*ORVVDU 3DJHRI

*ORVVDU*ORVVDU\

$%&'()*+,-./0123456789:;<=

:lKOHQ6LHGHQ$QIDQJVEXFKVWDEHQGHVJHVXFKWHQ%HJULIIVDXVGHU
REHQVWHKHQGHQ/LVWHXP]XPHQWVSUHFKHQGHQ$EVFKQLWWGHV*ORVVDUV]X
VSULQJHQ%HJLQQWGHUJHVXFKWH%HJULIIPLWHLQHU=LIIHURGHUHLQHP6RQGHU]HLFKHQ
ZlKOHQ6LH



$
$FDUL]LGH 0LWWHO]XP$EW|WHQYRQ+DXVVWDXEPLOEHQ6SUD\6FKDXP

$OOHUJHQ$QWLJHQH]XP%HLVSLHO3ROOHQ0LOEHQ1DKUXQJVPLWWHO0HGLNDPHQWH
HWFGLHHLQH$OOHUJLHYHUXUVDFKHQ3ROOHQDOOHUJHQHVLQGELRORJLVFKH0ROHNOH
3URWHLQH (LZHL‰HGLHVRJHQDQQWH(SLWRSHLQLKUHUUlXPOLFKHQ6WUXNWXU
DXIZHLVHQGLHVHKDEHQHLQH$UW6FKOVVHO6FKORVV)XQNWLRQXQGVLQG
YRUZLHJHQGDQGHU2EHUIOlFKHGHU3ROOHQN|UQHUDQJHRUGQHWhEHULKUHZDKUH
1DWXULKUHJHQDXHELRORJLVFKH)XQNWLRQLVWQRFKUHFKWZHQLJEHNDQQWREZRKOLKUH
FKHPLVFKH6WUXNWXU]XP7HLOELVLQDOOH(LQ]HOKHLWHQEHNDQQWLVW,P3ULQ]LSGLHQHQ
VLHDOV,QIRUPDWLRQVWUlJHU]XP$XVWDXVFKYRQ,QIRUPDWLRQHQ]ZLVFKHQPlQQOLFKHU
XQGZHLEOLFKHU%OWH:DUXPVLHDEHUPDQFKHQ0HQVFKHQ8QDQQHKPOLFKNHLWHQ
EHUHLWHQZLVVHQZLUELVKHXWHQLFKW

$OOHUJHQSRWHQ](LQLJH3ROOHQDOOHUJHQH*UlVHU%LUNH%HLIXVV5DJZHHGVLQG

GHPPHQVFKOLFKHQ,PPXQV\VWHPDOV)HLQGZRKOEHNDQQWDQGHUHVFKHLQHQXQVHU
,PPXQV\VWHPQLFKWVRQGHUOLFK]XLQWHUHVVLHUHQ6RJLEWHVLQ0LWWHOHXURSDLQGHU
/XIWLP/DXIHGHV-DKUHVZHVHQWOLFKPHKU%UHQQHVVHOSROOHQRGHUDXFK
.LHIHUQSROOHQDOV*UlVHUSROOHQGHQQRFKVLQG$OOHUJLHQJHJHQEHLGHXQEHNDQQW
(VOLHJWDOVRDQVFKHLQHQGDQGHUFKHPLVFKHQ6WUXNWXUREXQVHU.|USHUJHZLVVH
(LZHL‰HDOVJHIlKUOLFKRGHUKDUPORVHLQVWXIW

$OOHUJHQLWlWVLHKH$OOHUJHQSRWHQ]

$OOHUJLH(LQH)HKOIXQNWLRQGHV,PPXQV\VWHPVGLH]XhEHUSURGXNWLRQYRQ
$EZHKUVWRIIHQ$QWLN|USHUQIKUW

$OOHUJLVFKH5HDNWLRQHQ LPPXQRORJLVFKYHUPLWWHOWH5HDNWLRQYJO$WRSLH

$OOHUJRORJHHLQ$U]WGHUHLQH)DFKDXVELOGXQJIU$OOHUJRORJLHXQG,PPXQRORJLH
DEJHVFKORVVHQKDW

ILOH&?0\'RFXPHQWV?*ORVVDUJHUPDQPHGLFDOKWP 
*ORVVDU 3DJHRI

$QDPQHVH %HIUDJXQJGHV3DWLHQWHQGXUFKGHQ$U]WXPXD(LQ]HOKHLWHQEHU
GDVDOOHUJLVFKH*HVFKHKHQ]XHUIDKUHQ

$QDSK\OD[LHKHIWLJHV\VWHPLVFKH5HDNWLRQDXIHLQ1DKUXQJVPLWWHO$OOHUJHQ

$QDSK\ODNWLVFKHU6FKRFN 6FKZHUVWHDOOHUJLVFKH5HDNWLRQGLHPLWHLQHP
.UHLVODXI]XVDPPHQEUXFKGHUGXUFK]XUDVFKH$XVVFKWWXQJYRQ+LVWDPLQ
6HURWRQLQXQGDQGHUHUJHIl‰HUZHLWHUQGHU6WRIIHLP5DKPHQHLQHUDOOHUJLVFKHQ
5HDNWLRQ]XVWDQGHNRPPWHLQKHUJHKW(VPXVVVRIRUWlU]WOLFKH+LOIHJHOHLVWHW
ZHUGHQ

$QJLR|GHPORNDOH6FKZHOOXQJGHU+DXWXQGGHV8QWHUKDXWJHZHEHV(V
4XLQFNHgGHPWULWWDXIZHQQHLQH8UWLNDULDWLHIHUH+DXWVFKLFKWHQEHIlOOWXQGHLQH
6FKZHOOXQJYHUXUVDFKW'LHDPKlXILJVWHQEHWURIIHQHQ.|USHUWHLOHVLQG0XQG
$XJHQ=XQJH*HQLWDOLHQ+lQGHXQG)VVH,P*HJHQVDW]]XU8UWLNDULDMXFNWHLQ
$QJLR|GHPQRUPDOHUZHLVHQLFKW

$QWLJHQHLQ)UHPGPROHNOLPDOOJHPHLQHQHLQ3URWHLQRGHU7HLOHLQHV3URWHLQV
GDVGHQ.|USHU]XU%LOGXQJYRQ$QWLN|USHUQRGHU]X]HOOYHUPLWWHOWHQ
,PPXQUHDNWLRQHQYHUDQODVVW

$QWLKLVWDPLQLND 0HGLNDPHQWHGLHGLH+LVWDPLQDXVVFKWWXQJDXVGHU0DVW]HOOH
KHPPHQ

$QWLN|USHU (LZHLVVHGLHJHJHQVSH]LILVFKH$QWLJHQH$OOHUJHQHZLUNHQGKPLW

GLHVHQHLQHFKHPLVFKH5HDNWLRQHLQJHKHQ,J*,J$,J0,J(,J'6LHEHVLW]HQ
DOOHHLQHXQWHUVFKLHGOLFKH6WUXNWXUXQG)XQNWLRQ6SH]LILVFKHVELRORJLVFKHV
0ROHNO,PPXQJOREXOLQGDVYRP,PPXQV\VWHPHU]HXJWZLUGXP$OOHUJHQH
N|USHUIUHPGHV(LZHLVV]XEHNlPSIHQ

$VWKPD$OOHUJRORJHQVSUHFKHQEHUHLWVYRQ$VWKPDZHQQHV]X6FKZLHULJNHLWHQ
EHLGHU$WPXQJNRPPWXQJHDFKWHWGHU6FKZHUHGHU(UVFKHLQXQJHQ%HLP$VWKPD
LVWGDV$XVDWPHQHUVFKZHUW6FKZHUH$VWKPDDWWDFNHQN|QQHQW|GOLFKHQGHQ

$VWKPDEURQFKLDOH 5FNJlQJLJH9HUHQJXQJGHU$WHPZHJH$WHPQRWSIHLIHQGH
$WHPJHUlXVFKH

$WRSLH8QJHZ|KQOLFKH%HUHLWVFKDIWDXIEHVWLPPWH6XEVWDQ]HQLQGHU8PJHEXQJ
DXIEHVRQGHUH$UWXQG:HLVH]XUHDJLHUHQ]%*UDVHUSROOHQ3LO]VSRUHQ
EHVWLPPWH1DKUXQJVPLWWHO

$WRSLNHU VLQG0HQVFKHQGHUHQ,PPXQV\VWHPEHUPl‰LJUHDJLHUW6LHQHLJHQ]X
DOOHUJLVFKHQ5HDNWLRQHQZLH]%+HXVFKQXSIHQDOOHUJLVFKHP$VWKPDXQG
1HXURGHUPLWLV'LHDOOHUJLVFKH9HUDQODJXQJZXUGHHUHUEWLP9RONVPXQG
$OOHUJLNHU

$WRSLVFKDQIlOOLJIUGLH(QWZLFNOXQJHLQHU,J(YHUPLWWHOWHQ$OOHUJLH

$WRSLVFKH'HUPDWLWLVRGHUDWRSLVFKHV(N]HPLVWHLQHFKURQLVFKUH]LGLYLHUHQGH
'HUPDWLWLVDQGHU%HXJHVHLWHGHU$UPHXQG%HLQHGLHVHU3DWLHQWHQKDEHQ
HLQHDWRSLVFKH'LVSRVLWLRQ7HLOGHV$WRSLHV\QGURPV$VWKPD+HXVFKQXSIHQ
(N]HP:HLWHUH%H]HLFKQXQJIU1HXURGHUPLWLV+DXWHUNUDQNXQJPLWWURFNHQHU

ILOH&?0\'RFXPHQWV?*ORVVDUJHUPDQPHGLFDOKWP 
*ORVVDU 3DJHRI

MXFNHQGHU]7HQW]QGHWHU+DXWGLH]XPVRJ!‡DWRSLVFKHQ)RUPHQNUHLV]DKOW

$WRSLVFKHV(N]HPVLHKHDWRSLVFKH'HUPDWLWLV

$WRSLVFKHU)RUPHQNUHLV =XGHQ(UNUDQNXQJHQGHVDWRSLVFKHQ)RUPHQNUHLVHV
]DKOHQYHUVFKLHGHQHDOOHUJLVFKH(UNUDQNXQJHQZLH+HXVFKQXSIHQDOOHUJLVFKHV
%URQFKLDODVWKPDDOOHUJLVFKH%LQGHKDXWHQW]QGXQJXQG1HXURGHUPLWLV

=XUFN]XP$QIDQJ

%
%HIUXFKWXQJGHUVH[XHOOH$NWZHQQGHUPlQQOLFKH=HOONHUQDXVGHP3ROOHQNRUQ
PLWGHU(L]HOOHYHUVFKPLO]WQDFKGHU%HVWlXEXQJ

%HVWlXEXQJGLHhEHUWUDJXQJYRQ3ROOHQDXIGLHZHLEOLFKH%OWHDXIGLH1DUEH
,VWQRFKNHLQH%HIUXFKWXQJ

%HXJHHN]HP7\SLVFKHV(N]HPGHV1HXURGHUPLWLNHUVLQGHQ(OOHQEHXJHQRGHU
.QLHEHXJHQ

%LRJHQH$PLQHZLH+LVWDPLQ3KHQ\OlWK\ODPLQ7\UDPLQVLQGFKHPLVFKH
9HUELQGXQJHQGLHQDWUOLFKHUZHLVHLPPHQVFKOLFKHQ.|USHUYRUNRPPHQXQGGLH
]XP%HLVSLHOIU9HUGDXXQJ.|USHUWHPSHUDWXU%OXWNUHLVODXI$WPXQJXQG
%LRUK\WKPXVYHUDQWZRUWOLFKVLQG%LRJHQH$PLQHNRPPHQDXFKDOVQDWUOLFKH
%HVWDQGWHLOHLQEHVWLPPWHQ1DKUXQJVPLWWHOQYRU1DKUXQJVPLWWHOGLHGXUFK
)HUPHQWLHUXQJRGHU5HLIXQJHU]HXJWZHUGHQXQG3URGXNWHGLHUHLFKDQ
]HUVHW]WHP3URWHLQVLQGHQWKDOWHQHLQHJUR‰H0HQJHELRJHQHU$PLQH

%OXWSODVPDGLH)OVVLJNHLWGLHEULJEOHLEWQDFKGHPGLH%OXWN|USHUFKHQGXUFK
=HQWULIXJLHUHQDEJHVFKLHGHQZXUGHQ

%OXWWHVWHLQHNOHLQH0HQJH%OXWSODVPDZLUGYHUZHQGHWXPLP/DERU$QWLJHQ
$QWLN|USHU5HDNWLRQHQGXUFK]XIKUHQ'DVJHVFKLHKWHQWZHGHUPLWUDGLRDNWLY
PDUNLHUWHQ$QWLJHQHQ5$67&$3RGHUPLWLPPXQRFKHPLVFKHQ)lUEHPHWRGHQ
(/,6$'DPLWNDQQPDQGLH0HQJHYRQ$QWLN|USHUQGLHVLFKLP%OXWEHILQGHQ
TXDQWLIL]LHUHQ

%/\PSKR]\WHQ$QWLN|USHU,PPXQJOREXOLQSURGX]LHUHQGH/\PSK]HOOHQDXV

GHP.QRFKHQPDUN$XFKHLQIDFK%=HOOHQJHQQDQW
>]XUFN]XP%HJLQQGHU6HLWH@

=XUFN]XP$QIDQJ

&
&HUDPLG :LFKWLJHU%HVWDQGWHLOGHU)HWWHLQGHU+RUQVFKLFKWGLHZLH0|UWHO
]ZLVFKHQGHQ=LHJHOVWHLQHQHLQHU0DXHU]ZLVFKHQGHQ+RUQ]HOOHQHLQJHODJHUW
VLQG'LH&HUDPLGHQRUPDOLVLHUHQGHQ)HXFKWLJNHLWVKDXVKDOWGHU+DXW

ILOH&?0\'RFXPHQWV?*ORVVDUJHUPDQPHGLFDOKWP 
*ORVVDU 3DJHRI

&RULXP /DWHLQLVFKH%H]HLFKQXQJIUGLH/HGHUKDXWGLHPLWWOHUHGHUGUHL
+DXWVFKLFKWHQ

=XUFN]XP$QIDQJ

'
'%3&)&3OD]HERNRQWUROOLHUWHU'RSSHOEOLQG3URYRNDWLRQVYHUVXFKHQJOGRXEOH
EOLQGSODFHERFRQWUROOHGIRRGFKDOOHQJH

'HUPDWLWLV +DXWHQW]QGXQJ($67V5$67QXUVWDWWHLQHVUDGLRDNWLYPDUNLHUWHQ
$QWL,J(ZLUGLP5DKPHQGHU8QWHUVXFKXQJHLQHQ]\PPDUNLHUWHV$QWL,J(
HLQJHVHW]W

'HVHQVLELOLVLHUXQJ .DXVDOH7KHUDSLHXPGLHDOOHUJLVHKHhEHUHPSILQGOLFKNHLW
GHV2UJDQLVPXVJHJHQEHU$OOHUJHQHQKHUDE]XVHW]HQ6LHNDQQPLWWHOV
VXENXWDQHU,QMHNWLRQRUDOHURGHUVXEOLQJXDOHU$SSOLNDWLRQ9HUDEUHLFKXQJGHV
$OOHUJHQH[WUDNWVZLH]%0LOEH3ROOHQHWFHUIROJHQ

=XUFN]XP$QIDQJ

(
(IIORUHV]HQ]HQ +DXWEOWHQYHUVFKLHGHQ)RUPHQHLQHV(UVFKHLQXQJVELOGHV
HLQHU+DXWHUNUDQNXQJVR]%SVRULDVLIRUPHU\WKHPDWRVTXDP|VHXVZ

(LJHQEOXW7KHUDSLHEUDXFKWGHU$OOHUJLNHUQLFKW(VKDQGHOWVLFKGDEHLXP
(QWQDKPHYRQ9HQHQEOXWXQGHYHQWXHOO9HUPLVFKXQJPLW3IODQ]HQOHNWLQHQ
(FKLQDFLQ=XVDW]YRQ6DXHUVWRIIRGHU2]RQRGHU%HVWUDKOXQJPLW89/LFKWXQG
LQWUDPXVNXOlUH5H,QMHNWLRQ]XU$NWLYLHUXQJYRQ,PPXQIXQNWLRQHQ

(N]HP ,QWROHUDQ]UHDNWLRQGHU+DXWGLHVLFKLQ)RUPYRQ5|WXQJ6FKXSSXQJ
-XFNUHL]+DXWYHUGLFNXQJ/LFKHQLIL]LHUXQJXQGQDHVVHQGHQ5HDNWLRQHQlXVVHUW

(PXOJDWRUHQ 6WRIIHGLHGLH%LOGXQJYRQ(PXOVLRQHQHUP|JOLFKHQXQGGHUHQ
6WDELOLWlWYHUEHVVHUQ$XIGLHVH:HLVHZHUGHQ)HWWXQG:DVVHUIHLQYHUPHQJW
GLVSHUJLHUW

(PXOVLRQ )HLQVWH9HUWHLOXQJ]ZHLHUQLFKWLQHLQDQGHUORHVOLFKHU)OVVLJNHLWHQZLH
2HOXQG:DVVHU

(QWHURNROLWLV(QW]QGXQJGHU6FKOHLPKDXWGHV'QQXQG'LFNGDUPV

(Q]\PH6XEVWDQ]HQGLHELRFKHPLVFKH5HDNWLRQHQEHVFKOHXQLJHQ

(RVLQRSKLOH*UDQXOR]\WHQDXVGHP.QRFKHQPDUNVWDPPHQGHPLW(RVLQVWDUN
IlUEEDUHZHLVVH%OXWN|USHUFKHQPLWEHVRQGHUVDJJUHVVLYHQ(Q]\PHQ%HL
DOOHUJLVFKHQ(UNUDQNXQJHQXQGEHL3DUDVLWHQEHIDOONRPPWHV]XHLQHU9HUPHKUXQJ

ILOH&?0\'RFXPHQWV?*ORVVDUJHUPDQPHGLFDOKWP 
*ORVVDU 3DJHRI

YRQ(RVLQRSKLOHQ]XU9HUPLQGHUXQJEHL&RUWLVRQ7KHUDSLHQ

(SLGHUPLV /DWHLQLVFKH%H]HLFKQXQJIU2EHUKDXWGLHREHUVWH+DXWVFKLFKW

(SLNXWDQWHVW$OOHUJHQH[WUDNWHRGHUGHURULJLQDOH$OOHUJHQWUlJHUZHUGHQDXIGLH
+DXWDXIJHEUDFKWXQGZLUNHQGRUWHLQLJH=HLWDXIGLH+DXWHLQEOLFKHUZHLVHHLQ
ELV]ZHL7DJH

(SLWRSGLHUlXPOLFKDQJHRUGQHWHFKHPLVFKH6WUXNWXUHLQHV$QWLJHQVGLHYRQ
HLQHP$QWLN|USHUHUNDQQWXQGJHEXQGHQZLUG

(U\WKHPDWRVTXDP|V+DXWHUVFKHLQXQJHQZHOFKHU|WOLFKXQGVFKXSSHQG
LPSRQLHUHQ

([DQWKHP $XVVFKODJWHLOVVLFKEHUJURVVH$QWHLOHRGHUGHQJDQ]HQ.|USHU
DXIWUHWHQGH(IIORUHV]HQ]HQ

([VLNNDWLRQVHN]HP $XVWURFNQXQJVHN]HP+DXWU|WXQJ6FKXSSXQJGHU+DXW
LQIROJHYRQPDVVLYHQ5HLQLJXQJVSUR]HVVHQXQGGHPKlXILJHQ*HEUDXFKYRQ
6HLIHQXQG6FKDXPEDHGHUQ

([WULQVLVFKH3URWHLQH0ROHNOHGLHQLFKWYRPHLJHQHQ.|USHUSURGX]LHUWZHUGHQ
XQGGDKHUDOVN|USHUIUHPGDQJHVHKHQZHUGHQ

=XUFN]XP$QIDQJ

)
NHLQ(LQWUDJ

=XUFN]XP$QIDQJ

*
*DPHWRSK\W3IODQ]HQKDEHQHLQHQ*HQHUDWLRQVZHFKVHO(VJHKWMHZHLOVHLQH
JHQHUDWLYHDXVHLQHUYHJHWDWLYHQ*HQHUDWLRQKHUYRUXQGXPJHNHKUWhEOLFKHUZHLVH
KDEHQ6LHHVPLWGHUYHJHWDWLYHQ*HQHUDWLRQGHP.RUPRSK\WHQ]XWXQGLHSUR
=HOONHUQPHKUIDFKH&KURPRVRPHQVlW]HEHVLW]W'LHJHQHUDWLYH*HQHUDWLRQLVWLQ
GHUVH[XHOOHQ3KDVHLQ)RUPYRQZHLEOLFKHQXQGPlQQOLFKHQ*DPHWRSK\WHQ
UHSUlVHQWLHUW(PEU\RVDFNPLWGHQ(L]HOOHQE]Z3ROOHQN|UQHU6LHVLQGPLWQXU
HLQHP&KURPRVRPHQVDW]DXVJHVWDWWHW6RPLWLVWGDVPHKU]HOOLJH3ROOHQNRUQHLQH
HLJHQH3IODQ]HPLWXQWHUVFKLHGOLFKHP$XVVHKHQDEHUHLQIDFKHLQHDQGHUH
*HQHUDWLRQHLQXQGGHUVHOEHQ3IODQ]H

*HJHQVHQVLELOLVLHUXQJ(KHUXQJHHLJQHWH9HUVXFKH]XU$OOHUJLHWKHUDSLHPLW
3DWLHQWHQVHUXPGDVZlKUHQGGHU=HLWGHUVWlUNVWHQ5HDNWLRQHQDEJHQRPPHQ
ZLUG9RUGHUQlFKVWHQ3ROOHQVDLVRQZHUGHQ9HUGQQXQJHQGHVVSH]LHOO
]XEHUHLWHWHQ6HUXPVLQDQVWHLJHQGHU.RQ]HQWUDWLRQJHLPSIW

ILOH&?0\'RFXPHQWV?*ORVVDUJHUPDQPHGLFDOKWP 
*ORVVDU 3DJHRI

=XUFN]XP$QIDQJ

+
+DXWSIOHJH *HVDPWKHLWDOOHU0DVVQDKPHQXPGHU+DXWHLQHQ6FKXW]]XELHWHQ
XQG8PZHOWQR[HQYRQGHU+DXWP|JOLFKVWIHUQ]XKDOWHQ

+LVWDPLQ :LUGEHLGHUDOOHUJLVFKHQ5HDNWLRQDXVGHU0DVW]HOOHDXVJHVFKWWHW
YHUDQWZRUWOLFKIUGLHDOOHUJLVFKHQ6\PSWRPH(LQHVRJHQDQQWH0HGLDWRUVXEVWDQ]
DXFKDOVELRORJLVFKDNWLYH6XEVWDQ]EH]HLFKQHW:LUGDXFKDOV3RVLWLYWHVWO|VXQJ
EHLGHU+DXWSULFNWHVWXQJYHUZHQGHW%HLGHUDOOHUJLVFKHQ5HDNWLRQZLUG+LVWDPLQ
IUHLJHVHW]W(VEHZLUNWHLQH6FKZHOOXQJXQGLQWHQVLYHUH'XUFKEOXWXQJGHV
XPOLHJHQGHQ*HZHEHV6HNUHWELOGXQJXPGHQYHUPHLQWOLFKHQ)HLQGUDVFK
DXV]XZDVFKHQ+LVWDPLQLVWDXFKLQGHQ%UHQQKDDUHQGHU%UHQQHVVHOHQWKDOWHQ
GLH:LUNXQJLVWVRPLWMHGHUPDQQNODU

+\GUROLSLGV\VWHP 1DWUOLFKHU6FKXW]PDQWHOGHU+DXWEHVWHKHQGDXV:DVVHU
+DXWWDOJ/LSLGHQXQGIHXFKWLJNHLWVELQGHQGHQ6XEVWDQ]HQ8UHD'DV
+\GUROLSLGV\VWHPLVWIUGLH%DUULHUHIXQNWLRQGHU+DXWYHUDQWZRUWOLFK'LHVEHGHXWHW
6FKXW]YRUGHP(LQGULQJHQVFKlGOLFKHU6WRIIHVRZLHYRU$XVWURFNQXQJ

+\SRDOOHUJHQ 6XEVWDQ]HQRGHU6XEVWDQ]JHPLVFKHZHOFKHQDFKZHLVOLFKZHQLJ
$OOHUJLHQhEHUUHDNWLRQHQYHUXUVDFKHQ

+\SRDOOHUJHQH1DKUXQJVPLWWHO 1DKUXQJVPLWWHOPLWHLQHUVHKUVHKUJHULQJHQ
5HVWDOOHUJHQLWlWVSH]LHOOIU$OOHUJLNHUJXWJHHLJQHW

+\SRVHQVLELOLVLHUXQJ 'HVHQVLELOLVLHUXQJ0HWKRGHGHU$OOHUJLHWKHUDSLH$XFK
,PPXQRWKHUDSLH

=XUFN]XP$QIDQJ

,
,J,PPXQJOREXOLQRGHU$QWLN|USHU

,PPXQRJOREXOLQ(,J( $QWLN|USHUGLHEHLGHUDOOHUJLVHKHQ5HDNWLRQGHV7\S,

6RIRUWW\SGLHHQWVFKHLGHQGH5ROOHVSLHOHQZXUGHHUVWYRQ-RKDQVVRQXQG
,VKL]DNDHQWGHFNW

,PPXQRJOREXOLQ*,J*$QWLN|USHUGLHGXUFKGLH+\SRVHQVLELOLVLHUXQJKlXILJ

VWDUNHUK|KWZHUGHQ6LHVROOHQDOV6FKXW]JHJHQGDV$OOHUJHQZLUNHQ

,PPXQUHDNWLRQHQ5HDNWLRQHQGLHJHJHQIUHPGHLQGHQ.|USHUHLQJHWUHWHQH
6XEVWDQ]HQJHULFKWHWVLQG

,PPXQV\VWHP$EZHKUV\VWHPGHV.|USHUVGLH*HVDPWKHLWGHUN|USHUHLJHQHQ
$EZHKUPHFKDQLVPHQ]XGHPVSH]LDOLVLHUWH2UJDQH*HZHEH=HOOHQXQG

ILOH&?0\'RFXPHQWV?*ORVVDUJHUPDQPHGLFDOKWP 
*ORVVDU 3DJHRI

0ROHNOHJHK|UHQ'LH/\PSKNQRWHQGLH0LO]GDV.QRFKHQPDUNGLH
7K\PXVGUVHXQGGLH0DQGHOQVSLHOHQHLQH5ROOHHEHQVRZLHVSH]LDOLVLHUWH
ZHLVVH%OXWN|USHUFKHQ/\PSKR]\WHQ)UHVV]HOOHQ0DNURSKDJHQ%OXWSOlWWFKHQ
YHUVFKLHGHQH0HGLDWRUHQRGHU,QWHUIHURQ'LH/\PSKR]\WHQNRQWUROOLHUHQLQ
JHJHQVHLWLJHU%HHLQIOXVVXQJGLH3URGXNWLRQYRQ$QWLN|USHUQXQG0DNURSKDJHQ
ZHOFKHGLHN|USHUIUHPGHQ0ROHNOHIUHVVHQXQG]HUOHJHQ
'LHEHLGHU$OOHUJLHZLFKWLJHQ,PPXQJOREXOLQ(,J(SURGX]LHUHQGHQ=HOOHQGHV
,PPXQV\VWHPVVLQGHLJHQWOLFK]XU$EZHKUYRQ(QGRSDUDVLWHQ]%'DUPZUPHUQ
JHGDFKW

,PPXQWKHUDSLH V'HVHQVLELOLVLHUXQJ

,QIORUHV]HQ](LQ%VFKHOYRQ%OWHQDOVRHLQ%OWHQVWDQGGHUDXVHLQHUHLQ]LJHQ
.QRVSHKHUYRUVSULH‰W

,QKDODWLRQVDOOHUJHQH $OOHUJHQHLQGHU8PJHEXQJVOXIWGLHHLQJHDWPHWZHUGHQ
ZLH]%3ROOHQ6FKLPPHOSLO]H0LOEHQ+DXVVWDXE0HKOVWDXEHWF

,QVHNWHQEHVWlXEXQJGHU7UDQVIHUYRQ3ROOHQYRQHLQHU%OWH]XUDQGHUHQGXUFK
,QVHNWHQ

,QWHUIHURQHLQYRP,PPXQV\VWHPSURGX]LHUWHV(LZHL‰GDVGHU$EZHKUYRQ9LUHQ
GLHQW

,QWUDNXWDQ,QGLH+DXW

,QWUDNXWDQ7HVW$OOHUJLHWHVWDQGHU+DXWGHUDP5FNHQGHV3DWLHQWHQ
GXUFKJHIKUWZLUGGXUFK,QMHNWLRQYRQ$OOHUJHQH[WUDNWHQGLUHNWLQGLH+DXW
LQWUDNXWDQHWZDVVFKPHU]KDIWHUDOVGHU+DXW3ULFN7HVWDEHUPLQGHVWHQVYLHO
HPSILQGOLFKHU

,QWROHUDQ]1LFKWDOOHVZDVZLHHLQH$OOHUJLHDXVVLHKWPX‰DXFKZLUNOLFKHLQH
5HDNWLRQGHV,PPXQV\VWHPVVHLQ%HLGHU,QWROHUDQ]KDQGHOWHVVLFKXP
8QYHUWUlJOLFKNHLWHQRGHU:LGHUVWDQGVORVLJNHLWGHV.|USHUVJHJHQXQWHUVFKLHGOLFKH
6WRIIH'DV(QGHUJHEQLVLVWJOHLFKZLHEHLHLQHU$OOHUJLHDEHUGHU0HFKDQLVPXVLVW
HLQDQGHUHU(VNRPPW]XGLUHNWHUQLFKWYRP,PPXQV\VWHPJHVWHXHUWHU
'HJUDQXODWLRQGHU0DVW]HOOHQXQG+LVWDPLQ$XVVFKWWXQJ9LHOH
1DKUXQJVPLWWHODOOHUJLHQVLQG,QWROHUDQ]HQ

,QWROHUDQ]5HDNWLRQHQ DXIJUXQGHLQHV(Q]\PPDQJHOV]%/DFWDVHPDQJHO

,QYLYR%HLP0HQVFKHQDP/HEHQGHQ

,QYLWUR ,P5HDJHQ]JODVGKDXVVHUKDOEGHV0HQVFKHQ

=XUFN]XP$QIDQJ

-
NHLQ(LQWUDJ

ILOH&?0\'RFXPHQWV?*ORVVDUJHUPDQPHGLFDOKWP 
*ORVVDU 3DJHRI

=XUFN]XP$QIDQJ

.
.ROLWLVHQW]QGOLFKH.UDQNKHLWGHV'LFNGDUPV

.RQMXQNWLYLWLV %LQGHKDXWHQW]QGXQJYHUEXQGHQPLWJHU|WHWHQWUlQHQGHQ
JHVFKZROOHQHQ$XJHQ

.RQVHUYLHUXQJVPLWWHO 6WRIIHGLHYHUKLQGHUQGDVVHVLQGHU:DVVHUSKDVHYRQ
(PXOVLRQHQ]XHLQHPYHUPHKUWHQ%DNWHULHQZDFKVWXPNRPPW

.RQWDNWGHUPDWLWLV'HUPDWLWLVQDFKGLUHNWHP+DXWNRQWDNWPLWHLQHP$OOHUJHQ

.RUWLVRQ 1HEHQQLHUHQULQGHQKRUPRQZLUNWDOOJHPHLQHQW]QGXQJVKHPPHQG
DQWLSUROLIHUDWLYXQGVHQNWVRJHZLVVHUPDVVHQGHQORNDOHQ8PVDW]HLQHV
/HEHQVSUR]HVVHV'DUIQLFKWEHUHLQHQ]XODQJHQ=HLWUDXPRKQHlU]WOLFKH
.RQWUROOHYHUZHQGHWZHUGHQ

.UHX]UHDNWLYLWlW9HUVFKLHGHQH$OOHUJHQTXHOOHQHQWKDOWHQJHPHLQVDPHDOOHUJHQ
ZLUNHQGH%HVWDQGWHLOH

.UHX]UHDNWLRQ%RWDQLVFKHQJYHUZDQGWH3IODQ]HQ]HLJHQDXFKJUR‰H
bKQOLFKNHLWHQLQGHUFKHPLVFKHQ1DWXULKUHU3ROOHQDOOHUJHQH'DKHUN|QQHQ3ROOHQ
DXVGHUHQJHUHQ9HUZDQGWVFKDIWDXFKlKQOLFKVWDUNHDOOHUJLVFKH5HDNWLRQHQ
KHUYRUUXIHQ6RUHDJLHUHQ%LUNHQSROOHQ$OOHUJLNHUDXFKDXI3ROOHQGHUQDKH
YHUZDQGWHQ(UOH
$OOHUGLQJVJLEWHVDXFK.UHX]UHDNWLRQHQGLHRIIHQEDUDXIUHLQ]XIlOOLJHQ
bKQOLFKNHLWHQYRQ0ROHNOHQEHUXKHQ%HLGHQVRJHQDQQWHQSROOHQDVVR]LLHUWHQ
1DKUXQJVPLWWHODOOHUJLHQLVWGDVGHU)DOO%LUNHQSROOHQ$OOHUJLNHUYHUWUDJHQRIW
NHLQHURKHQbSIHObKQOLFKHV]HLJWGDVVRJHQDQQWH%HLIXVV6HOOHULH.DURWWHQ
6\QGURP0DQHUNOlUWVLFKGLHVHQ(IIHNWGDPLWGDVVZDKUVFKHLQOLFKLQGHU
UlXPOLFKHQ$QRUGQXQJGHU$PLQRVlXUHQLQGHQEHWUHIIHQGHQ(LZHLVVPROHNOHQ
HQWVFKHLGHQGH.RPELQDWLRQHQDQH[DNWGHUJOHLFKHQ6WHOOH]XILQGHQVLQGREZRKO
GHU5HVWGHV0ROHNOVY|OOLJXQWHUVFKLHGOLFKYRPMHZHLOVDQGHUHQ$OOHUJHQLVW

=XUFN]XP$QIDQJ

/
/XIWYHUVFKPXW]XQJ(VJLEWhEHUOHJXQJHQGDVV]XPLQGHVWPDQFKH3IODQ]HQ
3ROOHQPLWPHKUDOOHUJHQHQ,QKDOWVVWRIIHQSURGX]LHUHQZHQQVLHXQWHU
/XIWYHUVFKPXW]XQJOHLGHQ'DVEHGHXWHWGDVVEHLVSLHOVZHLVH%lXPHGLHDQVWDUN
EHIDKUHQHQ6WUD‰HQVWHKHQJHIlKUOLFKHUH3ROOHQSURGX]LHUHQDOVGLHVHOEH$UWLQ
5HLQOXIWJHELHWHQ$XFKZLU0HQVFKHQVFKHLQHQXQWHU/XIWYHUVFKPXW]XQJHKHU
$OOHUJLHQ]XHQWZLFNHOQ=XU=HLWEHVFKlIWLJHQVLFK]DKOUHLFKH)RUVFKHUWHDPVPLW
GLHVHP3UREOHP.ODUKHLWJLEWHVELVODQJOHLGHUQRFKNHLQH

ILOH&?0\'RFXPHQWV?*ORVVDUJHUPDQPHGLFDOKWP 
*ORVVDU 3DJHRI

=XUFN]XP$QIDQJ

0
0DVW]HOOHHLQH=HOODUWGLHXQWHUGHU+DXWXQG6FKOHLPKDXWREHUIOlFKHGHV
.|USHUVYRUNRPPWXQGGD]XYHUDQODVVWZHUGHQNDQQ(QW]QGXQJVVXEVWDQ]HQ
0HGLDWRUHQ]XP%HLVSLHOLP9HUODXIHLQHUDOOHUJLVFKHQ5HDNWLRQDE]XJHEHQ6LH
HQWKDOWHQ+LVWDPLQDEHUGDQHEHQDXFKZHLWHUH%RWHQVWRIIHGLHYRUDOOHPDQGDV
,PPXQV\VWHPJHULFKWHWVLQG,J($QWLN|USHUILQGHQDQGHQ0DVW]HOOHQ
5H]HSWRUHQDOVR$QGRFNVWHOOHQGLHHVLKQHQHUODXEHQGDV%OXWDXIDOOHUJHQH
0ROHNOHKLQ]XEHUSUIHQ

0HGLDWRUHQ(QW]QGXQJVVXEVWDQ]HQGLH]XP%HLVSLHOYRQ0DVW]HOOHQQDFK
YRUKHULJHP$OOHUJHQNRQWDNWIUHLJHVHW]WZHUGHQZRGXUFKHLQHDOOHUJLVFKH5HDNWLRQ
DXVJHO|VWZLUG$QGHUH0HGLDWRUHQVSLHOHQEHLGHUQRUPDOHQ,PPXQUHJXOLHUXQJ
HLQH5ROOH

0RQR6HQVLELOLVLHUXQJ(PSILQGOLFKNHLWDXIHLQHLQ]LJHV$OOHUJHQ

=XUFN]XP$QIDQJ

1
1DKUXQJVPLWWHODYHUVLRQ$EQHLJXQJRGHU9HUPHLGXQJYRQEHVWLPPWHQ
1DKUXQJVPLWWHOQDXVUHLQSV\FKRORJLVFKHQ*UQGHQ

1DKUXQJVPLWWHODOOHUJHQGHU7HLOHLQHV1DKUXQJVPLWWHOVGHUGDV,PPXQRGHU
$EZHKUV\VWHPYRQ3HUVRQHQPLW1DKUXQJVPLWWHODOOHUJLHGD]XDQUHJWVSH]LILVFKHV
JHJHQEHVWLPPWH1DKUXQJVPLWWHOSURWHLQHJHULFKWHWHV,J(]XELOGHQ'LHPHLVWHQ
1DKUXQJVPLWWHODOOHUJHQHVLQG3URWHLQHQLFKW.RKOHQK\GUDWHRGHU)HWWH

1DKUXQJVPLWWHODOOHUJLHMHGH8QYHUWUlJOLFKNHLWHLQHVDQVRQVWHQXQVFKlGOLFKHQ
1DKUXQJVPLWWHOVGLHGDV,PPXQRGHU$EZHKUV\VWHPGHV.|USHUVPLWHLQEH]LHKW
XQG]XU%LOGXQJYRQ,J($QWLN|USHUQIKUW

1DKUXQJVPLWWHOLQWROHUDQ]6DPPHOEHJULIIIUHLQH8QYHUWUlJOLFKNHLWHLQHV
1DKUXQJVPLWWHOVRGHUHLQHV1DKUXQJVPLWWHOEHVWDQGWHLOVGLHGDV,PPXQRGHU
$EZHKUV\VWHUQGHV.|USHUVQLFKWPLWHLQEH]LHKW

1DKUXQJVPLWWHOXQYHUWUlJOLFKNHLW7R[LVFKH5HDNWLRQHQ]%GXUFKPLW
(QWHURWR[LQELOGHQGHQ6WlPPHQYRQ6WDSK\ORFRFFXVDXUHXVNRQWDPLQLHUWH
1DKUXQJVPLWWHO

1DKUXQJVPLWWHO]XVDW]VWRIIHLQH6XEVWDQ]GLHHLQHP1DKUXQJVPLWWHO]X
LUJHQGHLQHP=HLWSXQNWGHU3URGXNWLRQKLQ]XJHIJWRGHUEHLGHU=XEHUHLWXQJRGHU
]XU2EHUIOlFKHQEHKDQGOXQJGHV1DKUXQJVPLWWHOVYHUZHQGHWZLUGXP4XDOLWlW
.RQVLVWHQ]*HVFKPDFN*HUXFKDONDOLVFKHRGHUVDXUH%HVFKDIIHQKHLW]XHUKDOWHQ
RGHUXPHLQHDQGHUHWHFKQRORJLVFKH)XQNWLRQLP=XVDPPHQKDQJPLWGHP

ILOH&?0\'RFXPHQWV?*ORVVDUJHUPDQPHGLFDOKWP 
*ORVVDU 3DJHRI

1DKUXQJVPLWWHO]XHUIOOHQ

1HXURGHUPLWLV +lXILJHHN]HPDWLVFKH+DXWHUNUDQNXQJPLWWURFNHQHU+DXWXQG
TXlOHQGHPLQWHQVLYHP-XFNUHL]

=XUFN]XP$QIDQJ

2
2UDO hEHUGHQ0XQGHLQJHQRPPHQSHU2V

2UDOHV$OOHUJLH6\QGURP2$6
6FKZHOOXQJRGHU-XFNUHL]LP%HUHLFKGHU/LSSHQ:DQJHQ=XQJHRGHU5DFKHQ
LQQHUKDOEYRQ0LQXWHQQDFK.RQWDNWPLWHLQHPVSH]LILVFKHQ1DKUXQJVPLWWHO

=XUFN]XP$QIDQJ

3
3K\VLRORJLVFKH/LSLGH 'LH7DOJGUXVHQSURGX]LHUHQ/LSLGHGLHDXIGHU
+DXWREHUIODFKHHLQHQ6FKXW]ILOPELOGHQ$XIJDEHGLHVHV/LSLGILOPVLVWHVGLH+DXW
JODWWXQGJHVFKPHLGLJ]XKDOWHQXQGVLHYRUlX‰HUHQ6FKDGVWRIIHQ]XVFKW]HQ

3OD]HER =%HLQH7DEOHWWHGLHNHLQH:LUNVXEVWDQ]HQWKlOWGKGDVVVLHLP
HLJHQWOLFKHQ6LQQHNHLQ0HGLNDPHQWLVW

3ROOHQGLH*HVDPWKHLWGHU3ROOHQN|UQHUHLQHU3IODQ]HHLQHV6WDXEEODWWHVRGHU
HLQHV3ROOHQVDFNV

3ROOHQN|UQHU0lQQOLFKH.HLP]HOOHQ*DPHWRSK\WHQGHUK|KHUHQ3IODQ]HQGLH

IUGLH%HVWlXEXQJXQGOHW]OLFKGDQQIUGLH%HIUXFKWXQJGHUZHLEOLFKHQ
*DPHWRSK\WHQ6DPHQDQODJHQQRWZHQGLJVLQG0DQN|QQWHVDJHQVLH
HQWVSUHFKHQGHQ6SHUPLHQGHU7LHUHREJOHLFKGDVQLFKWH[DNWULFKWLJLVWXQGQXU
GLH)XQNWLRQHLQLJHUPD‰HQULFKWLJEHVFKUHLEWKlXILJH$OOHUJHQTXHOOHIUGHQ
+HXVFKQXSIHQhEOLFKHUZHLVHKDEHQ3ROOHQN|UQHUHLQH*U|‰HYRQHWZDELV
7DXVHQGVWHO0LOOLPHWHU0LNURQ —'DVLVWHWZDHLQ'ULWWHOGHU%UHLWHHLQHV
0HQVFKHQKDDUHV'DKHULVWHVPLWIUHLHP$XJHNDXPZDKU]XQHKPHQ(LQ
3ROOHQNRUQEHVWHKWDXVZHQLJVWHQV]ZHL=HOOHQ

(LQHVHKUZLGHUVWDQGVIlKLJH6FKLFKWHXPVFKOLH‰WGLH=HOOHQXQGLKU3ODVPD$XI
GLHVHU2EHUIOlFKHVLW]HQYLHOHYHUVFKLHGHQDUWLJHVHKUVSH]LILVFKH(LZHL‰HGLHDOV
%RWHQVWRIIH]ZLVFKHQPlQQOLFKXQGZHLEOOLFKGLHQHQXQGGDKHUOHLFKWZDVVHUO|VOLFK
VLQG*HUDGHGHVZHJHQN|QQHQVLHDEHUDXFKUDVFKGXUFKGLHZDVVHUKlOWLJH
1DVHQVFKOHLPKDXWLQV%OXWJHODQJHQXQGGRUWDOV)UHPGOLQJHLKU8QZHVHQWUHLEHQ
E]ZGDV,PPXQV\VWHPEHVFKlIWLJHQ

3ROOHQFRXQWNHLQ$GHOVWLWHO(UVHW]WRIWLPGHXWVFKVSUDFKLJHQ5DXPGHQ
$XVGUXFN3ROOHQ]lKOXQJ'LH$Q]DKOGHU3ROOHQLQGHU$WHPOXIWDQHLQHP
EHVWLPPWHQ2UW'HU3ROOHQFRXQWZLUGPHLVWDOV3ROOHQSUR.XELNPHWHU/XIWLP

ILOH&?0\'RFXPHQWV?*ORVVDUJHUPDQPHGLFDOKWP 
*ORVVDU 3DJHRI

7DJHVPLWWHODQJHJHEHQ'D]XYHUZHQGHWPDQVRJHQDQQWHYROXPHWULVFKH
3ROOHQIDOOHQ'LHGDPLWJHZRQQHQHQ3UlSDUDWHZHUGHQPLWGHP0LNURVNRS
XQWHUVXFKW

3ROOLQDWLRQGLH=HLWGHU3ROOHQSURGXNWLRQXQGIUHLVHW]XQJGXUFKHLQHEHVWLPPWH
3IODQ]H

3ROOLQRVLV +HXVFKQXSIHQYHUXUVDFKWGXUFK3ROOHQ

3RO\6HQVLELOLVLHUXQJ hEHUHPSILQGOLFKNHLWDXIPHKUDOVHLQ$OOHUJHQ3ROOHQW\S

7ULWWLQGHQPHLVWHQ)lOOHQHLQHUQLFKWRGHUXQ]XUHLFKHQGEHKDQGHOWHQ
3ROOHQDOOHUJLHDXI

3ULFN7HVW $OOHUJLHWHVWDQGHU+DXWGXUFK(LQEULQJHQGHV$OOHUJHQH[WUDNWHVLQGLH
+DXWVFKPHU]ORVHLQH$OOHUJHQO|VXQJZLUGDXIGLH+DXWDXIJHWURSIWXQG
DQVFKOLH‰HQGZLUGGXUFKGHQ7URSIHQKLQGXUFKGLH+DXWPLWHLQHU1DGHORGHU
%OXWODQ]HWWHJDQ]OHLFKWOlGLHUW

3URWHLQ (LZHLVV$OOHUJHQHVLQG]X3URWHLQHRGHU*O\NRSURWHLQHGK
3URWHLQHPLWHLQHP.RKOHQK\GUDW=XFNHU$QWHLO
3ULFN7HVWHLQH$OOHUJHQO|VXQJZLUGDXIGLH+DXWDXIJHWURSIWXQGDQVFKOLH‰HQG
ZLUGGXUFKGHQ7URSIHQKLQGXUFKGLH+DXWPLWHLQHU1DGHORGHU%OXWODQ]HWWHJDQ]
OHLFKWOlGLHUW
3URYRNDWLRQVWHVWHLQ$OOHUJHQH[WUDNWRGHUGDVYHUPXWHWHRULJLQDOH$OOHUJHQZLUG
GLUHNWDXIGDVEHWURIIHQH2UJDQ$XJH1DVH/XQJH+DXWDXIJHEUDFKW

3URYRNDWLRQVWHVW 'DVHUNUDQNWH2UJDQZLUGPLWGHPYHUGlFKWLJHQ$OOHUJHQ
SURYR]LHUW8QWHUWHLOXQJLQRUDOHQDVDOHXQGEURQFKLDOH3URYRNDWLRQ%HVRQGHUV
ZLFKWLJ]%LP5DKPHQGHU(UVWHOOXQJHLQHV*XWDFKWHQVEH]JOLFK
%HUXIVNUDQNKHLWHQ(LQ$OOHUJHQH[WUDNWRGHUGDVYHUPXWHWHRULJLQDOH$OOHUJHQZLUG
GLUHNWDXIGDVEHWURIIHQH2UJDQ$XJH1DVH/XQJH+DXWDXIJHEUDFKW

3VHXGRDOOHUJLH 5HDNWLRQPLWGHQ6\PSWRPHQHLQHU$OOHUJLHGLHDEHUNHLQH
$OOHUJLHLVWKlXILJHLQH8QYHUWUlJOLFKNHLWRIWKHUYRUJHUXIHQGXUFK0HGLNDPHQWH
RGHU1DKUXQJVPLWWHO

3VHXGRDOOHUJLVFKH5HDNWLRQHQGXUFK1DKUXQJVPLWWHOGLH+LVWDPLQRGHU
+LVWDPLQ/LEHUDWRUHQHQWKDOWHQ

3VRULDVLV 6FKXSSHQIOHFKWHDEJHOHLWHWYRQ3VRUDGLH6FKXSSH&KDUDNWHULVWLVFKH
+DXWHUNUDQNXQJPLWURWHQ)OHFNHQDXIGHU+DXWGLHYRQVLOEULJJOlQ]HQGHQ
WURFNHQHQ6FKXSSHQEHGHFNWVLQG7\SLVFKH6WHOOHQVLQG(OOHQERJHQ.QLHXQG
GHUEHKDDUWH.RSI

389$ 3VRUDOHQ/LFKWVHQVLELOLVDWRUXQG89$/LFKWWKHUDSLH:LUGKlXILJ]XU

%HKDQGOXQJHLQHU6FKXSSHQIOHFKWHHLQJHVHW]W

=XUFN]XP$QIDQJ

4

ILOH&?0\'RFXPHQWV?*ORVVDUJHUPDQPHGLFDOKWP 
*ORVVDU 3DJHRI

4XDGGHO%OlVFKHQI|UPLJH6FKZHOOXQJGHU+DXWEHLP+DXWHVWPHLVWYRQHLQHU
5|WXQJGHU+DXWXPJHEHQ$XFKEHL8UWLFDULD1HVVHODXVVFKODJ

4XLQFNHgGHP0HLVWQDFK$OOHUJHQNRQWDNWDXIWUHWHQGH6FKZHOOXQJYRQ+DXW
RGHU6FKOHLPKDXWYR]XJVZHLVHXPGLH$XJHQDQ=XQJHXQG/LSSHQLP5DFKHQ
DEHUDXFKJHOHJHQWOLFKDQGHQ([WUHPLWlWHQ.DQQDXFKDXIJUXQGHLQHU,QWROHUDQ]
DXIWUHWHQ

=XUFN]XP$QIDQJ

5
5$675DGLR$OOHUJR6RUEHQW7HVW,QYLWUR7HVW]XU%HVWLPPXQJYRQ
VSH]LILVFKHQ,J(LQ6HUHQGHU3DWLHQWHQZLUGPLWGHP6HUXPGHV3DWLHQWHQ
GXUFKJHIKUW

5KLQLWLVHLQ%HJULIIGHUJDQ]DOOJHPHLQIUMHGHQ=XVWDQGGHUPLW6FKQXSIHQ
RGHU1LHVUHL]HLQKHUJHKWYHUZHQGHWZLUG1DVHQVFKOHLPKDXWHQW]QGXQJ

=XUFN]XP$QIDQJ

6
6FUDWFK7HVWGHU$OOHUJHQH[WUDNWZLUGDXIGLH+DXWDXIJHWURSIWXQGDQVFKOLH‰HQG
PLWHLQHU%OXWODQ]HWWHLQGLH+DXWHLQJHULW]W'LHVH0HWKRGHJLOWDOVYHUDOWHWXQGZLUG
KHXW]XWDJHGXUFKGHQ3ULFN7HVW+DXWWHVWHUVHW]W

6HERVWDVH7URFNHQH+DXWLQIROJHYHUPLQGHUWHU7DOJDEVRQGHUXQJ

6HQVLELOLVLHUXQJ 5HDNWLRQGHV.|USHUVDXIDOOHUJLHDXVO|VHQGH6XEVWDQ]HQ
KHUYRUJHUXIHQGXUFKKlXILJHQ.RQWDNWJHNHQQ]HLFKQHWGXUFK$QWLN|USHUELOGXQJ
RGHUGDVHUVWHXQEHPHUNEDUH6WDGLXPHLQHU$OOHUJLH'DV,PPXQV\VWHPKDW
EHUHLWVVSH]LILVFKH$QWLN|USHUJHELOGHWRKQHGDVVHVQRWZHQGLJHUZHLVH]X
DOOHUJLVFKHQ6\PSWRPHQNRPPW(UVWEHLQHXHUOLFKHP.RQWDNWPLWHQWVSUHFKHQGHQ
0HQJHQDQ$OOHUJHQHQNRPPWHV]XP$XVEUXFKDOOHUJLVFKHU%HVFKZHUGHQ

6HUXP :LUGGXUFK=HQWULIXJDWLRQDXVGHP%OXWJHZRQQHQPO%OXWHQWVSUHFKHQ
FDPO6HUXP0LWGHP6HUXPZHUGHQ,QYLWUR7HVWVZLH]%GHU5$67RGHU
($67GXUFKJHIKUW'DV6HUXPLVWGHUIOVVLJH$QWHLOGHV%OXWSODVPDV

6RIRUWW\S7\SO ,J(YHUPLWWHOWHDOOHUJLVFKH5HDNWLRQ

6SH]LILVFKH$QWLN|USHU,PPXQJOREXOLQHGLHYRP,PPXQV\VWHPSURGX]LHUW
ZXUGHQXQGGHP(UNHQQHQXQG)HVWKDOWHQHLQHVJDQ]EHVWLPPWHQ$OOHUJHQV
GLHQHQ(LQVSH]LILVFKHU$QWLN|USHUNDQQQXUHLQHLQ]LJHV$OOHUJHQHUNHQQHQRGHU
LP6LQQHYRQ.UHX]UHDNWLRQHQHLQGHP$OOHUJHQVHKUVHKUlKQOLFKHV$OOHUJHQ

6XEFXWLV/DWHLQLVFKH%H]HLFKQXQJIUGLH8QWHUKDXWGLHXQWHUVWH+DXWVFKLFKW

ILOH&?0\'RFXPHQWV?*ORVVDUJHUPDQPHGLFDOKWP 
*ORVVDU 3DJHRI

6XENXWDQ 8QWHUGLH+DXW

6XEPHGLWHUUDQ*HELHWHQDKHGHQ*HELHWHQPLW0LWWHOPHHUNOLPDDEHUQ|UGOLFK
GDYRQ

6XEOLQJXDO 8QWHUGLH=XQJH

6\QGHW6\QWKHWLVFKH'HWHUJHQWLHQVLQGUHLQLJHQGH6XEVWDQ]HQRKQHGLH
UHL]HQGHQ(LJHQVFKDIWHQYRQ6HLIHQ6LHN|QQHQDOOHUGLQJVGLH+DXWQLFKW
XQHUKHEOLFKDXVWURFNQHQ

=XUFN]XP$QIDQJ

7
7DOJGUVH+DXWGUVHGLH7DOJSURGX]LHUWXQGEHUHLQHQ$XVIKUXQJVJDQJDQ
GLH+DXWREHUIOlFKHOHLWHW'HU7DOJ+DXWIHWWEHZDKUWGLH+DXWYRU$XVWURFNQXQJ
VLHKHDXFK+\GUROLSLGV\VWHP

7/\PSKR]\WHQNXU]7=HOOHQ6LHHQWVWHKHQDXV9RUOlXIHU]HOOHQGHV
.QRFKHQPDUNVZHUGHQLP7K\PXVRUJDQDXILKUHVSlWHUH$XIJDEHYRUEHUHLWHW7
+HOIHU]HOOHQUHJHQGLH$EZHKUIXQNWLRQHQDQ76XSSUHVVRU]HOOHQKHPPHQGLH
hEHUSURGXNWLRQHQXQGhEHUDNWLYLWlWHQGHV,PPXQV\VWHPV:HLWHUVJLEWHVQRFK7
]\WRWR[LVFKH/\PSKR]\WHQGLH)UHPG]HOOHQRGHUHQWDUWHWH=HOOHQDQJUHLIHQXQG
7*HGlFKWQLV]HOOHQGLHGLH0ROHNOVWUXNWXUHQYRQ$QWLJHQHQVSHLFKHUQ

=XUFN]XP$QIDQJ

8
8QYHUWUlJOLFKNHLWVLHKHXQWHU,QWROHUDQ]

8UHD+DUQVWRII8UHDLVWHLQHUGHUZLFKWLJVWHQQDWUOLFKHQ)HXFKWKDOWHIDNWRUHQ

GLHLQGHU+DXWIUGLH)HXFKWLJNHLWVELOGXQJYHUDQWZRUWOLFKVLQG8UHDHUK|KWGLH
:DVVHUELQGXQJVIlKLJNHLWGHU+DXWXQGYHUEHVVHUWVRPLWGHQ)HXFKWLJNHLWVJHKDOW
GHU+DXW

8UWLNDULDHLQH+DXWUHDNWLRQEHVWHKHQGDXVHUKDEHQHPZHL‰HQ=HQWUXPXQG
HUKDEHQHPURWHQ+RI+DXWDXVVFKODJPLW4XDGGHOELOGXQJ%UHQQHVVHODUWLJ

=XUFN]XP$QIDQJ

9
9DVRDNWLYH$PLQHVLQG$PLQHZLH+LVWDPLQ7\UDPLQXQG3KHQ\OlWK\ODPLQGLH

ILOH&?0\'RFXPHQWV?*ORVVDUJHUPDQPHGLFDOKWP 
*ORVVDU 3DJHRI

LQEHVWLPPWHQ1DKUXQJVPLWWHOQJHIXQGHQZHUGHQ

=XUFN]XP$QIDQJ

:
:LQGEHVWlXEXQJGHU7UDQVIHUYRQ3ROOHQGXUFKGHQ:LQGDQVWDWWGXUFK
,QVHNWHQ

=XUFN]XP$QIDQJ

;
NHLQ(LQWUDJ

=XUFN]XP$QIDQJ

<
NHLQ(LQWUDJ

=XUFN]XP$QIDQJ

=
NHLQ(LQWUDJ

=XUFN]XP$QIDQJ


NHLQ(LQWUDJ

=XUFN]XP$QIDQJ

6WDQG6HSWHPEHU
$OOHKLHUHQWKDOWHQHQ:DUHQ]HLFKHQXQG3URGXNWEH]HLFKQXQJHQVLQG(LJHQWXP
GHVMHZHLOLJHQ%HVLW]HUV

ILOH&?0\'RFXPHQWV?*ORVVDUJHUPDQPHGLFDOKWP