWUDJ KHUDEVHW]HQ 6WHKHQ GLH $XIZHQGXQJHQ I¾U GLH +HLOEHKDQGOXQJ RGHU VRQVWLJH /HLV WXQJHQ LQ HLQHP DXII¦OOLJHQ 0LVVYHUK¦OWQLV ]X GHQ HUEUDFKWHQ /HLVWXQ JHQLVWGHU9HUVLFKHUHULQVRZHLWQLFKW]XU/HLVWXQJYHUSIOLFKWHW %HVWHKWDXFK$QVSUXFKDXI/HLVWXQJHQDXVGHUJHVHW]OLFKHQ8QIDOOYHUVL FKHUXQJRGHUGHUJHVHW]OLFKHQ5HQWHQYHUVLFKHUXQJDXIHLQHJHVHW]OLFKH +HLOI¾UVRUJH RGHU 8QIDOOI¾UVRUJH LVW GHU 9HUVLFKHUHU XQEHVFKDGHW GHU $QVSU¾FKHGHV9HUVLFKHUXQJVQHKPHUVDXI.UDQNHQKDXVWDJHJHOGQXUI¾U GLH$XIZHQGXQJHQOHLVWXQJVSIOLFKWLJZHOFKHWURW]GHUJHVHW]OLFKHQ/HLV WXQJHQQRWZHQGLJEOHLEHQ +DW GLH YHUVLFKHUWH 3HUVRQ ZHJHQ GHVVHOEHQ 9HUVLFKHUXQJVIDOOHV HLQHQ $QVSUXFK JHJHQ PHKUHUH (UVWDWWXQJVYHUSIOLFKWHWH GDUI GLH *HVDPWHU VWDWWXQJGLH*HVDPWDXIZHQGXQJHQQLFKW¾EHUVWHLJHQ 7HLO,,i ]Xi5%..(LQVFKU¦QNXQJGHU/HLVWXQJVSIOLFKW $EZHLFKHQGYRQiH5%..ZHUGHQGLHYRPEHKDQGHOQGHQ $U]WDP:RKQRUWGHV9HUVLFKHUWHQE]ZYRP+DXVDU]WGHV9HUVLFKHUWHQ YHURUGQHWHQ+HLOPLWWHODXFKEHLDPEXODQWHU$QZHQGXQJLQHLQHP+HLO EDGRGHU.XURUWHUVWDWWHW i $XV]DKOXQJGHU9HUVLFKHUXQJVOHLVWXQJHQ 'HU9HUVLFKHUHULVW]XU/HLVWXQJQXUYHUSIOLFKWHWZHQQGLHYRQLKPJH IRUGHUWHQ 1DFKZHLVH HUEUDFKW VLQG GLHVH ZHUGHQ (LJHQWXP GHV 9HUVL FKHUHUV ,PEULJHQHUJHEHQVLFKGLH9RUDXVVHW]XQJHQI¾UGLH)¦OOLJNHLWGHU/HLV WXQJHQGHV9HUVLFKHUHUVDXVi99*VLHKH.XQGHQLQIRUPDWLRQ 'HU9HUVLFKHUHULVWEHUHFKWLJWDQGHQEHUEULQJHURGHUEHUVHQGHUYRQ RUGQXQJVP¦¡LJHQ 1DFKZHLVHQ ]X OHLVWHQ VRIHUQ NHLQH 9HUSIOLFKWXQJ QDFK 6DW] EHVWHKW 'HU 9HUVLFKHUHU LVW YHUSIOLFKWHW DXVVFKOLH¡OLFK DQ GLH YHUVLFKHUWH 3HUVRQ ]X OHLVWHQ ZHQQ GHU 9HUVLFKHUXQJVQHKPHU LKP GLHVHLQ7H[WIRUPDOVHPSIDQJVEHUHFKWLJWI¾ULKUH9HUVLFKHUXQJVOHLVWXQ JHQEHQDQQWKDW/LHJWGLHVH9RUDXVVHW]XQJQLFKWYRUNDQQQXUGHU9HU VLFKHUXQJVQHKPHUGLH/HLVWXQJYHUODQJHQ 'LH LQ DXVO¦QGLVFKHU :¦KUXQJ HQWVWDQGHQHQ .UDQNKHLWVNRVWHQ ZHUGHQ ]XP .XUV GHV 7DJHV DQ GHP GLH %HOHJH EHLP 9HUVLFKHUHU HLQJHKHQ LQ (XURXPJHUHFKQHW .RVWHQI¾UGLHEHUZHLVXQJGHU9HUVLFKHUXQJVOHLVWXQJHQXQGI¾UEHU VHW]XQJHQN¸QQHQYRQGHQ/HLVWXQJHQDEJH]RJHQZHUGHQ $QVSU¾FKH DXI 9HUVLFKHUXQJVOHLVWXQJHQ N¸QQHQ ZHGHU DEJHWUHWHQ QRFK YHUSI¦QGHWZHUGHQ 7HLO,,i ]Xi5%..$XV]DKOXQJGHU9HUVLFKHUXQJVOHLVWXQJHQ ]Xi5%../HLVWXQJVXQWHUODJHQ 'LH5HFKQXQJHQÖDXFKXQEH]DKOWHÖP¾VVHQLP2ULJLQDOYRUJHOHJW ZHUGHQXQGVSH]LIL]LHUWVHLQ ,QVEHVRQGHUHP¾VVHQVLHHQWKDOWHQ 9RU XQG =XQDPHQ GHU EHKDQGHOWHQ 3HUVRQ %H]HLFKQXQJ GHU .UDQNKHLW %HKDQGOXQJVWDJH +RQRUDUH I¾U GLH HLQ]HOQHQ %HKDQG OXQJHQ GHQ LQ 5HFKQXQJ JHVWHOOWHQ .UDQNHQKDXVSIOHJHVDW] GLH 3IOHJHNODVVHXQGGHQI¾U6HOEVW]DKOHURIIL]LHOOHQ3IOHJHVDW]GHVDXI JHVXFKWHQ.UDQNHQKDXVHV ]Xi5%..8PUHFKQXQJVNXUV $OV.XUVGHV7DJHVJLOWI¾UJHKDQGHOWH:¦KUXQJHQGHUDPWOLFKH'H YLVHQNXUV )UDQNIXUW I¾U QLFKW JHKDQGHOWH :¦KUXQJHQ GHU .XUV JH P¦¡ GHU 9HU¸IIHQWOLFKXQJ GHU (XURS¦LVFKHQ =HQWUDOEDQN QDFK MH ZHLOV QHXHVWHP 6WDQG :XUGHQ GLH ]XU %H]DKOXQJ GHU 5HFKQXQJ QRWZHQGLJHQ'HYLVHQGXUFKHLQHQGHUXQJGHU:¦KUXQJVSDULW¦WHQ EHGLQJW ]X HLQHP XQJ¾QVWLJHUHQ .XUV HUZRUEHQ XQG ZLUG GLHV QDFKJHZLHVHQVRJLOWGLHVHU.XUV ]Xi5%..EHUZHLVXQJVNRVWHQ 'LHEHUZHLVXQJGHU9HUVLFKHUXQJVOHLVWXQJHQDQGHQ$QVSUXFKVWHO OHUHUIROJWNRVWHQIUHLDXIHLQ.RQWREHLHLQHPGHXWVFKHQ*HOGLQVWL WXW EHL DQGHUHU =DKOXQJVZHLVH N¸QQHQ GLH DQIDOOHQGHQ *HE¾KUHQ YHUUHFKQHWZHUGHQ 7HLO,,i ]Xi5%..$QVSU¾FKHDXI9HUVLFKHUXQJVOHLVWXQJHQ ,VW HLQ .UDQNHQKDXVDXVZHLV &HQWUDO &DUG I¾U 3ULYDWYHUVLFKHUWH DXVJH JHEHQ ZRUGHQ JLOW GDV $EWUHWXQJVYHUERW i $EV 5%.. LQ VRZHLWQLFKWEH]¾JOLFKGHU.UDQNHQKDXVOHLVWXQJHQ i 9HUM¦KUXQJ 'LH $QVSU¾FKH DXV GHP 9HUVLFKHUXQJVYHUWUDJ XQWHUOLHJHQ GHU 9HUM¦K UXQJ'LH9HUM¦KUXQJVIULVWEHWU¦JWQDFKi%*%VLHKH.XQGHQLQIRU PDWLRQGUHL-DKUH6LHEHJLQQWPLWGHP(QGHGHV-DKUHVLQGHPGHU$Q VSUXFKHQWVWDQGHQLVWXQGGHU*O¦XELJHUYRQGHQGHQ$QVSUXFKEHJU¾Q GHQGHQ8PVW¦QGHQXQGGHU3HUVRQGHV6FKXOGQHUV.HQQWQLVHUODQJWRGHU RKQHJUREH)DKUO¦VVLJNHLWHUODQJHQP¾VVWH ,VW HLQ $QVSUXFK DXV GHP 9HUVLFKHUXQJVYHUWUDJ EHLP 9HUVLFKHUHU DQJH PHOGHWZRUGHQLVWGLH9HUM¦KUXQJELV]XGHP=HLWSXQNWJHKHPPW]X GHPGLH(QWVFKHLGXQJGHV9HUVLFKHUHUVGHP$QVSUXFKVWHOOHULQ7H[WIRUP ]XJHKW i (QGHGHV9HUVLFKHUXQJVVFKXW]HV 'HU9HUVLFKHUXQJVVFKXW]HQGHWÖDXFKI¾UVFKZHEHQGH9HUVLFKHUXQJVI¦OOHÖ PLWGHU%HHQGLJXQJGHV9HUVLFKHUXQJVYHUK¦OWQLVVHV 3IOLFKWHQGHV9HUVLFKHUXQJVQHKPHUV i %HLWUDJV]DKOXQJ 'HU%HLWUDJLVWHLQ-DKUHVEHLWUDJXQGZLUGYRP9HUVLFKHUXQJVEHJLQQDQ EHUHFKQHW(ULVW]X%HJLQQHLQHVMHGHQ9HUVLFKHUXQJVMDKUHV]XHQWULFK WHQNDQQDEHUDXFKLQJOHLFKHQPRQDWOLFKHQ%HLWUDJVUDWHQJH]DKOWZHU GHQGLHMHZHLOVELV]XU)¦OOLJNHLWGHU%HLWUDJVUDWHDOVJHVWXQGHWJHOWHQ 'LH %HLWUDJVUDWHQ VLQG DP (UVWHQ HLQHV MHGHQ 0RQDWV I¦OOLJ :LUG GHU -DKUHVEHLWUDJ Z¦KUHQG GHV 9HUVLFKHUXQJVMDKUHV QHX IHVWJHVHW]W LVW GHU 8QWHUVFKLHGVEHWUDJ YRP QGHUXQJV]HLWSXQNW DQ ELV ]XP %HJLQQ GHV Q¦FKVWHQ9HUVLFKHUXQJVMDKUHVQDFK]X]DKOHQE]Z]XU¾FN]X]DKOHQ :LUGGHU9HUWUDJI¾UHLQHEHVWLPPWH=HLWPLWGHU0D¡JDEHJHVFKORVVHQ GDVV VLFK GDV 9HUVLFKHUXQJVYHUK¦OWQLV QDFK $EODXI GLHVHU EHVWLPPWHQ =HLWVWLOOVFKZHLJHQGXPMHZHLOVHLQ-DKUYHUO¦QJHUWVRIHUQGHU9HUVLFKH UXQJVQHKPHU QLFKW IULVWJHP¦¡ JHN¾QGLJW KDW NDQQ GHU 7DULI DQVWHOOH YRQ-DKUHVEHLWU¦JHQ0RQDWVEHLWU¦JHYRUVHKHQ'LHVHVLQGDP(UVWHQHL QHVMHGHQ0RQDWVI¦OOLJ :LUG GHU 9HUVLFKHUXQJVYHUWUDJ ¾EHU HLQH GHU (UI¾OOXQJ GHU 3IOLFKW ]XU 9HUVLFKHUXQJGLHQHQGH.UDQNKHLWVNRVWHQYHUVLFKHUXQJi$EV99* ÖVLHKH.XQGHQLQIRUPDWLRQVS¦WHUDOVHLQHQ0RQDWQDFK(QWVWHKHQGHU 3IOLFKW]XU9HUVLFKHUXQJEHDQWUDJWLVWHLQ%HLWUDJV]XVFKODJLQ+¸KHHL QHV0RQDWVEHLWUDJVI¾UMHGHQZHLWHUHQDQJHIDQJHQHQ0RQDWGHU1LFKW YHUVLFKHUXQJ]XHQWULFKWHQDEGHPVHFKVWHQ0RQDWGHU1LFKWYHUVLFKH UXQJI¾UMHGHQZHLWHUHQDQJHIDQJHQHQ0RQDWGHU1LFKWYHUVLFKHUXQJHLQ 6HFKVWHO GHV 0RQDWVEHLWUDJV .DQQ GLH 'DXHU GHU 1LFKWYHUVLFKHUXQJ QLFKW HUPLWWHOW ZHUGHQ LVW GDYRQ DXV]XJHKHQ GDVV GHU 9HUVLFKHUWH PLQGHVWHQV I¾QI -DKUH QLFKW YHUVLFKHUW ZDU =HLWHQ YRU GHP -DQXDU ZHUGHQQLFKWEHU¾FNVLFKWLJW'HU%HLWUDJV]XVFKODJLVWHLQPDOLJ]X V¦W]OLFK]XPODXIHQGHQ%HLWUDJ]XHQWULFKWHQ'HU9HUVLFKHUXQJVQHKPHU NDQQ YRP 9HUVLFKHUHU GLH 6WXQGXQJ GHV %HLWUDJV]XVFKODJV YHUODQJHQ ZHQQ LKQ GLH VRIRUWLJH =DKOXQJ XQJHZ¸KQOLFK KDUW WUHIIHQ Z¾UGH XQG GHQ,QWHUHVVHQGHV9HUVLFKHUHUVGXUFKGLH9HUHLQEDUXQJHLQHUDQJHPHV VHQHQ 5DWHQ]DKOXQJ 5HFKQXQJ JHWUDJHQ ZHUGHQ NDQQ 'HU JHVWXQGHWH %HWUDJZLUGYHU]LQVW 'HUHUVWH%HLWUDJE]ZGLHHUVWH%HLWUDJVUDWHLVWXQYHU]¾JOLFKQDFK$E ODXIYRQ]ZHL:RFKHQQDFK=XJDQJGHV9HUVLFKHUXQJVVFKHLQV]X]DKOHQ HVVHLGHQQGHU(UVWEHLWUDJLVWJHVWXQGHW ,VWGHU9HUVLFKHUXQJVQHKPHULQHLQHUGHU3IOLFKW]XU9HUVLFKHUXQJJHQ¾ JHQGHQ .UDQNKHLWVNRVWHQYHUVLFKHUXQJ LP 6LQQH YRQ i $EV 99* VLHKH.XQGHQLQIRUPDWLRQPLWHLQHP%HWUDJLQ+¸KHYRQ%HLWUDJVDQWHL OHQI¾U]ZHL0RQDWHLP5¾FNVWDQGKDWLKQGHU9HUVLFKHUHU]XPDKQHQ ,VWGHU5¾FNVWDQG]ZHL:RFKHQQDFK=XJDQJGHU0DKQXQJQRFKK¸KHU DOVGHU%HLWUDJVDQWHLOI¾UHLQHQ0RQDWVWHOOWGHU9HUVLFKHUHUGDV5XKHQ GHU/HLVWXQJHQIHVW'DV5XKHQWULWWGUHL7DJHQDFK=XJDQJGLHVHU0LW WHLOXQJEHLP9HUVLFKHUXQJVQHKPHUHLQ9RUDXVVHW]XQJLVWGDVVGHU9HU VLFKHUXQJVQHKPHU LQ GHU 0DKQXQJ QDFK 6DW] DXI GLHVH )ROJH KLQJH ZLHVHQZRUGHQLVW'DV5XKHQHQGHWZHQQDOOHU¾FNVW¦QGLJHQXQG GLH DXI GLH =HLW GHV 5XKHQV HQWIDOOHQGHQ %HLWUDJVDQWHLOH JH]DKOW VLQG RGHU ZHQQGHU9HUVLFKHUXQJVQHKPHURGHUGLHYHUVLFKHUWH3HUVRQKLOIHEHG¾UI WLJLP6LQQHGHV=ZHLWHQRGHU=Z¸OIWHQ%XFKHV6R]LDOJHVHW]EXFKZLUG GLH+LOIHEHG¾UIWLJNHLWLVWDXI$QWUDJGHV%HUHFKWLJWHQYRP]XVW¦QGLJHQ 7U¦JHUQDFKGHP=ZHLWHQRGHUGHP=Z¸OIWHQ%XFK6R]LDOJHVHW]EXFK]X EHVFKHLQLJHQ :¦KUHQG GHU 5XKHQV]HLW KDIWHW GHU 9HUVLFKHUHU LP 5DK PHQGHVYHUWUDJOLFKHQ9HUVLFKHUXQJVVFKXW]HVDXVVFKOLH¡OLFKI¾U$XIZHQ GXQJHQGLH]XU%HKDQGOXQJDNXWHU(UNUDQNXQJHQXQG6FKPHU]]XVW¦QGH VRZLHEHL6FKZDQJHUVFKDIWXQG0XWWHUVFKDIWHUIRUGHUOLFKVLQG$QJDEHQ ]XP5XKHQGHV$QVSUXFKVNDQQGHU9HUVLFKHUHUDXIHLQHUHOHNWURQLVFKHQ *HVXQGKHLWVNDUWHQDFKiD$EVDGHV)¾QIWHQ%XFKHV6R]LDOJHVHW] EXFK VLHKH .XQGHQLQIRUPDWLRQ YHUPHUNHQ 'DU¾EHU KLQDXV KDW GHU 9HUVLFKHUXQJVQHKPHU I¾U MHGHQ DQJHIDQJHQHQ 0RQDW GHV 5¾FNVWDQGHV DQVWHOOH YRQ 9HU]XJV]LQVHQ HLQHQ 6¦XPQLV]XVFKODJ YRQ YRP +XQGHUW GHV%HLWUDJVU¾FNVWDQGHV]XHQWULFKWHQ6LQGGLHDXVVWHKHQGHQ%HLWUDJV DQWHLOH6¦XPQLV]XVFKO¦JHXQG%HLWUHLEXQJVNRVWHQQLFKWLQQHUKDOEHLQHV -DKUHVQDFK%HJLQQGHV5XKHQVYROOVW¦QGLJEH]DKOWVRZLUGGLH9HUVLFKH UXQJLP%DVLVWDULIIRUWJHVHW]W6DW]EOHLEWXQEHU¾KUW )¾UDQGHUHDOVGLHLQ$EVJHQDQQWHQ9HUVLFKHUXQJHQJLOW D ,VWGHUHUVWH%HLWUDJE]ZGLHHUVWH%HLWUDJVUDWHEHL(LQWULWWGHV9HU VLFKHUXQJVIDOOVQLFKWJH]DKOWLVWGHU9HUVLFKHUHUQLFKW]XU/HLVWXQJ YHUSIOLFKWHW HV VHL GHQQ GHU 9HUVLFKHUXQJVQHKPHU KDW GLH 1LFKW ]DKOXQJ QLFKW ]X YHUWUHWHQ 'HU 9HUVLFKHUHU LVW QXU OHLVWXQJVIUHL ZHQQ HU GHQ 9HUVLFKHUXQJVQHKPHU GXUFK JHVRQGHUWH 0LWWHLOXQJ LQ 7H[WIRUP RGHU GXUFK HLQHQ DXII¦OOLJHQ +LQZHLV LP 9HUVLFKHUXQJV VFKHLQDXIGLHVH5HFKWVIROJHGHU1LFKW]DKOXQJGHV%HLWUDJVDXIPHUN VDPJHPDFKWKDW G ,VWGHU9HUVLFKHUXQJVQHKPHUPLWGHU=DKOXQJGHUJHVFKXOGHWHQ%H WU¦JHQDFK$EODXIHLQHULKPJHVHW]WHQ=DKOXQJVIULVWYRQPLQGHVWHQV ]ZHL :RFKHQ QRFK LP 9HU]XJ NDQQ GHU 9HUVLFKHUHU GDV 9HUVLFKH UXQJVYHUK¦OWQLV IULVWORV N¾QGLJHQ 'LH .¾QGLJXQJ NDQQ EHUHLWV EHL %HVWLPPXQJ GHU =DKOXQJVIULVW DXVJHVSURFKHQ ZHUGHQ ,Q GLHVHP )DOO ZLUG GLH .¾QGLJXQJ ]XP )ULVWDEODXI ZLUNVDP ZHQQ GHU 9HUVL FKHUXQJVQHKPHU LQ GHP .¾QGLJXQJVVFKUHLEHQ GDUDXI KLQJHZLHVHQ ZXUGHXQGEHL)ULVWDEODXIPLWGHU=DKOXQJQRFKLQ9HU]XJLVW'LH .¾QGLJXQJ ZLUG XQZLUNVDP ZHQQ GHU 9HUVLFKHUXQJVQHKPHU GLH =DKOXQJLQQHUKDOEHLQHV0RQDWVQDFKGHU.¾QGLJXQJRGHUIDOOVGLH .¾QGLJXQJ PLW GHU %HVWLPPXQJ GHU =DKOXQJVIULVW YHUEXQGHQ ZDU LQQHUKDOEHLQHV0RQDWVQDFK$EODXIGHU=DKOXQJVIULVWQDFKKROW .RPPWGHU9HUVLFKHUXQJVQHKPHUPLWGHU=DKOXQJHLQHU%HLWUDJVUDWHLQ 9HU]XJ ZHUGHQ GLH JHVWXQGHWHQ %HLWUDJVUDWHQ GHV ODXIHQGHQ 9HUVLFKH UXQJVMDKUHV I¦OOLJ 6LH JHOWHQ MHGRFK HUQHXW DOV JHVWXQGHW ZHQQ GHU U¾FNVW¦QGLJH%HLWUDJVWHLOHLQVFKOLH¡OLFKGHU%HLWUDJVUDWHI¾UGHQDP7DJ GHU=DKOXQJODXIHQGHQ0RQDWXQGGLH0DKQNRVWHQHQWULFKWHWVLQG ,VWYHUHLQEDUWGDVVGHU9HUVLFKHUHUGLHMHZHLOVI¦OOLJHQ%HLWU¦JHE]Z%HL WUDJVUDWHQ YRQ HLQHP .RQWR HLQ]LHKW XQG NDQQ HLQ %HLWUDJ E]Z HLQH %HLWUDJVUDWH DXV *U¾QGHQ GLH GHU 9HUVLFKHUXQJVQHKPHU ]X YHUWUHWHQ KDWQLFKWIULVWJHUHFKWHLQJH]RJHQ ZHUGHQ RGHUZLGHUVSULFKWGHU9HUVL FKHUXQJVQHKPHU HLQHU EHUHFKWLJWHQ (LQ]LHKXQJ YRQ VHLQHP .RQWR NRPPW HU LQ 9HU]XJ XQG GHU 9HUVLFKHUHU NDQQ DXFK GLH GDUDXV HQWVWH KHQGHQ.RVWHQLQ5HFKQXQJVWHOOHQ'HU9HUVLFKHUHULVW]XZHLWHUHQ(LQ ]LHKXQJVYHUVXFKHQ EHUHFKWLJW DEHU QLFKW YHUSIOLFKWHW ,VW GLH (LQ]LH KXQJHLQHV%HLWUDJVE]ZHLQHU%HLWUDJVUDWHQLFKWP¸JOLFKDXV*U¾QGHQ GLH GHU 9HUVLFKHUXQJVQHKPHU QLFKW ]X YHUWUHWHQ KDW NRPPW HU HUVW LQ 9HU]XJ ZHQQ HU QDFK =DKOXQJVDXIIRUGHUXQJ LQ 7H[WIRUP QLFKW IULVWJH UHFKW]DKOW'HU9HUVLFKHUHULVWEHUHFKWLJWGHQ9HUVLFKHUXQJVQHKPHULQ 7H[WIRUP]XU=DKOXQJGXUFKEHUZHLVXQJDXI]XIRUGHUQ ,VWHLQ%HLWUDJE]ZHLQH%HLWUDJVUDWHQLFKWUHFKW]HLWLJJH]DKOWXQGZLUG GHU 9HUVLFKHUXQJVQHKPHU LQ 7H[WIRUP JHPDKQW LVW HU ]XU =DKOXQJ GHU 0DKQNRVWHQYHUSIOLFKWHWGHUHQ+¸KHVLFKDXVGHP7DULIHUJLEW :LUG GDV 9HUVLFKHUXQJVYHUK¦OWQLV YRU $EODXI GHU 9HUWUDJVODXI]HLW EHHQ GHWVWHKWGHP9HUVLFKHUHUI¾UGLHVH9HUWUDJVODXI]HLWQXUGHUMHQLJH7HLO GHV%HLWUDJVE]ZGHU%HLWUDJVUDWH]XGHUGHP=HLWUDXPHQWVSULFKWLQ GHP 9HUVLFKHUXQJVVFKXW] EHVWDQGHQ KDW :LUG GDV 9HUVLFKHUXQJVYHU K¦OWQLVGXUFK5¾FNWULWWDXI*UXQGGHVi$EV99*VLHKH.XQGHQLQ IRUPDWLRQRGHUGXUFKYRP9HUVLFKHUHUHUNO¦UWH$QIHFKWXQJZHJHQDUJ OLVWLJHU7¦XVFKXQJEHHQGHWVWHKWGHP9HUVLFKHUHUGHU%HLWUDJE]ZGLH %HLWUDJVUDWHELV]XP:LUNVDPZHUGHQGHU5¾FNWULWWVRGHU$QIHFKWXQJV HUNO¦UXQJ ]X 7ULWW GHU 9HUVLFKHUHU ]XU¾FN ZHLO GHU HUVWH %HLWUDJ E]Z GLHHUVWH%HLWUDJVUDWHQLFKWUHFKW]HLWLJJH]DKOWZLUGNDQQHUHLQHDQJH PHVVHQH*HVFK¦IWVJHE¾KUYHUODQJHQ 'LH%HLWU¦JHVLQGDQGLHYRP9HUVLFKHUHU]XEH]HLFKQHQGH6WHOOH]XHQW ULFKWHQ 7HLO,,i ]Xi5%..0RQDWOLFKH%HLWUDJVUDWH 'LH +¸KH GHU %HLWU¦JH ULFKWHW VLFK QDFK GHP *HVFKOHFKW XQG GHP EHL 9HUVLFKHUXQJVEHJLQQ HUUHLFKWHQ /HEHQVDOWHU GHU YHUVLFKHUWHQ 3HUVRQVRZLHJJIHLQHUQDFKi$EV1U99*VLHKH.XQ GHQLQIRUPDWLRQ¾EHUWUDJHQHQ$OWHUXQJVU¾FNVWHOOXQJ E :LUGGHUHUVWH%HLWUDJE]ZGLHHUVWH%HLWUDJVUDWHQLFKWUHFKW]HLWLJ JH]DKOWLVWGHU9HUVLFKHUHUVRODQJHGLH=DKOXQJQLFKWEHZLUNWLVW EHUHFKWLJWYRP9HUWUDJ]XU¾FN]XWUHWHQHVVHLGHQQGHU9HUVLFKH UXQJVQHKPHUKDWGLH1LFKW]DKOXQJQLFKW]XYHUWUHWHQ F :HQQGHU9HUVLFKHUXQJVQHKPHUHLQHQ)ROJHEHLWUDJE]ZHLQH)ROJH EHLWUDJVUDWH QLFKW IULVWJHUHFKW ]DKOW ZLUG GHU 9HUVLFKHUHU GLH =DK OXQJ LQ 7H[WIRUP DQPDKQHQ XQG GHP 9HUVLFKHUXQJVQHKPHU HLQH =DKOXQJVIULVW YRQ PLQGHVWHQV ]ZHL :RFKHQ EHVWLPPHQ 'LH %H VWLPPXQJ LVW QXU ZLUNVDP ZHQQ VLH GLH U¾FNVW¦QGLJHQ %HLWU¦JH =LQVHQXQG.RVWHQLP(LQ]HOQHQEH]LIIHUWXQGGLH5HFKWVIROJHQDQ JLEW GLH QDFK i $EV XQG 99* VLHKH .XQGHQLQIRUPDWLRQ PLW GHP )ULVWDEODXI YHUEXQGHQ VLQG EHL ]XVDPPHQJHIDVVWHQ 9HU WU¦JHQ VLQG GLH %HWU¦JH MHZHLOV JHWUHQQW DQ]XJHEHQ ,VW GHU 9HUVL FKHUXQJVQHKPHUQDFK$EODXIGLHVHU)ULVWPLWGHU=DKOXQJLQ9HU]XJ EHVWHKW I¾U 9HUVLFKHUXQJVI¦OOH GLH QDFK $EODXI GLHVHU )ULVW HLQWUH WHQNHLQ9HUVLFKHUXQJVVFKXW] )¾U 1HXJHERUHQH LVW GHU %HLWUDJ YRP 7DJH GHU *HEXUW DQ ]X HQW ULFKWHQ )¾U PLWYHUVLFKHUWH .LQGHU LVW YRP %HJLQQ GHV 0RQDWV DQ GHUGHU9ROOHQGXQJGHV/HEHQVMDKUHVIROJWGLHELV]XP/H EHQVMDKUJ¾OWLJH%HLWUDJVUDWHI¾UPLWYHUVLFKHUWH-XJHQGOLFKH]XHQW ULFKWHQ(QWVSUHFKHQGLVWPLWGHU9ROOHQGXQJGHV/HEHQVMDKUHV GLH %HLWUDJVUDWH I¾U (UZDFKVHQH ]X ]DKOHQ 'LHV JLOW QLFKW DOV %HL WUDJVHUK¸KXQJLP6LQQHGHVi5%.. )¾UHLQHLP9HUVLFKHUXQJVYHUWUDJDOOHLQYHUVLFKHUWH3HUVRQI¾UGLH GLH%HLWUDJVUDWHI¾UPLWYHUVLFKHUWH.LQGHURGHU-XJHQGOLFKHYHUHLQ EDUWLVWJHOWHQGLH6¦W]HELVHQWVSUHFKHQG %HL 9HUWUDJV¦QGHUXQJHQ HUIROJW GLH %HLWUDJVEHUHFKQXQJ QDFK i 5%.. i %HLWUDJVEHUHFKQXQJ$EVFKOXVVXQG9HUWULHEV NRVWHQEHUWUDJXQJVZHUW 'LH%HUHFKQXQJGHU%HLWU¦JHHUIROJWQDFK0D¡JDEHGHU9RUVFKULIWHQGHV 9HUVLFKHUXQJVDXIVLFKWVJHVHW]HV 9$* XQG LVW LQ GHQ WHFKQLVFKHQ %H UHFKQXQJVJUXQGODJHQGHV9HUVLFKHUHUVIHVWJHOHJW %HL HLQHU QGHUXQJ GHU %HLWU¦JH DXFK GXUFK QGHUXQJ GHV 9HUVLFKH UXQJVVFKXW]HV ZLUG GDV *HVFKOHFKW XQG GDV GLH EHL ,QNUDIWWUHWHQ GHU QGHUXQJHUUHLFKWHWDULIOLFKH/HEHQVDOWHU/HEHQVDOWHUVJUXSSHGHUYHUVL FKHUWHQ 3HUVRQ EHU¾FNVLFKWLJW 'DEHL ZLUG GHP (LQWULWWVDOWHU GHU YHUVL FKHUWHQ3HUVRQGDGXUFK5HFKQXQJJHWUDJHQGDVVHLQH$OWHUXQJVU¾FNVWHO OXQJ JHP¦¡ GHQ LQ GHQ WHFKQLVFKHQ %HUHFKQXQJVJUXQGODJHQ IHVWJHOHJ WHQ*UXQGV¦W]HQDQJHUHFKQHWZLUG(LQH(UK¸KXQJGHU%HLWU¦JHRGHUHL QH0LQGHUXQJGHU/HLVWXQJHQGHV9HUVLFKHUHUVZHJHQGHVOWHUZHUGHQV GHU YHUVLFKHUWHQ 3HUVRQ LVW MHGRFK Z¦KUHQG GHU 'DXHU GHV 9HUVLFKH UXQJVYHUK¦OWQLVVHVDXVJHVFKORVVHQVRZHLWHLQH$OWHUXQJVU¾FNVWHOOXQJ]X ELOGHQLVW %HL%HLWUDJV¦QGHUXQJHQNDQQGHU9HUVLFKHUHUDXFKEHVRQGHUVYHUHLQEDUWH 5LVLNR]XVFKO¦JHHQWVSUHFKHQG¦QGHUQ /LHJWEHL9HUWUDJV¦QGHUXQJHQHLQHUK¸KWHV5LVLNRYRUVWHKWGHP9HUVL FKHUHUI¾UGHQKLQ]XNRPPHQGHQ7HLOGHV9HUVLFKHUXQJVVFKXW]HV]XV¦W] OLFK ]XP %HLWUDJ HLQ DQJHPHVVHQHU =XVFKODJ ]X 'LHVHU EHPLVVW VLFK QDFK GHQ I¾U GHQ *HVFK¦IWVEHWULHE GHV 9HUVLFKHUHUV ]XP $XVJOHLFK HU K¸KWHU5LVLNHQPD¡JHEOLFKHQ*UXQGV¦W]HQ 'XUFKGHQ$EVFKOXVVYRQ9HUVLFKHUXQJVYHUWU¦JHQHQWVWHKHQ.RVWHQVRJ $EVFKOXVV XQG 9HUWULHEVNRVWHQ i $EV GHU 9HURUGQXQJ ¾EHU GLH 5HFKQXQJVOHJXQJYRQ9HUVLFKHUXQJVXQWHUQHKPHQ5HFK9HUV9'LH$E VFKOXVVXQG9HUWULHEVNRVWHQVLQGEHUHLWVEHLGHU7DULINDONXODWLRQEHU¾FN VLFKWLJWXQGZHUGHQGDKHUQLFKWJHVRQGHUWLQ5HFKQXQJJHVWHOOW %HL HUVWPDOLJHP 9HUWUDJVDEVFKOXVV HLQHU VXEVWLWXWLYHQ .UDQNKHLWVNRVWHQYHU VLFKHUXQJDEGHPJHOWHQDX¡HUGHPGLH$EV¦W]HXQG )¾U7DULIHGHUVXEVWLWXWLYHQ.UDQNKHLWVNRVWHQYHUVLFKHUXQJI¾UGLHQDFK GHQ WHFKQLVFKHQ %HUHFKQXQJVJUXQGODJHQ I¾U GLH $EVFKOXVV XQG 9HU WULHEVNRVWHQGDV9HUUHFKQXQJVYHUIDKUHQGHU=LOOPHUXQJPD¡JHEHQGLVW JLOW 'LH JH]LOOPHUWHQ $EVFKOXVV XQG 9HUWULHEVNRVWHQ ZHUGHQ DE 9HUVL FKHUXQJVEHJLQQ DXV GHQ %HLWUDJVDQWHLOHQ GHU JH]LOOPHUWHQ 1HWWRSU¦PLH LP 6LQQH GHU .DONXODWLRQVYHURUGQXQJ JHGHFNW GLH QLFKW NDONXODWRULVFK I¾U/HLVWXQJHQLP9HUVLFKHUXQJVIDOOXQGQLFKWI¾UGLH%LOGXQJGHVEHU WUDJXQJVZHUWHVVLHKHi$EVLP6LQQHGHU.DONXODWLRQVYHURUGQXQJ EHVWLPPW VLQG 'LHV JHVFKLHKW QDFK 0D¡JDEH GHU .DONXODWLRQVYHURUG QXQJELV]XU+¸KHGHVLQGHQWHFKQLVFKHQ%HUHFKQXQJVJUXQGODJHQIHVW JHOHJWHQ =LOOPHUVDW]HV 'LH UHVWOLFKHQ $EVFKOXVV XQG 9HUWULHEVNRVWHQ ZHUGHQDXVGHQODXIHQGHQ%HLWU¦JHQJHWLOJW 'LH 5HJHOXQJ LQ $EV KDW NHLQHQ (LQIOXVV DXI GLH +¸KH GHV EHUWUD JXQJVZHUWHV)¾UGHVVHQ%HUHFKQXQJLVWDXVVFKOLH¡OLFKGLH.DONXODWLRQV YHURUGQXQJPD¡JHEOLFK 7HLO,,i ]XiXQGi5%../HLVWXQJVDQSDVVXQJ 'LH GXUFKVFKQLWWOLFKHQ .RVWHQ GHU +HLOEHKDQGOXQJ ZHUGHQ M¦KUOLFK HUPLWWHOW XQG PLW GHQ 'XUFKVFKQLWWVNRVWHQ GLH GHU OHW]WHQ /HLV WXQJVDQSDVVXQJ]XJUXQGHODJHQYHUJOLFKHQ%HLHLQHP$QVWLHJXP PHKUDOVZLUGGHU9HUVLFKHUXQJVVFKXW]OHLVWXQJVXQGEHLWUDJV P¦¡LJHQWVSUHFKHQGDQJHSD¡W 'LH +¸KHUVWXIXQJ ZLUG RKQH HUQHXWH :DUWH]HLWHQ XQG RKQH QHXH 5LVLNR]XVFKO¦JH YRUJHQRPPHQ 'LH I¾U GHQ ELVKHULJHQ 9HUVLFKH UXQJVVFKXW]QDFKGLHVHQ7DULIHQYHUHLQEDUWHQ5LVLNR]XVFKO¦JHE]Z /HLVWXQJVHLQVFKU¦QNXQJHQJHOWHQHQWVSUHFKHQGDXFKI¾UGLH+¸KHU VWXIXQJ 'LH(UPLWWOXQJGHU.RVWHQVWHLJHUXQJXQGGLH)HVWOHJXQJGHU+¸KHU VWXIXQJHUIROJWQDFKHLQHPLQGHQWHFKQLVFKHQ%HUHFKQXQJVJUXQG ODJHQ IHVWJHOHJWHQ 9HUIDKUHQ XQG PLW =XVWLPPXQJ GHV 7UHXK¦Q GHUV )¾U ODXIHQGH 9HUVLFKHUXQJVI¦OOH ZLUG YRP =HLWSXQNW GHV :LUNVDP ZHUGHQVGHU$QSDVVXQJDQ9HUVLFKHUXQJVVFKXW]QDFKGHQJH¦QGHU WHQ/HLVWXQJVV¦W]HQJHZ¦KUW 'LH /HLVWXQJVDQSDVVXQJ JLOW YRP 9HUVLFKHUXQJVQHKPHU DQJHQRP PHQZHQQHUVLHQLFKWVS¦WHVWHQVHLQHQ0RQDWQDFK:LUNVDPZHU GHQVFKULIWOLFKDEJHOHKQWKDW i %HLWUDJVDQSDVVXQJ ,P 5DKPHQ GHU YHUWUDJOLFKHQ /HLVWXQJV]XVDJH N¸QQHQ VLFK GLH /HLVWXQ JHQ GHV 9HUVLFKHUHUV ]% ZHJHQ VWHLJHQGHU +HLOEHKDQGOXQJVNRVWHQ HL QHU K¦XILJHUHQ ,QDQVSUXFKQDKPH PHGL]LQLVFKHU /HLVWXQJHQ RGHU DXI JUXQGVWHLJHQGHU/HEHQVHUZDUWXQJ¦QGHUQ'HPHQWVSUHFKHQGYHUJOHLFKW GHU9HUVLFKHUHU]XPLQGHVWM¦KUOLFKI¾UMHGHQ7DULIGLHHUIRUGHUOLFKHQPLW GHQ LQ GHQ WHFKQLVFKHQ %HUHFKQXQJVJUXQGODJHQ NDONXOLHUWHQ 9HUVLFKH UXQJVOHLVWXQJHQ XQG 6WHUEHZDKUVFKHLQOLFKNHLWHQ (UJLEW GLHVH *HJHQ ¾EHUVWHOOXQJI¾UHLQH%HREDFKWXQJVHLQKHLWHLQHV7DULIVHLQH$EZHLFKXQJ YRQPHKUDOVGHPJHVHW]OLFKRGHUWDULIOLFKIHVWJHOHJWHQ9RPKXQGHUWVDW] ZHUGHQDOOH%HLWU¦JHGLHVHU%HREDFKWXQJVHLQKHLWYRP9HUVLFKHUHU¾EHU SU¾IWXQGVRZHLWHUIRUGHUOLFKPLW=XVWLPPXQJGHV7UHXK¦QGHUVDQJH SDVVW 8QWHU GHQ JOHLFKHQ 9RUDXVVHW]XQJHQ NDQQ DXFK HLQHEHWUDJVP¦ ¡LJIHVWJHOHJWH6HOEVWEHWHLOLJXQJDQJHSDVVWXQGHLQYHUHLQEDUWHU5LVLNR ]XVFKODJ HQWVSUHFKHQG JH¦QGHUW ZHUGHQ ,P =XJH HLQHU %HLWUDJVDQSDV VXQJZHUGHQDXFKGHUI¾UGLH%HLWUDJVJDUDQWLHLP6WDQGDUGWDULIHUIRUGHU OLFKH=XVFKODJi$EV6DW]VRZLHGHUI¾UGLH%HLWUDJVEHJUHQ]XQJ LP%DVLVWDULIHUIRUGHUOLFKH=XVFKODJi$EV6DW]PLWGHQMHZHLOV NDONXOLHUWHQ=XVFKO¦JHQYHUJOLFKHQXQGVRZHLWHUIRUGHUOLFKDQJHSDVVW 9RQHLQHU%HLWUDJVDQSDVVXQJNDQQDEJHVHKHQZHUGHQZHQQQDFK¾EHU HLQVWLPPHQGHU %HXUWHLOXQJ GXUFK GHQ 9HUVLFKHUHU XQG GHQ 7UHXK¦QGHU GLH9HU¦QGHUXQJGHU9HUVLFKHUXQJVOHLVWXQJHQDOVYRU¾EHUJHKHQGDQ]XVH KHQLVW %HLWUDJVDQSDVVXQJHQ VRZLH QGHUXQJHQ YRQ 6HOEVWEHWHLOLJXQJHQ XQG HYHQWXHOOYHUHLQEDUWHQ5LVLNR]XVFKO¦JHQZHUGHQ]X%HJLQQGHV]ZHLWHQ 0RQDWV ZLUNVDP GHU DXI GLH 0LWWHLOXQJ GHU 1HXIHVWVHW]XQJ RGHU GHU QGHUXQJHQ XQG GHU KLHUI¾U PD¡JHEOLFKHQ *U¾QGH DQ GHQ 9HUVLFKH UXQJVQHKPHUIROJW 7HLO,,i ]Xi5%..%HLWUDJVDQSDVVXQJ 'HU9RPKXQGHUWVDW]EHWU¦JW i EHUVFKXVVEHWHLOLJXQJ 'HU9RUVWDQGEHVWLPPWPLW=XVWLPPXQJGHV$XIVLFKWVUDWVGLH%HWU¦JHGLH I¾U GLH EHUVFKXVVEHWHLOLJXQJ GHU 9HUVLFKHUWHQ ]XU¾FN]XVWHOOHQ VLQG =XP =ZHFN HLQHU %HLWUDJVHQWODVWXQJ LQVEHVRQGHUH LP $OWHU ZHUGHQ QDFK 0D¡ JDEHGHU9RUVFKULIWHQGHV9$*GHU$OWHUXQJVU¾FNVWHOOXQJ]XV¦W]OLFKH%HWU¦JH ]XJHI¾KUWXQGYHUZHQGHW6RZHLW%HWU¦JHGHQ9HUVLFKHUWHQQLFKWGLUHNWRGHU LQGLUHNW JXW]XVFKUHLEHQ VLQG ZHUGHQ VLH LQ GLH 5¾FNVWHOOXQJ I¾U HUIROJVDE K¦QJLJH%HLWUDJVU¾FNHUVWDWWXQJHLQJHVWHOOW'LHLQGLHVHU5¾FNVWHOOXQJDQJH VDPPHOWHQ %HWU¦JH ZHUGHQ QXU I¾U GLH 9HUVLFKHUWHQ YHUZHQGHW 'LHV NDQQ JHVFKHKHQ GXUFK $XV]DKOXQJ RGHU *XWVFKULIW YRQ %HLWUDJVWHLOHQ /HLVWXQJV HUK¸KXQJ%HLWUDJVVHQNXQJRGHU9HUZHQGXQJDOV(LQPDOEHLWUDJ]XU$EZHQ GXQJRGHU0LOGHUXQJYRQ%HLWUDJVHUK¸KXQJHQ'HU9HUVLFKHUHULVWMHGRFKEH UHFKWLJWPLW=XVWLPPXQJGHU$XIVLFKWVEHK¸UGHLQ$XVQDKPHI¦OOHQGLH5¾FN VWHOOXQJI¾U%HLWUDJVU¾FNHUVWDWWXQJVRZHLWVLHQLFKWDXIEHUHLWVIHVWJHOHJWH EHUVFKXVVDQWHLOHHQWI¦OOWLP,QWHUHVVHGHU9HUVLFKHUWHQ]XU$EZHQGXQJHL QHV1RWVWDQGHVKHUDQ]X]LHKHQ 'HU 9RUVWDQG EHVWLPPW PLW =XVWLPPXQJ GHV 7UHXK¦QGHUV GHQ MHZHLOV ]X YHUZHQGHQGHQ%HWUDJGLH$UWGHQ=HLWSXQNWXQGGLH9RUDXVVHW]XQJHQGHU 9HUZHQGXQJ GHU 0LWWHO DXV GHU 5¾FNVWHOOXQJ I¾U HUIROJVDEK¦QJLJH %HLWUDJV U¾FNHUVWDWWXQJ'HU9RUVWDQGEHVWLPPWHEHQIDOOVPLW=XVWLPPXQJGHV7UHX K¦QGHUV=HLWSXQNWXQG+¸KHGHU(QWQDKPHVRZLHGLH9HUZHQGXQJYRQ0LW WHOQ DXV GHU 5¾FNVWHOOXQJ I¾U HUIROJVXQDEK¦QJLJH %HLWUDJVU¾FNHUVWDWWXQJ VRZHLWVLHQDFKiD$EV9$*]XU9HUPHLGXQJRGHU%HJUHQ]XQJYRQ%HL WUDJVHUK¸KXQJHQ]XYHUZHQGHQVLQG i 2EOLHJHQKHLWHQ -HGH .UDQNHQKDXVEHKDQGOXQJ LVW ELQQHQ 7DJHQ QDFK LKUHP %HJLQQ DQ]X]HLJHQ 'HU9HUVLFKHUXQJVQHKPHUXQGGLHYHUVLFKHUWH3HUVRQKDEHQDXI9HUODQ JHQGHV9HUVLFKHUHUVMHGH$XVNXQIW]XHUWHLOHQGLH]XU)HVWVWHOOXQJGHV 9HUVLFKHUXQJVIDOOHVRGHUGHU/HLVWXQJVSIOLFKWGHV9HUVLFKHUHUVXQGLKUHV 8PIDQJHVHUIRUGHUOLFKLVW $XI 9HUODQJHQ GHV 9HUVLFKHUHUV LVW GLH YHUVLFKHUWH 3HUVRQ YHUSIOLFKWHW VLFKGXUFKHLQHQYRP9HUVLFKHUHUEHDXIWUDJWHQ$U]WXQWHUVXFKHQ]XODV VHQ (QGHGHU9HUVLFKHUXQJ 'LH YHUVLFKHUWH 3HUVRQ KDW QDFK 0¸JOLFKNHLW I¾U GLH 0LQGHUXQJ GHV 6FKDGHQV]XVRUJHQXQGDOOH+DQGOXQJHQ]XXQWHUODVVHQGLHGHU*HQH VXQJKLQGHUOLFKVLQG 'HU 9HUVLFKHUXQJVQHKPHU NDQQ GDV 9HUVLFKHUXQJVYHUK¦OWQLV ]XP (QGH HLQHVMHGHQ9HUVLFKHUXQJVMDKUHVIU¾KHVWHQVDEHU]XP$EODXIHLQHUYHU HLQEDUWHQ9HUWUDJVGDXHUPLWHLQHU)ULVWYRQGUHL0RQDWHQN¾QGLJHQ QGHUXQJHQ VHLQHU $QVFKULIW :RKQVLW] RGHU *HVFK¦IWV E]Z *HZHUEH EHWULHE KDW GHU 9HUVLFKHUXQJVQHKPHU XQYHU]¾JOLFK PLW]XWHLOHQ $QGH UHQIDOOV JHOWHQ (UNO¦UXQJHQ GLH GHU 9HUVLFKHUHU PLW HLQJHVFKULHEHQHP %ULHI DQ GLH OHW]WH LKP EHNDQQWH $QVFKULIW VHQGHW GUHL 7DJH QDFK $E VHQGXQJDOV]XJHJDQJHQ 'LH .¾QGLJXQJ NDQQ DXI HLQ]HOQH YHUVLFKHUWH 3HUVRQHQ RGHU 7DULIH EH VFKU¦QNWZHUGHQ :LUG I¾U HLQH YHUVLFKHUWH 3HUVRQ EHL HLQHP ZHLWHUHQ 9HUVLFKHUHU HLQ .UDQNKHLWVNRVWHQYHUVLFKHUXQJVYHUWUDJ DEJHVFKORVVHQ RGHU PDFKW HLQH YHUVLFKHUWH 3HUVRQ YRQ GHU 9HUVLFKHUXQJVEHUHFKWLJXQJ LQ GHU JHVHW]OL FKHQ .UDQNHQYHUVLFKHUXQJ *HEUDXFK LVW GHU 9HUVLFKHUXQJVQHKPHU YHU SIOLFKWHWGHQ9HUVLFKHUHUYRQGHUDQGHUHQ9HUVLFKHUXQJXQYHU]¾JOLFK]X XQWHUULFKWHQ (LQH ZHLWHUH .UDQNHQKDXVWDJHJHOGYHUVLFKHUXQJ GDUI QXU PLW (LQZLOOL JXQJGHV9HUVLFKHUHUVDEJHVFKORVVHQZHUGHQ i )ROJHQYRQ2EOLHJHQKHLWVYHUOHW]XQJHQ 'HU9HUVLFKHUHULVWPLWGHQLQi$EVELV99*VLHKH.XQGHQLQ IRUPDWLRQ YRUJHVFKULHEHQHQ (LQVFKU¦QNXQJHQ JDQ] RGHU WHLOZHLVH YRQ GHU9HUSIOLFKWXQJ]XU/HLVWXQJIUHLZHQQHLQHGHULQi$EVELV XQGJHQDQQWHQ2EOLHJHQKHLWHQYHUOHW]WZLUG :LUGHLQHGHULQi$EVXQGJHQDQQWHQ2EOLHJHQKHLWHQYHUOHW]W NDQQGHU9HUVLFKHUHUXQWHUGHU9RUDXVVHW]XQJGHVi$EV99*VLH KH.XQGHQLQIRUPDWLRQDX¡HUGHPLQQHUKDOEHLQHV0RQDWVQDFKGHP%H NDQQWZHUGHQ GHU 2EOLHJHQKHLWVYHUOHW]XQJ RKQH (LQKDOWXQJ HLQHU )ULVW N¾QGLJHQ'LHVJLOWQLFKWVRZHLWHVVLFKXPHLQHGHU3IOLFKW]XU9HUVL FKHUXQJ JHQ¾JHQGH .UDQNKHLWVNRVWHQYHUVLFKHUXQJ LP 6LQQH YRQ i $EV99*VLHKH.XQGHQLQIRUPDWLRQKDQGHOW 'LH .HQQWQLV XQG GDV 9HUVFKXOGHQ GHU YHUVLFKHUWHQ 3HUVRQ VWHKHQ GHU .HQQWQLVXQGGHP9HUVFKXOGHQGHV9HUVLFKHUXQJVQHKPHUVJOHLFK i 2EOLHJHQKHLWHQXQG)ROJHQYRQ2EOLHJHQKHLWVYHU OHW]XQJHQEHL$QVSU¾FKHQJHJHQ'ULWWH +DW GHU 9HUVLFKHUXQJVQHKPHU RGHU HLQH YHUVLFKHUWH 3HUVRQ (UVDW]DQ VSU¾FKH JHJHQ 'ULWWH VR EHVWHKW XQEHVFKDGHW GHV JHVHW]OLFKHQ )RUGH UXQJV¾EHUJDQJHVJHP¦¡i99*VLHKH.XQGHQLQIRUPDWLRQGLH9HU SIOLFKWXQJGLHVH$QVSU¾FKHELV]XU+¸KHLQGHUDXVGHP9HUVLFKHUXQJV YHUWUDJ(UVDW].RVWHQHUVWDWWXQJVRZLH6DFKXQG'LHQVWOHLVWXQJJHOHLV WHWZLUGDQGHQ9HUVLFKHUHUVFKULIWOLFKDE]XWUHWHQ 'HU9HUVLFKHUXQJVQHKPHURGHUGLHYHUVLFKHUWH3HUVRQKDWVHLQHQLKUHQ (UVDW]DQVSUXFKRGHUHLQ]XU6LFKHUXQJGLHVHV$QVSUXFKVGLHQHQGHV5HFKW XQWHU %HDFKWXQJ GHU JHOWHQGHQ )RUP XQG )ULVWYRUVFKULIWHQ ]X ZDKUHQ XQGEHLGHVVHQ'XUFKVHW]XQJGXUFKGHQ9HUVLFKHUHUVRZHLWHUIRUGHUOLFK PLW]XZLUNHQ 9HUOHW]WGHU9HUVLFKHUXQJVQHKPHURGHUHLQHYHUVLFKHUWH3HUVRQYRUV¦W] OLFKHLQHGHULQGHQ$EV¦W]HQXQGJHQDQQWHQ2EOLHJHQKHLWHQLVWGHU 9HUVLFKHUHU]XU/HLVWXQJLQVRZHLWQLFKWYHUSIOLFKWHWDOVHULQIROJHGHVVHQ NHLQHQ(UVDW]YRQGHP'ULWWHQHUODQJHQNDQQ,P)DOOHLQHUJUREIDKUO¦V VLJHQ 9HUOHW]XQJ GHU 2EOLHJHQKHLW LVW GHU 9HUVLFKHUHU EHUHFKWLJW VHLQH /HLVWXQJ LQ HLQHP GHU 6FKZHUH GHV 9HUVFKXOGHQV HQWVSUHFKHQGHQ 9HU K¦OWQLV]XN¾U]HQ 6WHKWGHP9HUVLFKHUXQJVQHKPHURGHUHLQHUYHUVLFKHUWHQ3HUVRQHLQ$Q VSUXFK DXI 5¾FN]DKOXQJ RKQH UHFKWOLFKHQ *UXQG JH]DKOWHU (QWJHOWH JH JHQGHQ(UEULQJHUYRQ/HLVWXQJHQ]XI¾UGLHGHU9HUVLFKHUHUDXI*UXQG GHV9HUVLFKHUXQJVYHUWUDJHV(UVWDWWXQJVOHLVWXQJHQHUEUDFKWKDWVLQGGLH $EV¦W]HELVHQWVSUHFKHQGDQ]XZHQGHQ i $XIUHFKQXQJ *HJHQ )RUGHUXQJHQ GHV 9HUVLFKHUHUV LVW HLQH $XIUHFKQXQJ QXU ]XO¦VVLJ VR ZHLWGLH*HJHQIRUGHUXQJXQEHVWULWWHQRGHUUHFKWVNU¦IWLJIHVWJHVWHOOWLVW i .¾QGLJXQJGXUFKGHQ9HUVLFKHUXQJVQHKPHU :LUGHLQHYHUVLFKHUWH3HUVRQNUDIW*HVHW]HVLQGHUJHVHW]OLFKHQ.UDQNHQ YHUVLFKHUXQJYHUVLFKHUXQJVSIOLFKWLJNDQQGHU9HUVLFKHUXQJVQHKPHUELQ QHQ GUHL 0RQDWHQ QDFK (LQWULWW GHU 9HUVLFKHUXQJVSIOLFKW LQVRZHLW HLQH .UDQNKHLWVNRVWHQYHUVLFKHUXQJ RGHU HLQH GDI¾U EHVWHKHQGH $QZDUW VFKDIWVYHUVLFKHUXQJ U¾FNZLUNHQG ]XP (LQWULWW GHU 9HUVLFKHUXQJVSIOLFKW N¾QGLJHQ 'LH .¾QGLJXQJ LVW XQZLUNVDP ZHQQ GHU 9HUVLFKHUXQJVQHK PHUGHQ(LQWULWWGHU9HUVLFKHUXQJVSIOLFKWQLFKWLQQHUKDOEYRQ]ZHL0R QDWHQQDFKZHLVWQDFKGHPGHU9HUVLFKHUHULKQKLHU]XLQ7H[WIRUPDXIJH IRUGHUWKDWHVVHLGHQQGHU9HUVLFKHUXQJVQHKPHUKDWGLH9HUV¦XPXQJ GLHVHU )ULVW QLFKW ]X YHUWUHWHQ 6S¦WHU NDQQ GHU 9HUVLFKHUXQJVQHKPHU GDV 9HUVLFKHUXQJVYHUK¦OWQLV LQVRZHLW QXU ]XP (QGH GHV 0RQDWV N¾QGL JHQLQGHPHUGHQ(LQWULWWGHU9HUVLFKHUXQJVSIOLFKWQDFKZHLVW'HU9HU VLFKHUXQJVSIOLFKW VWHKW GHU JHVHW]OLFKH $QVSUXFK DXI )DPLOLHQYHUVLFKH UXQJRGHUGHUQLFKWQXUYRU¾EHUJHKHQGH$QVSUXFKDXI+HLOI¾UVRUJHDXV HLQHP EHDPWHQUHFKWOLFKHQ RGHU ¦KQOLFKHQ 'LHQVWYHUK¦OWQLV JOHLFK 'HU %HLWUDJ VWHKW GHP 9HUVLFKHUHU ELV ]XP :LUNVDPZHUGHQ GHU .¾QGLJXQJ ]X +DW HLQH 9HUHLQEDUXQJ LP 9HUVLFKHUXQJVYHUWUDJ ]XU )ROJH GDVV EHL (U UHLFKHQ HLQHV EHVWLPPWHQ /HEHQVDOWHUV RGHU EHL (LQWULWW DQGHUHU GRUW JHQDQQWHU9RUDXVVHW]XQJHQGHU%HLWUDJI¾UHLQDQGHUHV/HEHQVDOWHURGHU HLQH DQGHUH $OWHUVJUXSSH JLOW RGHU GHU %HLWUDJ XQWHU %HU¾FNVLFKWLJXQJ HLQHU $OWHUXQJVU¾FNVWHOOXQJ EHUHFKQHW ZLUG NDQQ GHU 9HUVLFKHUXQJV QHKPHU GDV 9HUVLFKHUXQJVYHUK¦OWQLV KLQVLFKWOLFK GHU EHWURIIHQHQ YHUVL FKHUWHQ3HUVRQELQQHQ]ZHL0RQDWHQQDFKGHUQGHUXQJ]XP=HLWSXQNW GHUHQ ,QNUDIWWUHWHQV N¾QGLJHQ ZHQQ VLFK GHU %HLWUDJ GXUFK GLH QGH UXQJHUK¸KW (UK¸KW GHU 9HUVLFKHUHU GLH %HLWU¦JH DXI *UXQG GHU %HLWUDJVDQSDVVXQJV NODXVHO RGHU YHUPLQGHUW HU VHLQH /HLVWXQJHQ NDQQ GHU 9HUVLFKHUXQJV QHKPHU GDV 9HUVLFKHUXQJVYHUK¦OWQLV KLQVLFKWOLFK GHU EHWURIIHQHQ YHUVL FKHUWHQ3HUVRQLQQHUKDOEHLQHV0RQDWVQDFK=XJDQJGHUQGHUXQJVPLW WHLOXQJ]XP=HLWSXQNWGHV:LUNVDPZHUGHQVGHUQGHUXQJN¾QGLJHQ%HL HLQHU %HLWUDJVHUK¸KXQJ NDQQ GHU 9HUVLFKHUXQJVQHKPHU GDV 9HUVLFKH UXQJVYHUK¦OWQLV DXFK ELV XQG ]XP =HLWSXQNW GHV :LUNVDPZHUGHQV GHU (UK¸KXQJN¾QGLJHQ 'HU9HUVLFKHUXQJVQHKPHUNDQQVRIHUQGHU9HUVLFKHUHUGLH$QIHFKWXQJ GHQ5¾FNWULWWRGHUGLH.¾QGLJXQJQXUI¾UHLQ]HOQH3HUVRQHQRGHU7DULIH HUNO¦UW LQQHUKDOE YRQ ]ZHL :RFKHQ QDFK =XJDQJ GLHVHU (UNO¦UXQJ GLH $XIKHEXQJGHV¾EULJHQ7HLOVGHU9HUVLFKHUXQJ]XP6FKOXVVHGHV0RQDWV YHUODQJHQ LQ GHP LKP GLH (UNO¦UXQJ GHV 9HUVLFKHUHUV ]XJHJDQJHQ LVW EHL.¾QGLJXQJ]XGHP=HLWSXQNWLQGHPGLHVHZLUNVDPZLUG $EZHLFKHQG YRQ GHQ $EV¦W]HQ ELV NDQQ GHU 9HUVLFKHUXQJVQHKPHU HLQH9HUVLFKHUXQJGLHHLQH3IOLFKWDXVi$EV6DW]99*VLHKH .XQGHQLQIRUPDWLRQHUI¾OOWQXUGDQQN¾QGLJHQZHQQHUEHLHLQHPDQ GHUHQ 9HUVLFKHUHU I¾U GLH YHUVLFKHUWH 3HUVRQ HLQHQ QHXHQ 9HUWUDJ DE VFKOLH¡W GHU GLHVHU 3IOLFKW JHQ¾JW 'LH .¾QGLJXQJ ZLUG HUVW ZLUNVDP ZHQQ GHU 9HUVLFKHUXQJVQHKPHU LQQHUKDOE GHU .¾QGLJXQJVIULVW QDFK ZHLVWGDVVGLHYHUVLFKHUWH3HUVRQEHLHLQHPQHXHQ9HUVLFKHUHURKQH8Q WHUEUHFKXQJYHUVLFKHUWLVW %HL .¾QGLJXQJ HLQHU .UDQNKHLWVNRVWHQYROOYHUVLFKHUXQJ XQG JOHLFK]HLWL JHP$EVFKOXVVHLQHVQHXHQVXEVWLWXWLYHQ9HUWUDJHVi$EV99*Ö VLHKH .XQGHQLQIRUPDWLRQ NDQQ GHU 9HUVLFKHUXQJVQHKPHU YHUODQJHQ GDVVGHU9HUVLFKHUHUGLHNDONXOLHUWH$OWHUXQJVU¾FNVWHOOXQJGHUYHUVLFKHU WHQ 3HUVRQ LQ +¸KH GHV QDFK GHP 'H]HPEHU DE %HJLQQ GHU 9HUVLFKHUXQJ LP MHZHLOLJHQ 7DULI JHELOGHWHQ EHUWUDJXQJVZHUWHV QDFK 0D¡JDEHYRQi$EV1U9$*VLHKH.XQGHQLQIRUPDWLRQDXIGH UHQ QHXHQ 9HUVLFKHUHU ¾EHUWU¦JW 'LHV JLOW QLFKW I¾U YRU GHP -DQXDU JHVFKORVVHQH9HUWU¦JH %HVWHKHQ EHL %HHQGLJXQJ GHV 9HUVLFKHUXQJVYHUK¦OWQLVVHV %HLWUDJVU¾FN VW¦QGHNDQQGHU9HUVLFKHUHUGHQEHUWUDJXQJVZHUWELV]XPYROOVW¦QGL JHQ%HLWUDJVDXVJOHLFK]XU¾FNEHKDOWHQ .¾QGLJW GHU 9HUVLFKHUXQJVQHKPHU GDV 9HUVLFKHUXQJVYHUK¦OWQLV LQVJH VDPWRGHUI¾UHLQ]HOQHYHUVLFKHUWH3HUVRQHQKDEHQGLHYHUVLFKHUWHQ3HU VRQHQ GDV 5HFKW GDV 9HUVLFKHUXQJVYHUK¦OWQLV XQWHU %HQHQQXQJ GHV N¾QIWLJHQ9HUVLFKHUXQJVQHKPHUVIRUW]XVHW]HQ'LH)RUWVHW]XQJGHV9HU VLFKHUXQJVYHUK¦OWQLVVHVKDWGHUN¾QIWLJH9HUVLFKHUXQJVQHKPHULQQHUKDOE ]ZHLHU0RQDWHQDFKGHU.¾QGLJXQJ]XHUNO¦UHQ'LH.¾QGLJXQJLVWQXU ZLUNVDP ZHQQ GHU 9HUVLFKHUXQJVQHKPHU QDFKZHLVW GDVV GLH EHWURIIH QHQ YHUVLFKHUWHQ 3HUVRQHQ YRQ GHU .¾QGLJXQJVHUNO¦UXQJ .HQQWQLV HU ODQJWKDEHQ 6RZHLW GLH .UDQNHQYHUVLFKHUXQJ QDFK $UW GHU /HEHQVYHUVLFKHUXQJ EH WULHEHQZLUGKDEHQ9HUVLFKHUXQJVQHKPHUXQGYHUVLFKHUWH3HUVRQHQGDV 5HFKW HLQHQ JHN¾QGLJWHQ 9HUVLFKHUXQJVYHUWUDJ LQ )RUP HLQHU $QZDUW VFKDIWVYHUVLFKHUXQJIRUW]XI¾KUHQ 7HLO,,i ]Xi5%..9HUVLFKHUXQJVMDKU %HL HUVWPDOLJHP 9HUWUDJVDEVFKOXVV PLW 9HUVLFKHUXQJVEHJLQQ YRU GHPJLOW D 'HU 9HUVLFKHUXQJVYHUWUDJ ZLUG PLW HLQHU 0LQGHVWYHUWUDJVGDXHU YRQ]ZHL-DKUHQDEJHVFKORVVHQ'DV9HUVLFKHUXQJVMDKUEHJLQQW PLWGHPLP9HUVLFKHUXQJVVFKHLQEH]HLFKQHWHQ=HLWSXQNW E :HUGHQQDFKWU¦JOLFKZHLWHUH7DULIHDEJHVFKORVVHQVRHQGHWLKU HUVWHV9HUVLFKHUXQJVMDKUPLWGHPGHVEHUHLWVEHVWHKHQGHQ9HU VLFKHUXQJVYHUWUDJHV 'LH IROJHQGHQ 9HUVLFKHUXQJVMDKUH ZHUGHQ GHP GHV EHUHLWV EHVWHKHQGHQ 9HUVLFKHUXQJVYHUWUDJHV DQJH SDVVW %HLHUVWPDOLJHP9HUWUDJVDEVFKOXVVPLW9HUVLFKHUXQJVEHJLQQDEGHP JLOW 'HU9HUVLFKHUXQJVYHUWUDJZLUGPLWHLQHU0LQGHVWYHUWUDJVGDXHUYRQ ]ZHL 9HUVLFKHUXQJVMDKUHQ DEJHVFKORVVHQ 'DV HUVWH 9HUVLFKHUXQJV MDKU EHJLQQW PLW GHP LP 9HUVLFKHUXQJVVFKHLQ EH]HLFKQHWHQ =HLW SXQNWHVHQGHWDP'H]HPEHUGHVEHWUHIIHQGHQ.DOHQGHUMDKUHV $OOHZHLWHUHQ9HUVLFKHUXQJVMDKUHVLQGPLWGHP.DOHQGHUMDKUJOHLFK i .¾QGLJXQJGXUFKGHQ9HUVLFKHUHU ,QHLQHUGHU3IOLFKW]XU9HUVLFKHUXQJJHQ¾JHQGHQ.UDQNKHLWVNRVWHQYHUVL FKHUXQJLP6LQQHYRQi$EV99*VLHKH.XQGHQLQIRUPDWLRQLVW MHGH.¾QGLJXQJDXVJHVFKORVVHQ'DU¾EHUKLQDXVLVWLQGHUVXEVWLWXWLYHQ .UDQNHQYHUVLFKHUXQJJHP¦¡i$EV99*VLHKH.XQGHQLQIRUPDWL RQGDVRUGHQWOLFKH.¾QGLJXQJVUHFKWDXVJHVFKORVVHQGLHVJLOWDXFKI¾U HLQH .UDQNHQKDXVWDJHJHOGYHUVLFKHUXQJ GLH QHEHQ HLQHU .UDQNKHLWVNRV WHQYROOYHUVLFKHUXQJ EHVWHKW VRZLH I¾U HLQH QLFKW VXEVWLWXWLYH .UDQN KHLWVNRVWHQYHUVLFKHUXQJGLHQDFK$UWGHU/HEHQVYHUVLFKHUXQJEHWULHEHQ ZLUG /LHJHQ EHL HLQHU .UDQNHQKDXVWDJHJHOGYHUVLFKHUXQJ RGHU HLQHU .UDQN KHLWVNRVWHQWHLOYHUVLFKHUXQJ GLH 9RUDXVVHW]XQJHQ QDFK $EVDW] QLFKW YRUNDQQGHU9HUVLFKHUHUGDV9HUVLFKHUXQJVYHUK¦OWQLVQXULQQHUKDOEGHU HUVWHQGUHL9HUVLFKHUXQJVMDKUHIU¾KHVWHQVDEHU]XP$EODXIHLQHUYHUHLQ EDUWHQ9HUWUDJVGDXHUPLWHLQHU)ULVWYRQGUHL0RQDWHQ]XP(QGHHLQHV 9HUVLFKHUXQJVMDKUHVN¾QGLJHQ 'LHJHVHW]OLFKHQ%HVWLPPXQJHQ¾EHUGDVDX¡HURUGHQWOLFKH.¾QGLJXQJV UHFKWEOHLEHQXQEHU¾KUW 'LH .¾QGLJXQJ NDQQ DXI HLQ]HOQH YHUVLFKHUWH 3HUVRQHQ RGHU 7DULIH EH VFKU¦QNWZHUGHQ :LUG HLQH .UDQNKHLWVNRVWHQYHUVLFKHUXQJ ZHJHQ =DKOXQJVYHU]XJV GHV 9HUVLFKHUXQJVQHKPHUVZLUNVDPJHN¾QGLJWJLOWi$EV6¦W]HXQG HQWVSUHFKHQG 7HLO,,i ]Xi5%..9HU]LFKWDXIGDVRUGHQWOLFKH.¾QGLJXQJVUHFKW 'HU 9HUVLFKHUHU YHU]LFKWHW DXFK EHL HLQHU .UDQNKHLWVNRVWHQWHLOYHUVLFKH UXQJ XQG EHL HLQHU .UDQNHQKDXVWDJHJHOGYHUVLFKHUXQJ GLH ]XVDPPHQ PLWHLQHU.UDQNKHLWVNRVWHQWHLOYHUVLFKHUXQJEHVWHKWDXIGDVLQi 5%..IHVWJHOHJWHRUGHQWOLFKH.¾QGLJXQJVUHFKW i 6RQVWLJH%HHQGLJXQJVJU¾QGH 'DV 9HUVLFKHUXQJVYHUK¦OWQLV HQGHW PLW GHP 7RG GHV 9HUVLFKHUXQJVQHK PHUV'LHYHUVLFKHUWHQ3HUVRQHQKDEHQMHGRFKGDV5HFKWGDV9HUVLFKH UXQJVYHUK¦OWQLV XQWHU %HQHQQXQJ GHV N¾QIWLJHQ 9HUVLFKHUXQJVQHKPHUV IRUW]XVHW]HQ 'LH )RUWVHW]XQJ GHV 9HUVLFKHUXQJVYHUK¦OWQLVVHV KDW GHU N¾QIWLJH9HUVLFKHUXQJVQHKPHULQQHUKDOE]ZHLHU0RQDWHQDFKGHP7RGH GHV9HUVLFKHUXQJVQHKPHUV]XHUNO¦UHQ %HLP 7RG HLQHU YHUVLFKHUWHQ 3HUVRQ HQGHW LQVRZHLW GDV 9HUVLFKHUXQJV YHUK¦OWQLV 9HUOHJW GLH YHUVLFKHUWH 3HUVRQ LKUHQ JHZ¸KQOLFKHQ $XIHQWKDOW LQ HLQHQ DQGHUHQ6WDDWDOVGLHLQi$EVJHQDQQWHQHQGHWLQVRZHLWGDV9HUVL FKHUXQJVYHUK¦OWQLV HV VHL GHQQ GDVV HLQH DQGHUZHLWLJH 9HUHLQEDUXQJ JHWURIIHQZLUG 6RQVWLJH%HVWLPPXQJHQ i :LOOHQVHUNO¦UXQJHQXQG$Q]HLJHQ :LOOHQVHUNO¦UXQJHQ XQG $Q]HLJHQ JHJHQ¾EHU GHP 9HUVLFKHUHU EHG¾UIHQ GHU 6FKULIWIRUPVRIHUQ7H[WIRUPQLFKWYHUHLQEDUWRGHUJHVHW]OLFK]XJHODVVHQLVW i *HULFKWVVWDQG .ODJHQ JHJHQ GHQ 9HUVLFKHUHU N¸QQHQ EHL GHP *HULFKW DP :RKQVLW] RGHUJHZ¸KQOLFKHQ$XIHQWKDOWGHV9HUVLFKHUXQJVQHKPHUVRGHUEHLGHP *HULFKW DP 6LW] GHV 9HUVLFKHUHUV RGHU DP 6LW] GHU YHUWUDJVI¾KUHQGHQ 1LHGHUODVVXQJDQK¦QJLJJHPDFKWZHUGHQ )¾U .ODJHQ DXV GHP 9HUVLFKHUXQJVYHUWUDJ JHJHQ GHQ 9HUVLFKHUXQJV QHKPHULVWGDV*HULFKWGHV2UWHV]XVW¦QGLJDQGHPGHU9HUVLFKHUXQJV QHKPHUVHLQHQ:RKQVLW]RGHULQ(UPDQJHOXQJHLQHVVROFKHQVHLQHQJH Z¸KQOLFKHQ$XIHQWKDOWKDW 9HUOHJWGHU9HUVLFKHUXQJVQHKPHUQDFK9HUWUDJVVFKOXVVVHLQHQ:RKQVLW] RGHU JHZ¸KQOLFKHQ $XIHQWKDOW LQ HLQHQ 6WDDW GHU QLFKW 0LWJOLHGVWDDW GHU (XURS¦LVFKHQ 8QLRQ RGHU 9HUWUDJVVWDDW GHV $ENRPPHQV ¾EHU GHQ (XURS¦LVFKHQ:LUWVFKDIWVUDXPLVWRGHULVWVHLQ:RKQVLW]RGHUJHZ¸KQ OLFKHU$XIHQWKDOWLP=HLWSXQNWGHU.ODJHHUKHEXQJQLFKWEHNDQQWLVWGDV *HULFKWDP6LW]GHV9HUVLFKHUHUV]XVW¦QGLJ i QGHUXQJHQGHU$OOJHPHLQHQ9HUVLFKHUXQJV EHGLQJXQJHQ %HL HLQHU QLFKW QXU DOV YRU¾EHUJHKHQG DQ]XVHKHQGHQ 9HU¦QGHUXQJ GHU 9HUK¦OWQLVVH GHV *HVXQGKHLWVZHVHQV N¸QQHQ GLH $OOJHPHLQHQ 9HUVLFKH UXQJVEHGLQJXQJHQ XQG GLH 7DULIEHVWLPPXQJHQ GHQ YHU¦QGHUWHQ 9HU K¦OWQLVVHQ DQJHSDVVW ZHUGHQ ZHQQ GLH QGHUXQJHQ ]XU KLQUHLFKHQGHQ :DKUXQJ GHU %HODQJH GHU 9HUVLFKHUXQJVQHKPHU HUIRUGHUOLFK HUVFKHLQHQ XQGHLQXQDEK¦QJLJHU7UHXK¦QGHUGLH9RUDXVVHW]XQJHQI¾UGLHQGHUXQ JHQ¾EHUSU¾IWXQGLKUH$QJHPHVVHQKHLWEHVW¦WLJWKDW'LHQGHUXQJHQ ZHUGHQ]X%HJLQQGHV]ZHLWHQ0RQDWVZLUNVDPGHUDXIGLH0LWWHLOXQJ GHUQGHUXQJHQXQGGHUKLHUI¾UPD¡JHEOLFKHQ*U¾QGHDQGHQ9HUVLFKH UXQJVQHKPHUIROJW ,VW HLQH %HVWLPPXQJ LQ GHQ $OOJHPHLQHQ 9HUVLFKHUXQJVEHGLQJXQJHQ GXUFKK¸FKVWULFKWHUOLFKH(QWVFKHLGXQJRGHUGXUFKHLQHQEHVWDQGVNU¦IWL JHQ 9HUZDOWXQJVDNW I¾U XQZLUNVDP HUNO¦UW ZRUGHQ NDQQ VLH GHU 9HUVL FKHUHU GXUFK HLQH QHXH 5HJHOXQJ HUVHW]HQ ZHQQ GLHV ]XU )RUWI¾KUXQJ GHV 9HUWUDJV QRWZHQGLJ LVW RGHU ZHQQ GDV )HVWKDOWHQ DQ GHP 9HUWUDJ RKQHQHXH5HJHOXQJI¾UHLQH9HUWUDJVSDUWHLDXFKXQWHU%HU¾FNVLFKWLJXQJ GHU,QWHUHVVHQGHUDQGHUHQ9HUWUDJVSDUWHLHLQHXQ]XPXWEDUH+¦UWHGDU VWHOOHQZ¾UGH'LHQHXH5HJHOXQJLVWQXUZLUNVDPZHQQVLHXQWHU:DK UXQJGHV9HUWUDJV]LHOVGLH%HODQJHGHU9HUVLFKHUXQJVQHKPHUDQJHPHVVHQ EHU¾FNVLFKWLJW6LHZLUG]ZHL:RFKHQQDFKGHPGLHQHXH5HJHOXQJXQG GLH KLHUI¾U PD¡JHEOLFKHQ *U¾QGH GHP 9HUVLFKHUXQJVQHKPHU PLWJHWHLOW ZRUGHQVLQG9HUWUDJVEHVWDQGWHLO i:HFKVHOLQGHQ6WDQGDUGWDULI 'HU 9HUVLFKHUXQJVQHKPHU NDQQ YHUODQJHQ GDVV YHUVLFKHUWH 3HUVRQHQ VHLQHV9HUWUDJHVGLHGLHLQi$EVD1UDXQGE6*%9LQGHU ELV]XP'H]HPEHUJHOWHQGHQ)DVVXQJVLHKH.XQGHQLQIRUPDWL RQ JHQDQQWHQ 9RUDXVVHW]XQJHQ HUI¾OOHQ LQ GHQ 6WDQGDUGWDULI PLW +¸FKVWEHLWUDJVJDUDQWLH ZHFKVHOQ N¸QQHQ =XU *HZ¦KUOHLVWXQJ GLHVHU %HLWUDJVJDUDQWLH ZLUG GHU LQ GHQ WHFKQLVFKHQ %HUHFKQXQJVJUXQGODJHQ IHVWJHOHJWH=XVFKODJHUKREHQ1HEHQGHP6WDQGDUGWDULIGDUIJHP¦¡1U $EVXQG1UGHU7DULIEHGLQJXQJHQI¾UGHQ6WDQGDUGWDULII¾UHLQH YHUVLFKHUWH 3HUVRQ NHLQH ZHLWHUH .UDQNKHLWVNRVWHQWHLO RGHU YROOYHUVLFKHUXQJEHVWHKHQ'HU:HFKVHOLVWMHGHU]HLWQDFK(UI¾OOXQJGHU JHVHW]OLFKHQ9RUDXVVHW]XQJHQP¸JOLFKGLH9HUVLFKHUXQJLP6WDQGDUGWD ULI EHJLQQW ]XP (UVWHQ GHV 0RQDWV GHU DXI GHQ $QWUDJ GHV 9HUVLFKH UXQJVQHKPHUVDXI:HFKVHOLQGHQ6WDQGDUGWDULIIROJW $EVDW]JLOWQLFKWI¾UDEGHP-DQXDUDEJHVFKORVVHQH9HUWU¦JH i: H F K V H O L Q G H Q % D V L V W D U L I 'HU 9HUVLFKHUXQJVQHKPHU NDQQ YHUODQJHQ GDVV YHUVLFKHUWH 3HUVRQHQ VHLQHV 9HUWUDJHV LQ GHQ %DVLVWDULI PLW +¸FKVWEHLWUDJVJDUDQWLH XQG %HL WUDJVPLQGHUXQJEHL+LOIHEHG¾UIWLJNHLW%HLWUDJVEHJUHQ]XQJHQZHFKVHOQ N¸QQHQ D ZHQQ GHU HUVWPDOLJH $EVFKOXVV GHU EHVWHKHQGHQ .UDQNKHLWVNRVWHQ YROOYHUVLFKHUXQJDEGHP-DQXDUHUIROJWHRGHU E GLHYHUVLFKHUWH3HUVRQGDV/HEHQVMDKUYROOHQGHWKDWRGHU F GDV/HEHQVMDKUQRFKQLFKWYROOHQGHWKDWDEHUGLH9RUDXVVHW]XQ JHQI¾UGHQ$QVSUXFKDXIHLQH5HQWHGHUJHVHW]OLFKHQ5HQWHQYHUVL FKHUXQJHUI¾OOWXQGGLHVH5HQWHEHDQWUDJWKDWRGHUHLQ5XKHJHKDOW QDFK EHDPWHQUHFKWOLFKHQ RGHU YHUJOHLFKEDUHQ 9RUVFKULIWHQ EH]LHKW RGHUKLOIHEHG¾UIWLJQDFKGHP=ZHLWHQRGHU=Z¸OIWHQ%XFK6R]LDOJH VHW]EXFKLVW =XU*HZ¦KUOHLVWXQJGHULQ6DW]JHQDQQWHQ%HLWUDJVEHJUHQ]XQJHQZLUG HLQ =XVFKODJ HUKREHQ GHU LQ GHQ WHFKQLVFKHQ %HUHFKQXQJVJUXQGODJHQ IHVWJHOHJWLVWi$EV6DW]JLOWHQWVSUHFKHQG 'HU $QVSUXFK QDFK $EV EHVWHKW QLFKW EHL EHIULVWHWHQ 9HUVLFKHUXQJV YHUK¦OWQLVVHQ &HQWUDO.UDQNHQYHUVLFKHUXQJ$* +DQVDULQJ .¸OQ 7HOHIRQ 7HOHID[ ZZZFHQWUDOGH
© Copyright 2024 ExpyDoc