advertisement
)RUP 1R
+(
:KHHO +RUVH
X
5DVHQ XQG *DUWHQWUDNWRU
0RGHOO1U ³ XQG +|KHU
%HGLHQXQJVDQOHLWXQJ
*HUPDQ '
:DUQXQJ
'LH $XVSXIIJDVH GLHVHU 0DVFKLQH HQWKDOWHQ
&KHPLNDOLHQ GLH ODXW GHQ %HK|UGHQ GHV 6WDDWHV
.DOLIRUQLHQ NUHEVHUUHJHQG ZLUNHQ
*HEXUWVVFKlGHQ RGHU DQGHUH 'HIHNWH GHV
5HSURGXNWLRQVV\VWHPV YHUXUVDFKHQ
:LFKWLJ
'HU 0RWRU LVW RKQH )XQNHQIlQJHU DQ GHU
$XVSXIIDQODJH DXVJHIKUW (QWVSUHFKHQG GHP &DOLIRUQLD
3XEOLF 5HVRXUFH &RGH 6HFWLRQ LVW GHU (LQVDW] GLHVHV
0RWRUV LQ EHZDOGHWHQ RGHU EHZDFKVHQHQ *HELHWHQ
YHUERWHQ $QGHUH /lQGHU RGHU 6WDDWHQ KDEHQ X8 lKQOLFKH
*HVHW]H
'LH =QGDQODJH HQWVSULFKW GHP NDQDGLVFKHQ 6WDQGDUG
,&(6
&H V\VWqPH G·DOOXPDJH SDU pWLQFHOOH GH YpKLFXOH HVW
FRQIRUPH j OD QRUPH 10% GX &DQDGD
'LH EHLOLHJHQGH 0RWRUDQOHLWXQJ HQWKlOW $QJDEHQ ]X
GHQ (PLVVLRQVEHVWLPPXQJHQ GHU 86 (QYLURQPHQWDO
3URWHFWLRQ $JHQF\ (3$ XQG GHQ YRQ .DOLIRUQLHQ
VRZLH ]XU :DUWXQJ XQG *DUDQWLH
%HZDKUHQ 6LH GLHVH $QOHLWXQJ LQ GHU 1lKH GHV 0RWRUV
DXI 7DXVFKHQ 6LH GLH 0RWRUDQOHLWXQJ XQYHU]JOLFK
DXV ZHQQ GLHVH EHVFKlGLJW RGHU XQOHVHUOLFK ZLUG
%H]LHKHQ 6LH (UVDW]DQOHLWXQJHQ YRP 0RWRUKHUVWHOOHU
,QKDOW
(LQOHLWXQJ
6LFKHUKHLW
6LFKHUH %HWULHEVSUD[LV IU
$XIVLW]6LFKHOPlKHU
6LFKHUH %HWULHEVSUD[LV
6LFKHUKHLW EHLP (LQVDW] YRQ
7RUR$XIVLW]PlKHUQ
6FKDOOGUXFNSHJHO
6FKDOOOHLVWXQJVSHJHO
9LEUDWLRQVQLYHDX
*HIlOOHGLDJUDPP
6LFKHUKHLWV XQG %HGLHQXQJVVFKLOGHU
%HQ]LQ XQG gO
%HQ]LQHPSIHKOXQJ
9HUZHQGXQJ HLQHV .UDIWVWRIIVWDELOLVDWRUV
%HWDQNHQ
3UIHQ GHV gOVWDQGV LP 0RWRU
%HWULHE
'LH 6LFKHUKHLW VWHKW DQ HUVWHU 6WHOOH
%HGLHQXQJVHOHPHQWH
6HLWH
È 7KH 7RUR &RPSDQ\
/\QGDOH $YHQXH 6RXWK
%ORRPLQJWRQ 01
)HVWVWHOOEUHPVH
6WDUWHQ XQG 6WRSSHQ GHV 0RWRUV
(LQVDW] GHU =DSIZHOOH =:$
'LH 6LFKHUKHLWVVFKDOWHU
%OLQNOLFKWVWHXHUXQJ
9RUZlUWV XQG 5FNZlUWVIDKUHQ
$QKDOWHQ GHU 0DVFKLQH
+XEKHEHO $QEDXJHUlWH
+|KHQHLQVWHOOVFKDOWHU
6LW]HLQVWHOOXQJ
6FKHLQZHUIHU
3RVLWLRQLHUHQ GHV .RPIRUW/HQNUDGV
(LQVDW] GHV 7HPSRPDWV
0DQXHOOHV 6FKLHEHQ GHU 0DVFKLQH
:DUWXQJ
(PSIRKOHQHU :DUWXQJVSODQ
/XIWILOWHU
0RWRU|O
=QGNHU]H
(LQIHWWHQ XQG 6FKPLHUHQ
5HLIHQGUXFN
%UHPVH
.UDIWVWRIIWDQN
.UDIWVWRIIILOWHU
9RUVSXU GHU 9RUGHUUlGHU
$QWULHEVDFKVHQgO
6LFKHUXQJ
6FKHLQZHUIHU
%DWWHULH
/DGHQ GHU %DWWHULH
6FKDOWELOG
5HLQLJXQJ XQG (LQODJHUXQJ
)HKOHUVXFKH XQG EHKHEXQJ
6HLWH
(LQOHLWXQJ
9LHOHQ 'DQN GDVV 6LH VLFK IU HLQ 7RUR3URGXNW
HQWVFKLHGHQ KDEHQ
:LU EHL 7RUR P|FKWHQ GDVV 6LH PLW ,KUHP QHXHQ 3URGXNW
YROOVWlQGLJ ]XIULHGHQ VLQG ,KU 9HUWUDJVKlQGOHU LVW IU 6LH
GD ZHQQ 6LH +LOIH EHL GHU :DUWXQJ 2ULJLQDO(UVDW]WHLOH
RGHU ZHLWHUJHKHQGH ,QIRUPDWLRQHQ EUDXFKHQ
*HEHQ 6LH ZHQQ 6LH VLFK DQ ,KUHQ 9HUWUDJVKlQGOHU RGHU
DQV :HUN ZHQGHQ LPPHU GLH 0RGHOO XQG 6HULHQQXPPHU
,KUHV 3URGXNWHV DQ 'LHVH 1XPPHUQ KHOIHQ GHP +lQGOHU
E]Z GHP .XQGHQGLHQVWSHUVRQDO H[DNWH ,QIRUPDWLRQHQ ]X
,KUHP VSH]LHOOHQ 3URGXNW ]X OLHIHUQ 6LH ILQGHQ GDV 7\SHQ
VFKLOG PLW GHU 0RGHOO XQG 6HULHQQXPPHU DQ GHU LQ %LOG
GDUJHVWHOOWHQ 6WHOOH
$OOH 5HFKWH YRUEHKDOWHQ
'UXFN 86$
P
%LOG
7\SHQVFKLOG PLW 0RGHOO XQG 6HULHQQXPPHU
7UDJHQ 6LH GLH 0RGHOO XQG 6HULHQQXPPHU ,KUHV 3URGXNWV
ELWWH KLHU HLQ
0RGHOO1U
6HULHQ1U
/HVHQ 6LH GLHVH $QOHLWXQJ ELWWH VRUJIlOWLJ GXUFK GDPLW 6LH
VLFK PLW GHP %HWULHE XQG GHU :DUWXQJ GHV 3URGXNWV
YHUWUDXW PDFKHQ 'LHVH $QOHLWXQJ WUlJW GD]X EHL
9HUOHW]XQJHQ XQG 6DFKVFKlGHQ ]X YHUPHLGHQ 2EZRKO ZLU
VLFKHUH 3URGXNWH DXI GHP QHXHVWHQ 6WDQG GHU 7HFKQLN
NRQVWUXLHUHQ KHUVWHOOHQ XQG YHUWUHLEHQ VLQG 6LH VHOEVW IU
GHQ ULFKWLJHQ XQG VLFKHUHQ *HEUDXFK GHV 3URGXNWV YHU
DQWZRUWOLFK 6LH VLQG DXFK GDIU YHUDQWZRUWOLFK 3HUVRQHQ
IU GHQ VLFKHUHQ %HWULHE GHU 0DVFKLQH ]X XQWHUZHLVHQ
ZHQQ 6LH LKQHQ HUODXEHQ GDV 3URGXNW HLQ]XVHW]HQ
'LH :DUQXQJHQ LQ GLHVHU $QOHLWXQJ NHQQ]HLFKQHQ
SRWHQWLHOOH *HIDKUHQ VRZLH 6LFKHUKHLWVKLQZHLVH GLH ]XP
9HUPHLGHQ YRQ 9HUOHW]XQJHQ XQG VRJDU 7RGHVIlOOHQ
EHLWUDJHQ VROOHQ
*HIDKU :DUQXQJ
XQG
9RUVLFKW
VLQG
6LJQDOZ|UWHU GXUFK GLH GHU *UDG GHU *HIDKU
JHNHQQ]HLFKQHW ZLUG *HKHQ 6LH DEHU XQJHDFKWHW GHV
*HIDKUHQJUDGHV LPPHU VHKU YRUVLFKWLJ YRU
*HIDKU
NHQQ]HLFKQHW HLQH H[WUHPH *HIDKU GLH VFKZHUH
9HUOHW]XQJHQ YHUXUVDFKHQ XQG VRJDU ]XP 7RGH IKUHQ
NDQQ ZHQQ GLH HPSIRKOHQHQ 9RUVLFKWVPDQDKPHQ QLFKW
EHIROJW ZHUGHQ
:DUQXQJ
ZHLVW DXI HLQH *HIDKU KLQ GLH VFKZHUH 9HU
OHW]XQJHQ YHUXUVDFKHQ XQG VRJDU ]XP 7RGH IKUHQ NDQQ
ZHQQ GLH HPSIRKOHQHQ 9RUVLFKWVPDQDKPHQ QLFKW EHIROJW
ZHUGHQ
9RUVLFKW
ZHLVW DXI HLQH *HIDKU KLQ GLH OHLFKWH ELV PLWWHO
VFKZHUH 9HUOHW]XQJHQ YHUXUVDFKHQ NDQQ ZHQQ GLH
HPSIRKOHQHQ 9RUVLFKWVPDQDKPHQ QLFKW EHIROJW ZHUGHQ
(V ZHUGHQ QRFK ]ZHL ZHLWHUH :|UWHU YHUZHQGHW XP
ZLFKWLJH ,QIRUPDWLRQHQ KHUYRU]XKHEHQ
:LFKWLJ
ZHLVW DXI
VSH]LHOOH WHFKQLVFKH ,QIRUPDWLRQHQ KLQ XQG
+LQZHLV
KHEW
DOOJHPHLQH ,QIRUPDWLRQHQ KHUYRU GLH EHVRQGHUH
%HDFKWXQJ YHUGLHQHQ
:LU JHKHQ EHLP %HVWLPPHQ GHU OLQNHQ XQG UHFKWHQ
0DVFKLQHQVHLWH YRQ GHU 6LFKW DXV GHU QRUPDOHQ
%HWULHEVVWHOOXQJ DXV
6LFKHUKHLW
6LFKHUH %HWULHEVSUD[LV IU
$XIVLW]6LFKHOPlKHU
'LHVHV *HUlW HUIOOW E]Z EHUWULIIW GLH HXURSlLVFKHQ
1RUPHQ GLH ]XP =HLWSXQNW GHU +HUVWHOOXQJ LQ .UDIW
ZDUHQ (V NDQQ MHGRFK ]X 9HUOHW]XQJHQ NRPPHQ ZHQQ
GHU $QZHQGHU RGHU %HVLW]HU GDV *HUlW IHKOHUKDIW
EHGLHQW RGHU ZDUWHW 'LHVH 6LFKHUKHLWVKLQZHLVH VROOHQ
GDEHL KHOIHQ GDV 9HUOHW]XQJVULVLNR ]X UHGX]LHUHQ
$FKWHQ 6LH LPPHU DXI GDV :DUQV\PERO (V EHGHXWHW
9256,&+7 :$5181* RGHU *()$+5
´6LFKHUKHLWVKLQZHLVµ :HQQ GHU +LQZHLV QLFKW EHDFKWHW
ZLUG N|QQHQ GDUDXV 9HUOHW]XQJHQ XQG 7RGHVIlOOH
UHVXOWLHUHQ
6LFKHUH %HWULHEVSUD[LV
'LH IROJHQGHQ $QZHLVXQJHQ VWDPPHQ DXV GHP &(1
6WDQGDUG (1
'LHVHV 3URGXNW NDQQ +lQGH XQG )H DPSXWLHUHQ XQG
*HJHQVWlQGH DXIVFKOHXGHUQ %HIROJHQ 6LH ]XP 9HUPHLGHQ
YRQ VFKZHUHQ 9HUOHW]XQJHQ XQG 7RGHVIlOOHQ LPPHU
VlPWOLFKH 6LFKHUKHLWVKLQZHLVH
$XVELOGXQJ
/HVHQ 6LH GLHVH $QZHLVXQJHQ JUQGOLFK GXUFK
0DFKHQ 6LH VLFK PLW GHQ %HGLHQXQJVHOHPHQWHQ XQG
GHU NRUUHNWHQ $QZHQGXQJ GHV *HUlWV YHUWUDXW
/DVVHQ 6LH GHQ 5DVHQPlKHU QLH YRQ .LQGHUQ RGHU
3HUVRQHQ EHGLHQHQ GLH PLW GLHVHQ $QZHLVXQJHQ QLFKW
YHUWUDXW VLQG 'DV $OWHU GHV $QZHQGHUV NDQQ GXUFK
ORNDOH 9RUVFKULIWHQ HLQJHVFKUlQNW VHLQ
0lKHQ 6LH QLH ZHQQ VLFK 3HUVRQHQ LQVEHVRQGHUH
.LQGHU RGHU +DXVWLHUH LQ GHU 1lKH DXIKDOWHQ
%HGHQNHQ 6LH LPPHU GDVV GHU 2SHUDWRU RGHU %HQXW]HU
GLH 9HUDQWZRUWXQJ IU 8QIlOOH RGHU *HIDKUHQ
JHJHQEHU DQGHUHQ XQG LKUHP (LJHQWXP WUlJW
1HKPHQ 6LH QLH 3DVVDJLHUH PLW
$OOH )DKUHU PVVHQ VLFK XP HLQH SURIHVVLRQHOOH XQG
SUDNWLVFKH $XVELOGXQJ EHPKHQ 'LH $XVELOGXQJ PXVV
IROJHQGHV KHUYRUKHEHQ
GLH %HGHXWXQJ YRQ 9RUVLFKW XQG .RQ]HQWUDWLRQ EHL
GHU $UEHLW PLW $XIVLW]PlKHUQ
GLH .RQWUROOH EHU HLQHQ $XIVLW]PlKHU GHU DQ
HLQHP +DQJ UXWVFKW OlVVW VLFK QLFKW GXUFK GHQ
(LQVDW] GHU %UHPVH ZLHGHUJHZLQQHQ 'LH
+DXSWJUQGH IU GHQ .RQWUROOYHUOXVW VLQG
XQ]XUHLFKHQGH %RGHQKDIWXQJ
]X KRKH *HVFKZLQGLJNHLW
XQ]XUHLFKHQGHV %UHPVHQ
GHU *HUlWHW\S LVW IU VHLQH $XIJDEH QLFKW
JHHLJQHW
PDQJHOKDIWH %HDFKWXQJ GHV %RGHQ]XVWDQGV
LQVEHVRQGHUH DQ *HIlOOHQ
IDOVFK DQJHEUDFKWH *HUlWH XQG IDOVFKH
/DVWHQYHUWHLOXQJ
9RUEHUHLWXQJ
7UDJHQ 6LH EHLP 0lKHQ LPPHU VROLGH 6FKXKH XQG
ODQJH +RVHQ )DKUHQ 6LH GLH 0DVFKLQH QLH EDUIX RGHU
PLW RIIHQHQ 6DQGDOHQ
8QWHUVXFKHQ 6LH GHQ $UEHLWVEHUHLFK GHU 0DVFKLQH
JUQGOLFK XQG HQWIHUQHQ DOOH *HJHQVWlQGH GLH YRQ GHU
0DVFKLQH DXIJHZRUIHQ ZHUGHQ N|QQWHQ
:DUQXQJ
³.UDIWVWRII LVW OHLFKW EUHQQEDU
%HZDKUHQ 6LH .UDIWVWRII QXU LQ ]XJHODVVHQHQ
.DQLVWHUQ DXI 9RUUDW DXI
%HWDQNHQ 6LH QXU LP )UHLHQ XQG UDXFKHQ 6LH GDEHL
QLH
%HWDQNHQ 6LH GLH 0DVFKLQH EHYRU 6LH GHQ 0RWRU
DQODVVHQ (QWIHUQHQ 6LH QLH GHQ 7DQNGHFNHO RGHU
IOOHQ .UDIWVWRII HLQ ZHQQ GHU 0RWRU OlXIW RGHU
QRFK KHL LVW
9HUVXFKHQ 6LH ZHQQ .UDIWVWRII YHUVFKWWHW ZXUGH
QLH GHQ 0RWRU ]X VWDUWHQ VRQGHUQ VFKLHEHQ 6LH GLH
0DVFKLQH YRP YHUVFKWWHWHQ .UDIWVWRII ZHJ XQG
YHUPHLGHQ RIIHQH )ODPPHQ ELV GLH 9HUVFKWWXQJ
YHUGXQVWHW LVW
%ULQJHQ 6LH DOOH .UDIWVWRIIWDQN XQG .DQLVWHUGHFNHO
ZLHGHU IHVW DQ
:HFKVHOQ 6LH GHIHNWH 6FKDOOGlPSIHU DXV
hEHUSUIHQ 6LH YRU GHP (LQVDW] LPPHU RE GLH 6FKQLWW
PHVVHU VFKUDXEHQ XQG GDV 6FKQHLGZHUN DEJHQXW]W
RGHU EHVFKlGLJW VLQG 7DXVFKHQ 6LH DEJHQXW]WH RGHU
GHIHNWH 0HVVHU XQG VFKUDXEHQ DOV NRPSOHWWH 6lW]H
DXV XP GLH :XFKW GHU 0HVVHU EHL]XEHKDOWHQ
'HQNHQ 6LH EHL 0DVFKLQHQ PLW PHKUHUHQ 6FKQLWW
PHVVHUQ GDUDQ GDVV HLQ URWLHUHQGHV 6FKQLWWPHVVHU GDV
0LWGUHKHQ DQGHUHU 6FKQLWWPHVVHU YHUXUVDFKHQ NDQQ
%HWULHE
/DVVHQ 6LH GHQ 0RWRU QLH LQ XQEHOIWHWHQ 5lXPHQ
ODXIHQ GD VLFK GRUW JHIlKUOLFKH .RKOHQPRQR[LGJDVH
EDOOHQ N|QQHQ
0lKHQ 6LH QXU EHL 7DJHVOLFKW RGHU JXWHU NQVWOLFKHU
%HOHXFKWXQJ
.XSSHOQ 6LH EHYRU 6LH YHUVXFKHQ GHQ 0RWRU ]X
VWDUWHQ DOOH =XVDW]JHUlWH DXV XQG VFKDOWHQ DXI 1HXWUDO
)DKUHQ 6LH QLH DQ +lQJHQ PLW HLQHP *HIlOOH YRQ PHKU
DOV
E ZHQQ 6LH TXHU ]XP *HIlOOH PlKHQ
E ZHQQ 6LH KDQJDXIZlUWV PlKHQ
E ZHQQ 6LH KDQJDEZlUWV PlKHQ
(V JLEW NHLQHQ VLFKHUHQ +DQJ )DKUHQ 6LH DQ *UDV
KlQJHQ EHVRQGHUV YRUVLFKWLJ =XP 6FKXW] YRU HLQHP
8PNLSSHQ
6WRSSHQ RGHU VWDUWHQ 6LH EHLP
%HUJDXI%HUJDEIDKUHQ QLH SO|W]OLFK
/DVVHQ 6LH GLH .XSSOXQJ ODQJVDP JUHLIHQ XQG
ODVVHQ LPPHU HLQHQ *DQJ HLQJHOHJW LQVEHVRQGHUH
EHLP +LQXQWHUIDKUHQ
+DOWHQ 6LH GLH *HVFKZLQGLJNHLW DQ +lQJHQ XQG LQ
HQJHQ .XUYHQ QLHGULJ
$FKWHQ 6LH DXI %XFNHO XQG .XKOHQ XQG DQGHUH
YHUVWHFNWH *HIDKUHQVWHOOHQ
0lKHQ 6LH QLH TXHU ]XP +DQJ HV VHL GHQQ GHU
5DVHQPlKHU ZXUGH VSH]LHOO IU GLHVHQ =ZHFN
NRQVWUXLHUW
*HKHQ 6LH EHLP $EVFKOHSSHQ VFKZHUHU /DVWHQ XQG
GHP (LQVDW] VFKZHUHQ =XEHK|UV PLW 9RUVLFKW XP
9HUZHQGHQ 6LH QXU GLH ]XOlVVLJHQ $EVFKOHSS
SXQNWH
%HVFKUlQNHQ 6LH /DVWHQ DXI VROFKH GLH VLFKHU
WUDQVSRUWLHUW ZHUGHQ N|QQHQ
9HUPHLGHQ 6LH VFKDUIHV :HQGHQ )DKUHQ 6LH LP
5FNZlUWVJDQJ YRUVLFKWLJ
9HUZHQGHQ 6LH *HJHQJHZLFKWH RGHU 5DGEDOODVW
ZHQQ GLHV LQ GHU $QOHLWXQJ HPSIRKOHQ ZLUG
$FKWHQ 6LH EHLP hEHUTXHUHQ XQG LQ GHU 1lKH YRQ
6WUDHQ DXI GHQ 9HUNHKU
6WRSSHQ 6LH GLH 6FKQLWWPHVVHU EHYRU 6LH JUDVIUHLH
2EHUIOlFKHQ EHUTXHUHQ
5LFKWHQ 6LH EHLP (LQVDW] YRQ :HUN]HXJHQ GHQ $XV
ZXUI QLH DXI 8QEHWHLOLJWH +DOWHQ 6LH 8QEHWHLOLJWH DXV
GHP (LQVDW]EHUHLFK IHUQ
6HW]HQ 6LH GHQ 5DVHQPlKHU QLH PLW EHVFKlGLJWHQ
6FKXW]EOHFKHQ XQG RKQH DQJHEUDFKWH 6LFKHUKHLWV
YRUULFKWXQJHQ HLQ
9HUlQGHUQ 6LH QLH GLH (LQVWHOOXQJ GHV 0RWRUIOLHKNUDIW
UHJOHUV XQG EHUGUHKHQ 6LH QLHPDOV GHQ 0RWRU 'XUFK
GDV hEHUGUHKHQ GHV 0RWRUV VWHLJW GLH 9HUOHW]XQJV
JHIDKU
%HYRU 6LH GHQ )DKUHUVLW] YHUODVVHQ
.XSSHOQ 6LH GHQ $EWULHE DXV XQG VHQNHQ GLH *HUlWH
DE
6FKDOWHQ 6LH DXI 1HXWUDO XQG DNWLYLHUHQ GLH
)HVWVWHOOEUHPVH
6WHOOHQ 6LH GHQ 0RWRU DE XQG ]LHKHQ GHQ
=QGVFKOVVHO
.XSSHOQ 6LH GHQ $QWULHE GHU *HUlWH DXV VWHOOHQ GHQ
0RWRU DE XQG ]LHKHQ GHQGLH =QGNHU]HQVWHFNHU E]Z
GHQ =QGVFKOVVHO
EHYRU 6LH %HKLQGHUXQJHQ RGHU 9HUVWRSIXQJHQ
EHVHLWLJHQ
EHYRU 6LH GHQ 5DVHQPlKHU XQWHUVXFKHQ UHLQLJHQ
XQG ZDUWHQ
ZHQQ 6LH DXI HLQHQ *HJHQVWDQG DXIJHSUDOOW VLQG
8QWHUVXFKHQ 6LH GHQ 5DVHQPlKHU DXI 6FKlGHQ XQG
IKUHQ GLH QRWZHQGLJHQ 5HSDUDWXUHQ GXUFK EHYRU
6LH LKQ HUQHXW VWDUWHQ
ZHQQ GHU 5DVHQPlKHU DQIlQJW XQJHZ|KQOLFK ]X
YLEULHUHQ VRIRUW EHUSUIHQ
6WHOOHQ 6LH GHQ $EWULHE GHVGHU *HUlWVH DE ZHQQ
VLFK GLH 0DVFKLQH DXHU %HWULHE EHILQGHW XQG ZHQQ 6LH
GLHVH WUDQVSRUWLHUHQ
6WHOOHQ 6LH GHQ 0RWRU DE XQG NXSSHOQ GHQ $QWULHE GHU
*HUlWH DXV
YRU GHP 7DQNHQ
EHYRU 6LH GHQ *UDVIDQJNRUE O|VHQ
EHYRU 6LH +|KHQHLQVWHOOXQJHQ YRUQHKPHQ HV VHL
GHQQ GLH (LQVWHOOXQJ OlVVW VLFK YRQ GHU
)DKUHUSRVLWLRQ DXV EHZHUNVWHOOLJHQ
5HGX]LHUHQ 6LH YRU GHP $EVWHOOHQ GHV 0RWRUV GLH
'UHK]DKO XQG GUHKHQ 6LH QDFK GHP $EVFKOXVV GHU
0lKDUEHLWHQ GHQ %HQ]LQIOXVV DE ZHQQ GHU 0RWRU PLW
HLQHP %HQ]LQKDKQ DXVJHVWDWWHW LVW
:DUWXQJ XQG (LQODJHUXQJ
+DOWHQ 6LH DOOH 0XWWHUQ XQG 6FKUDXEHQ IHVW DQJH]RJHQ
GDPLW GDV *HUlW LQ HLQHP VLFKHUHQ %HWULHEV]XVWDQG
EOHLEW
%HZDKUHQ 6LH GHQ 5DVHQPlKHU LQQHUKDOE HLQHV
*HElXGHV QLH PLW .UDIWVWRII LP 7DQN DXI ZHQQ GRUW
'lPSIH HLQH RIIHQH )ODPPH RGHU )XQNHQ HUUHLFKHQ
N|QQWHQ
/DVVHQ 6LH GHQ 0RWRU DENKOHQ EHYRU 6LH GLH
0DVFKLQH LQ HLQHP JHVFKORVVHQHQ 5DXP DEVWHOOHQ
+DOWHQ 6LH XP GDV %UDQGULVLNR ]X YHUULQJHUQ GHQ
0RWRU 6FKDOOGlPSIHU GDV %DWWHULHIDFK XQG GHQ
.UDIWVWRIIWDQNEHUHLFK YRQ *UDV /DXE XQG EHU
IOVVLJHP )HWW IUHL
.RQWUROOLHUHQ 6LH GHQ *UDVIDQJNRUE UHJHOPlLJ DXI
9HUVFKOHL XQG 9HUVFKOHFKWHUXQJ
7DXVFKHQ 6LH DEJHQXW]WH XQG EHVFKlGLJWH 7HLOH DXV
6LFKHUKHLWVJUQGHQ DXV
:HQQ 6LH GHQ .UDIWVWRII DXV GHP 7DQN DEODVVHQ
PVVHQ VROOWH GLHV LP )UHLHQ JHVFKHKHQ
'HQNHQ 6LH EHL 0DVFKLQHQ PLW PHKUHUHQ 6FKQLWW
PHVVHUQ GDUDQ GDVV HLQ URWLHUHQGHV 6FKQLWWPHVVHU GDV
0LWGUHKHQ DQGHUHU 6FKQLWWPHVVHU YHUXUVDFKHQ NDQQ
6HQNHQ 6LH ZHQQ GLH 0DVFKLQH JHSDUNW DEJHVWHOOW
RGHU XQEHDXIVLFKWLJW EOHLEHQ VROO GLH 0lKYRUULFKWXQJ
DE ZHQQ 6LH NHLQH PHFKDQLVFKH 6SHUUH YHUZHQGHQ
6LFKHUKHLW EHLP (LQVDW] YRQ
7RUR$XIVLW]PlKHUQ
1DFKIROJHQG HUVFKHLQHQ $QJDEHQ GLH VLFK VSH]LHOO DXI
7RUR0DVFKLQHQ EH]LHKHQ XQG ZHLWHUH 6LFKHUKHLWV
LQIRUPDWLRQHQ GLH QLFKW LP &(16WDQGDUG HQWKDOWHQ VLQG
XQG PLW GHQHQ 6LH VLFK YHUWUDXW PDFKHQ PVVHQ
9HUZHQGHQ 6LH QXU 2ULJLQDO7RUR=XEHK|U 'LH
9HUZHQGXQJ YRQ )UHPGJHUlWHQ NDQQ ]XP 9HUOXVW ,KUHU
*DUDQWLHDQVSUFKH IKUHQ
6FKDOOGUXFNSHJHO
'HU lTXLYDOHQWH $EHZHUWHWH 'DXHUVFKDOOSHJHO EHWUlJW IU
GLHVHV *HUlW DP 2KU GHV %HGLHQHUV XQWHU =X
JUXQGHOHJXQJ YRQ 0HVVXQJHQ DQ EDXJOHLFKHQ *HUlWHQ
JHPl 5LFKWOLQLH (:* LQ GHU MHZHLOV JOWLJHQ
)DVVXQJ G%$
6FKDOOOHLVWXQJVSHJHO
'HU 6FKDOOOHLVWXQJV3HJHOZHUW GLHVHV *HUlWV EHWUlJW XQWHU
=XJUXQGHOHJXQJ YRQ 0HVVXQJHQ DQ EDXJOHLFKHQ *HUlWHQ
QDFK GHQ 9HUIDKUHQ GHU 5LFKWOLQLH (:* LQ GHU
MHZHLOV JOWLJHQ )DVVXQJ /ZD
9LEUDWLRQVQLYHDX
$XI +lQGH XQG $UPH KDW GLHVHV *HUlW HLQ 9LEUDWLRQV
QLYHDX YRQ PV XQG DXI GHQ JDQ]HQ .|USHU HLQ
9LEUDWLRQVQLYHDX YRQ PV 'LHVH $QJDEHQ EDVLHUHQ
DXI 0HVVXQJHQ EDXJOHLFKHU *HUlWH JHPl (1 XQG
(1
*HIlOOHGLDJUDPP
5,&+7(1 6,( ',(6( .$17( $8) (,1( 9(57,.$/( 2%(5)/b&+( $86
%$80 *(%b8'( =$813)267(1 (7&
(
0
,7
'
1
6
,(
'
1
,(
))
1
,(
(
7/
1
*
'
5
=8
/7
1
6LFKHUKHLWV XQG %HGLHQXQJVVFKLOGHU
'LH %HGLHQHU N|QQHQ GLH 6LFKHUKHLWV XQG %HGLHQXQJVVFKLOGHU OHLFKW HUNHQQHQ VLH
EHILQGHQ VLFK LP *HIDKUHQEHUHLFK :HFKVHOQ 6LH DOOH EHVFKlGLJWHQ XQG GHIHNWHQ 6FKLOGHU
DXV
*HIDKU /HVHQ XQG
YHUVWHKHQ 6LH GLH
%HGLHQXQJVDQOHLWXQJ
.LSSJHIDKU
.LSSJHIDKU ² IDKUHQ 6LH QLH
TXHU EHU +lQJHQ VWHLOHU DOV
DQ 6WHLJXQJHQ VWHLOHU DOV
RGHU KDQJDEZlUWV DQ
*HIlOOH VWHLOHU DOV
'UFNHQ 6LH GDV )DKUSHGDO
YRUZlUWV XP GLH 0DVFKLQH
YRUZlUWV ]X EHZHJHQ XQG
QDFK KLQWHQ XP UFNZlUWV ]X
IDKUHQ
*HIDKU GXUFK DXVJHZRUIHQH
*HJHQVWlQGH ² KDOWHQ 6LH
8QEHWHLOLJWH IHUQ
*HIDKU GXUFK YRP 6FKQHLG
ZHUN KHUDXVJHVFKOHXGHUWH
*HJHQVWlQGH ² KDOWHQ 6LH
GDV $EOHQNEOHFK PRQWLHUW
*HIDKU GHU 6FKQHLG
YHUOHW]XQJ XQGRGHU
$PSXWDWLRQ YRQ +lQGHQ RGHU
)HQ ² KDOWHQ 6LH VLFK YRQ
GUHKHQGHQ 0HVVHUQ XQG
EHZHJOLFKHQ 7HLOHQ IHUQ
'UFNHQ 6LH XP GLH =XJ
PDVFKLQH ]XP 6WLOOVWDQG ]X
EULQJHQ DXI GDV %UHPVSHGDO
*HIDKU GXUFK DXVJHZRUIHQH
*HJHQVWlQGH ² KDOWHQ 6LH
8QEHWHLOLJWH IHUQ
7HLO1U
*HIDKU GXUFK YRP 6FKQHLG
ZHUN KHUDXVJHVFKOHXGHUWH
*HJHQVWlQGH ² KDOWHQ 6LH
GDV $EOHQNEOHFK PRQWLHUW
*HIDKU GHU
=HUTXHWVFKXQJ$PSXWDWLRQ ²
EOLFNHQ 6LH QDFK KLQWHQ XQG
KDQJDEZlUWV ZHQQ 6LH
UFNZlUWV IDKUHQ )KUHQ 6LH
QLH 3DVVDJLHUH PLW VLFK XQG
KDOWHQ .LQGHU IHUQ YRQ GHU
0DVFKLQH
'UFNHQ 6LH ]XP $NWLYLHUHQ
GHU )HVWVWHOOEUHPVH GDV
%UHPVSHGDO QDFK XQWHQ XQG
]LHKHQ DP )HVWVWHOOKHEHO
'UFNHQ 6LH XP GLH )HVW
VWHOOEUHPVH ]X O|VHQHQ DXI
GDV %UHPVSHGDO
7HLO1U
bQGHUQ 6LH GLH +|KH GHV
6FKQHLGZHUNV GXUFK
:HFKVHOQ GHU 5LHPHQ
VFKHLEHQ OHVHQ 6LH GD]X
GLH %HGLHQXQJVDQOHLWXQJ
7HLO1U
:DKOVFKOVVHOVFKDOWHU 'UHKHQ 6LH GHQ 6FKOVVHO XP LP
5FNZlUWVJDQJ ]X PlKHQ
7HLO1U
*HIDKU HLQHV
(LQTXHWVFKHQVGHU
$PSXWDWLRQ ² EOLFNHQ 6LH
QDFK KLQWHQ XQG XQWHQ
ZHQQ 6LH UFNZlUWV
IDKUHQ
*HIDKU GXUFK DXVJH
ZRUIHQH *HJHQVWlQGH ²
KDOWHQ 6LH 8QEHWHLOLJWH
IHUQ
1HKPHQ 6LH QLH
3DVVDJLHUH PLW
7HLO1U
*HIDKU HLQHV (LQ
TXHWVFKHQVGHU
$PSXWDWLRQ ² EOLFNHQ 6LH
QDFK KLQWHQ XQG XQWHQ
ZHQQ 6LH UFNZlUWV
IDKUHQ
'HDNWLYLHUHQ 6LH GLH
5FNZlUWVEHWULHEVVSHUUH
QLFKW ZHQQ VLFK .LQGHU
XQG 8QEHWHLOLJWH LP
(LQVDW]EHUHLFK DXIKDOWHQ
+DOWHQ 6LH .LQGHU YRQ GHU
0DVFKLQH IHUQ
7HLO1U
(LQVWHOOHQ GHU 6FKQHLGZHUNK|KH
)OVVLJNHLWVVWDQG
7HLO1U
7HLO1U
/HVHQ XQG YHUVWHKHQ 6LH GLH %HGLHQXQJVDQOHLWXQJ
+HEHQ 6LH GDV
$QEDXJHUlW DQ
7HLO1U
6HQNHQ 6LH GDV
$QEDXJHUlW
7HLO1U
6FKDOWHQ 6LH GDV *HWULHEH
HLQ XP GLH =XJPDVFKLQH
]X EHQXW]HQ
6FKDOWHQ 6LH GDV *HWULHEH
DXV XP GLH =XJPDVFKLQH
]X VFKLHEHQ
6FKOHSSHQ 6LH GLH
=XJPDVFKLQH QLHPDOV DE
(QWKlOW %OHL (QWVRUJHQ 6LH
GLH %DWWHULH QLFKW EHU GHQ
+DXVKDOWVPOO
5HF\FOHQ
7HLO1U
7UDJHQ 6LH HLQH 6FKXW]EULOOH
² H[SORVLYH *DVH N|QQHQ
%OLQGKHLW XQG DQGHUH
9HUOHW]XQJHQ YHUXUVDFKHQ
.HLQH )XQNHQ RIIHQHV /LFKW
RGHU 5DXFKHQ
6FKZHIHOVlXUH NDQQ
%OLQGKHLW XQG VFKZHUH
FKHPLVFKH 9HUEUHQQXQJHQ
YHUXUVDFKHQ
:DVFKHQ 6LH $XJHQ VRIRUW
PLW :DVVHU XQG ]LHKHQ lU]WOLFKH +LOIH KHUDQ
0D[LPDOH )OOOLQLH
0LQLPDOH )OOOLQLH
$QOHLWXQJHQ ]XP $NWLYLHUHQ
GHU %DWWHULH
7HLO1U
([SORVLRQVJHIDKU
.HLQH )XQNHQ RIIHQHV
/LFKW RGHU 5DXFKHQ
*HIDKU GXUFK EHL]HQGH
)OVVLJNHLW ² 9HU
EUHQQXQJHQ DQ +lQGHQ
XQG 6DFKVFKlGHQ
7UDJHQ 6LH HLQH
6FKXW]EULOOH
/HVHQ 6LH GLH
%HGLHQXQJVDQOHLWXQJ
+DOWHQ 6LH 8QEHWHLOLJWH
YRQ GHU 0DVFKLQH IHUQ
6FKQHOO
/DQJVDP
0RWRUVWRSS
7HLO1U
%HOHXFKWXQJ
(LQ/DXI
6WDUW
7HLO1U
/DJH GHU 6FKQLWWK|KHQ
HLQVWHOOXQJ
bQGHUQ 6LH GHQ 6FKQLWW
K|KHQEHUHLFK GHV
6FKQHLGZHUNV GXUFK
:HFKVHOQ GHU 5LHPHQ
VFKHLEHQ OHVHQ 6LH GD]X
GLH %HGLHQXQJVDQOHLWXQJ
7HLO1U
&KRNH
$Q
6WRSS
.XSSHOQ 6LH GLH =DSIZHOOH
HLQ
.XSSHOQ 6LH GLH =DSIZHOOH
DXV
=:$
%HQ]LQ XQG gO
%HQ]LQHPSIHKOXQJ
9HUZHQGHQ 6LH %/(,)5(,(6 1RUPDOEHQ]LQ IU GHQ
.I]*HEUDXFK PLQGHVWHQV 2NWDQ 6LH N|QQHQ
YHUEOHLWHV 1RUPDOEHQ]LQ YHUZHQGHQ ZHQQ EOHLIUHLHV
%HQ]LQ QLFKW HUKlOWOLFK LVW
:LFKWLJ
9HUZHQGHQ 6LH QLH 0HWKDQRO PHWKDQRO
KDOWLJHV %HQ]LQ RGHU *DVRKRO PLW PHKU DOV (WKDQRO
ZHLO GLH .UDIWVWRIIDQODJH GDGXUFK EHVFKlGLJW ZHUGHQ
NDQQ 9HUPLVFKHQ 6LH QLH %HQ]LQ PLW gO
*HIDKU
8QWHU EHVWLPPWHQ %HGLQJXQJHQ LVW %HQ]LQ H[WUHP
OHLFKW HQWIODPPEDU XQG KRFKH[SORVLY )HXHU XQG
([SORVLRQHQ GXUFK %HQ]LQ N|QQHQ 9HUEUHQQXQJHQ
XQG 6DFKVFKlGHQ YHUXUVDFKHQ
)OOHQ 6LH GHQ .UDIWVWRIIWDQN LP )UHLHQ DXI
ZHQQ GHU 0RWRU NDOW LVW :LVFKHQ 6LH
YHUVFKWWHWHV %HQ]LQ DXI
)OOHQ 6LH GHQ .UDIWVWRIIWDQN QLFKW JDQ] DXI
)OOHQ 6LH VRODQJH %HQ]LQ LQ GHQ 7DQN ELV GHU
)OOVWDQG ELV PP XQWHU GHU 8QWHUVHLWH GHV
(LQIOOVWXW]HQV VWHKW ,Q GLHVHP IUHLHQ 3ODW] LP
7DQN NDQQ VLFK GDV %HQ]LQ DXVGHKQHQ
5DXFKHQ 6LH QLH EHLP 8PJDQJ PLW %HQ]LQ XQG
KDOWHQ GLHVHV YRQ RIIHQHQ )ODPPHQ XQG
%HUHLFKHQ IHUQ LQ GHQHQ .UDIWVWRIIGlPSIH
GXUFK )XQNHQ HQW]QGHW ZHUGHQ N|QQWHQ
%HZDKUHQ 6LH %HQ]LQ LQ YRUVFKULIWVPlLJHQ
.DQLVWHUQ IU .LQGHU XQ]XJlQJOLFK DXI .DXIHQ
6LH QLH HLQHQ %HQ]LQYRUUDW IU PHKU DOV
7DJH
6WHOOHQ 6LH %HQ]LQNDQLVWHU YRU GHP $XIIOOHQ
LPPHU YRP )DKU]HXJ HQWIHUQW DXI GHQ %RGHQ
%HIOOHQ 6LH GHQ %HQ]LQNDQLVWHU QLFKW LQ HLQHP
)DKU]HXJ RGHU DXI HLQHU /DGHIOlFKH E]Z HLQHP
$QKlQJHU ZHLO 7HSSLFKH LP )DKU]HXJ XQG
3ODVWLNYHUNOHLGXQJHQ DXI /DGHIOlFKHQ GHQ
%HKlOWHU LVROLHUHQ XQG GHQ $EEDX YRQ
VWDWLVFKHQ /DGXQJHQ YHUODQJVDPHQ N|QQHQ
6RZHLW GXUFKIKUEDU *HUlWH PLW %HQ]LQPRWRU
YRQ GHU /DGHIOlFKH E]Z YRP $QKlQJHU
QHKPHQ XQG ]XP $XIIOOHQ PLW GHQ 5lGHUQ DXI
GHQ %RGHQ VWHOOHQ
%HWDQNHQ 6LH IDOOV GLHV QLFKW P|JOLFK LVW GLH
EHWUHIIHQGHQ *HUlWH DXI GHU /DGHIOlFKH E]Z
GHP $QKlQJHU YRQ HLQHP WUDJEDUHQ %HKlOWHU
XQG QLFKW YRQ HLQHU =DSIVlXOH DXV
+DOWHQ 6LH ZHQQ 6LH YRQ HLQHU =DSIVlXOH DXV
WDQNHQ PVVHQ GHQ (LQIOOVWXW]HQ LPPHU LQ
.RQWDNW PLW GHP 5DQG GHV .UDIWVWRIIWDQNV
E]Z GHU %HKlOWHU|IIQXQJ ELV GHU 7DQNYRUJDQJ
DEJHVFKORVVHQ LVW
9HUZHQGXQJ HLQHV
.UDIWVWRIIVWDELOLVDWRUV
'LH 9HUZHQGXQJ HLQHV .UDIWVWRIIVWDELOLVDWRUV LQ GHU
0DVFKLQH EULQJW IROJHQGH 9RUWHLOH PLW VLFK
'DV %HQ]LQ EOHLEW ZlKUHQG GHU (LQODJHUXQJ ELV ]X
7DJH ODQJ IULVFK %HL OlQJHUHU (LQODJHUXQJ
HPSILHKOW HV VLFK GHQ .UDIWVWRIIWDQN ]X HQWOHHUHQ
'HU 0RWRU ZLUG JHUHLQLJW ZlKUHQG HU OlXIW
'DGXUFK ZLUG HLQ 9HUKDU]HQ GHU .UDIWVWRIIDQODJH
YHUKLQGHUW ZRGXUFK GHU 6WDUWYRUJDQJ HUOHLFKWHUW ZLUG
:LFKWLJ
9HUZHQGHQ 6LH NHLQH =XVlW]H GLH 0HWKDQRO
RGHU (WKDQRO HQWKDOWHQ
0LVFKHQ 6LH GHP %HQ]LQ GLH ULFKWLJH 6WDELOLVDWRUPHQJH
EHL
+LQZHLV
(LQ 6WDELOLVDWRU LVW DP HIIHNWLYVWHQ ZHQQ HU
IULVFKHP %HQ]LQ EHLJHPLVFKW ZLUG 9HUZHQGHQ 6LH XP
GDV 5LVLNR YRQ $EODJHUXQJHQ LP .UDIWVWRIIV\VWHP ]X
PLQLPLHUHQ LPPHU HLQHQ 6WDELOLVDWRU
%HWDQNHQ
6WHOOHQ 6LH GHQ 0RWRU DE XQG DNWLYLHUHQ GLH
)HVWVWHOOEUHPVH
5HLQLJHQ 6LH GHQ %HUHLFK XP GHQ 7DQNGHFNHO KHUXP
XQG QHKPHQ GHQ 'HFNHO DE )OOHQ 6LH EHLGH 7DQNV
PLW EOHLIUHLHP 1RUPDOEHQ]LQ ELV GDV %HQ]LQ ELV
PP XQWHU GHU 8QWHUVHLWH GHV (LQIOOVWXW]HQV VWHKW
'LHVHU 3ODW] LP 7DQN HUP|JOLFKW HV GHP %HQ]LQ VLFK
DXV]XGHKQHQ )OOHQ 6LH GLH .UDIWVWRIIWDQNV QLFKW
YROOVWlQGLJ DXI
%ULQJHQ 6LH GHQ .UDIWVWRIIWDQNGHFNHO ZLHGHU IHVW DQ
:LVFKHQ 6LH YHUVFKWWHWHV %HQ]LQ DXI
3UIHQ GHV gOVWDQGV LP 0RWRU
9RU GHP $QODVVHQ GHV 0RWRUV XQG YRU GHU ,QEHWULHEQDKPH
GHV *HUlWV HUVW GHQ gOVWDQG LP .XUEHOJHKlXVH SUIHQ
6LHKH 3UIHQ GHV gOVWDQGV 6HLWH
%HWULHE
'LH 6LFKHUKHLW VWHKW DQ HUVWHU
6WHOOH
/HVHQ 6LH DOOH 6LFKHUKHLWVYRUVFKULIWHQ DXI GHQ
6HLWHQ JUQGOLFK GXUFK 'LH .HQQWQLV GLHVHU
,QIRUPDWLRQHQ WUlJW HQWVFKHLGHQG GD]X EHL 9HUOHW]XQJHQ
]X YHUPHLGHQ
%HGLHQXQJVHOHPHQWH
0DFKHQ 6LH VLFK PLW GHQ %HGLHQXQJVHOHPHQWHQ %LOG
YHUWUDXW EHYRU 6LH GHQ 0RWRU DQODVVHQ RGHU GLH 0DVFKLQH
EHGLHQHQ
/HQNUDG
=QGVFKORVV
%UHPVSHGDO
)HVWVWHOOEUHPVKHEHO
)DKUSHGDO
*DVKHEHO
&KRNHKHEHO
=:$ =DSIZHOOHQDQWULHE
%LOG
7HPSRPDWVFKDOWHU
%OLQNOLFKWVWHXHUXQJ
%HWULHEVVWXQGHQ]lKOHU
+XEKHEHO $QEDXJHUlWH
+HEHO .RPIRUWOHQNUDG
gIIQXQJ IU 0RWRUKDXEH
+|KHQHLQVWHOOVFKDOWHU
)HVWVWHOOEUHPVH
=LHKHQ 6LH GLH )HVWVWHOOEUHPVH LPPHU DQ ZHQQ 6LH GLH
0DVFKLQH ]XP 6WHKHQ EULQJHQ RGHU XQEHDXIVLFKWLJW
]XUFNODVVHQ
$NWLYLHUHQ GHU )HVWVWHOOEUHPVH
'UFNHQ 6LH GDV %UHPVSHGDO %LOG KHUXQWHU XQG
KDOWHQ HV LQ GHU JHGUFNWHQ 3RVLWLRQ
=LHKHQ 6LH GHQ )HVWVWHOOEUHPVKHEHO %LOG KRFK XQG
QHKPHQ GHQ )X QDFK XQG QDFK YRP %UHPVSHGDO 'DV
%UHPVSHGDO VROOWH LQ KHUXQWHUJHGUFNWHU JHVSHUUWHU
3RVLWLRQ EOHLEHQ
/|VHQ GHU )HVWVWHOOEUHPVH
'UFNHQ 6LH GDV %UHPVSHGDO %LOG KHUXQWHU 'HU
)HVWVWHOOEUHPVKHEHO VROOWH VLFK O|VHQ
/DVVHQ 6LH GDV %UHPVSHGDO ODQJVDP ORV
6FKLHEHQ 6LH QDFKGHP GHU 0RWRU DQJHVSUXQJHQ LVW
GHQ &KRNHKHEHO ODQJVDP DXI ´$86µ %LOG 6WHOOHQ
6LH ZHQQ GHU 0RWRU DXVVHW]W RGHU XQUHJHOPlLJ OlXIW
GHQ &KRNHKHEHO IU HLQ SDDU 6HNXQGHQ ZLHGHU ]XUFN
DXI ´(,1µ 6WHOOHQ 6LH GDQQ GHQ *DVKHEHO DXI GLH
JHZQVFKWH 6WHOOXQJ :LHGHUKROHQ 6LH GLHVHQ 9RUJDQJ
QDFK %HGDUI
%LOG
=:$ $86
&KRNH (,1
&KRNH $86
%LOG
6FKQHOO
/DQJVDP
%UHPVSHGDO
%LOG
)HVWVWHOOEUHPVKHEHO
6WDUWHQ XQG 6WRSSHQ GHV
0RWRUV
$QODVVHQ
1HKPHQ 6LH DXI GHP 6LW] 3ODW]
$NWLYLHUHQ 6LH GLH )HVWVWHOOEUHPVH VLHKH $NWLYLHUHQ
GHU )HVWVWHOOEUHPVH 6HLWH
+LQZHLV
'HU 0RWRU VWDUWHW QXU ZHQQ GLH )HVWVWHOOEUHPVH
DNWLYLHUW LVW RGHU GDV %UHPVSHGDO JDQ] KHUXQWHUJHGUFNW
ZLUG
6FKLHEHQ 6LH GHQ =DSIZHOOHQKHEHO DXI ´$86µ
%LOG
6WHOOHQ 6LH GHQ &KRNHKHEHO DXI ´(,1µ %LOG
+LQZHLV
(LQ ODXIHQGHU XQG ZDUPHU 0RWRU EHQ|WLJW X 8
GHQ 6FKULWW QLFKW
6WHOOHQ 6LH GHQ *DVKHEHO DXI ´6&+1(//µ %LOG
'UHKHQ 6LH GHQ =QGVFKOVVHO LP 8KU]HLJHUVLQQ XQG
KDOWHQ LKQ DXI ´67$57µ %LOG /DVVHQ 6LH GHQ
6FKOVVHO VRIRUW ORV ZHQQ GHU 0RWRU DQVSULQJW
:LFKWLJ
:HQQ GHU 0RWRU QDFK 6HNXQGHQ
XQXQWHUEURFKHQHQ $QODVVHQV QLFKW DQVSULQJW GUHKHQ 6LH
GHQ =QGVFKOVVHO DXI ´$86µ XQG ODVVHQ GHQ $QODVVHU IU
6HNXQGHQ DENKOHQ VLHKH )HKOHUVXFKH XQG EHKHEXQJ
6HLWH
$XV
%HOHXFKWXQJ
%LOG
/DXI
6WDUW
$EVWHOOHQ
6FKLHEHQ 6LH GHQ =DSIZHOOHQKHEHO DXI ´$86µ
%LOG
6WHOOHQ 6LH GHQ *DVKHEHO DXI KDOEHQ :HJ ]ZLVFKHQ
+DOE XQG 9ROOJDV %LOG
'UHKHQ 6LH GHQ =QGVFKOVVHO DXI ´$86µ %LOG
(LQVDW] GHU =DSIZHOOH =:$
hEHU GHQ =DSIZHOOHQKHEHO ZLUG GLH HOHNWULVFKH .XSSOXQJ
HLQ XQG DXVJHVFKDOWHW
:HQQ GHU =QGVFKOVVHO DXI ´(,1µ RGHU
´%(/(8&+781*µ VWHKW XQG GLH =DSIZHOOH VWHKW DXI
´(,1µ OHXFKWHW GLH =:$/DPSH DXI GHU %OLQNOLFKW
VWHXHUXQJ DXI 'DV $XIOHXFKWHQ GLHVHU /DPSH HULQQHUW 6LH
GDUDQ GDVV VLFK GHU $QODVVHU QLFKW GUHKHQ OlVVW XQG GDVV
6LH GLH =DSIZHOOH YRU 9HUODVVHQ GHV 7UDNWRUV DEVWHOOHQ
PVVHQ
(LQVDW] GHU =DSIZHOOH =:$
'UFNHQ 6LH GDV %UHPVSHGDO XP GLH 0DVFKLQH ]X
VWRSSHQ
6FKLHEHQ 6LH GHQ =DSIZHOOHQKHEHO DXI ´(,1µ %LOG
$XV'HDNWLYLHUW
%LOG
(LQ$NWLYLHUW
'LH 6LFKHUKHLWVVFKDOWHU
9RUVLFKW
:HQQ GLH 6LFKHUKHLWVVFKDOWHU DEJHNOHPPW RGHU
EHVFKlGLJW ZHUGHQ NDQQ GLH 0DVFKLQH DXI HLQH
XQHUZDUWHWH :HLVH IXQNWLRQLHUHQ ZDV
9HUOHW]XQJHQ YHUXUVDFKHQ NDQQ
9HUlQGHUQ 6LH GLH 6LFKHUKHLWVVFKDOWHU QLH
.RQWUROOLHUHQ 6LH GHUHQ )XQNWLRQ WlJOLFK XQG
WDXVFKHQ DOOH GHIHNWHQ 6FKDOWHU YRU GHU
,QEHWULHEQDKPH GHU 0DVFKLQH DXV
9HUVWHKHQ GHU 6LFKHUKHLWVVFKDOWHU
'LH 6LFKHUKHLWVVFKDOWHU YHUKLQGHUQ GDV $QODVVHQ GHV
0RWRUV ZHQQ IROJHQGH %HGLQJXQJHQ QLFKW HUIOOW VLQG
6LH VLW]HQ DXI GHP 6LW]
'DV %UHPVSHGDO LVW JHGUFNW
'LH =DSIZHOOHQKHEHO VWHKW DXI ´$86µ
'DV )DKUDQWULHEVSHGDO VWHKW DXI 1HXWUDO
'LH 6LFKHUKHLWVVFKDOWHU VWRSSHQ GHQ 0RWRU ZHQQ
6LH GHQ 6LW] YHUODVVHQ XQG GDEHL GDV %UHPVSHGDO
ORVODVVHQ
6LH GHQ 6LW] YHUODVVHQ ZHQQ GDV 6FKQHLGZHUN
(,1*(.833(/7 LVW
6LH GDV )DKUDQWULHEVSHGDO DXV GHU 1HXWUDOVWHOOXQJ
EHZHJHQ XQG GLH )HVWVWHOOEUHPVH DNWLY LVW
'LH 6LFKHUKHLWVVFKDOWHU VWRSSHQ GLH =DSIZHOOH ZHQQ
6LH EHL HLQJHNXSSHOWHU =DSIZHOOH GHQ 5FNZlUWVJDQJ
HLQOHJHQ
$XVNXSSHOQ GHU =DSIZHOOH =:$
'UFNHQ 6LH GDV %UHPVSHGDO XP GLH 0DVFKLQH ]X
VWRSSHQ
6FKLHEHQ 6LH GHQ =DSIZHOOHQKHEHO DXI ´$86µ
%LOG
6WHOOHQ GHV 6FKOVVHOVFKDOWHUV
É
]XP
%HWULHE LP 5FNZlUWVJDQJ
(LQ 6LFKHUKHLWVVFKDOWHU DP 7UDNWRU YHUKLQGHUW GLH
)XQNWLRQ GHU =DSIZHOOH ZHQQ 6LH UFNZlUWV IDKUHQ :HQQ
6LH EHL HLQJHNXSSHOWHU =DSIZHOOH GK ZHQQ GLH
6FKQLWWPHVVHU RGHU HLQ DQJHEDXWHV *HUlW ODXIHQ GHQ
5FNZlUWVJDQJ HLQOHJHQ ZLUG GLH =DSIZHOOH
DXVJHNXSSHOW
0lKHQ 6LH QXU LP 5FNZlUWVJDQJ ZHQQ
HV XQEHGLQJW HUIRUGHUOLFK LVW
:HQQ 6LH LP 5FNZlUWVJDQJ GHQ =DSIZHOOHQDQWULHE
EHQ|WLJHQ N|QQHQ 6LH GLHVHQ 6LFKHUKHLWVVFKDOWHU PLW +LOIH
GHV 6FKOVVHOVFKDOWHUV EHLP 6LW]EJHO GHDNWLYLHUHQ
%LOG
*HIDKU
6LH N|QQWHQ ZHQQ GLH 6FKQLWWPHVVHU RGHU HLQ
*HUlW HLQJHNXSSHOW VLQG X8 HLQ .LQG RGHU HLQHQ
DQGHUHQ 8QEHWHLOLJWHQ EHLP 5FNZlUWVIDKUHQ
DQIDKUHQ ZRGXUFK HV ]X HLQHU 9HUOHW]XQJV RGHU
/HEHQVJHIDKU NRPPHQ N|QQWH
0lKHQ 6LH QXU LP 5FNZlUWVJDQJ ZHQQ HV
XQEHGLQJW HUIRUGHUOLFK LVW
6WHFNHQ 6LH GHQ 6FKOVVHOVFKDOWHU QXU HLQ ZHQQ
HV DEVROXW QRWZHQGLJ LVW
6HKHQ 6LH LPPHU QDFK KLQWHQ XQG XQWHQ EHYRU
6LH UFNZlUWV IDKUHQ
9HUZHQGHQ 6LH GHQ 6FKOVVHOVFKDOWHU QXU ZHQQ
6LH VLFKHU VLQG GDVV ZHGHU .LQGHU QRFK DQGHUH
3HUVRQHQ GHQ $UEHLWVEHUHLFK EHWUHWHQ ZHUGHQ
*HKHQ 6LH QDFK GHP 'HDNWLYLHUHQ GHV 6LFKHU
KHLWVVFKDOWHUV PLW EHVRQGHUHU 9RUVLFKW YRU ZHLO
6LH HV ZHJHQ GHV 0RWRUHQJHUlXVFKHV X8 QLFKW
EHPHUNHQ ZHQQ .LQGHU XQG 8QEHWHLOLJWH GHQ
$UEHLWVEHUHLFK EHWUHWHQ
=LHKHQ 6LH ZHQQ GLH 0DVFKLQH XQEHDXIVLFKWLJW
EOHLEW LPPHU GHQ =QGVFKOVVHO XQG GHQ
6FKOVVHOVFKDOWHU XQG EHZDKUHQ GLHVH DQ HLQHP
VLFKHUHQ IU .LQGHU XQG DQGHUH XQEHIXJWH
3HUVRQHQ XQ]XJlQJOLFKHQ 2UW DXI
.XSSHOQ 6LH GLH =DSIZHOOH HLQ
6WHFNHQ 6LH GHQ 6FKOVVHOVFKDOWHU LQ VHLQ 6FKORVV
%LOG
P
%LOG
6FKOVVHOVFKDOWHU
'UHKHQ 6LH GHQ 6FKOVVHOVFKDOWHU
(LQH URWH /DPSH DP $UPDWXUHQEUHWW %LOG OHXFKWHW
DXI 'DPLW ZLUG DQJH]HLJW GDVV GHU 6LFKHUKHLWVVFKDOWHU
GHDNWLYLHUW ZXUGH
%LOG
.RQWUROOODPSH IU GLH 5FNZlUWVIDKUW
/HJHQ 6LH GHQ 5FNZlUWVJDQJ HLQ XQG IKUHQ ,KUH
$UEHLW ]X (QGH
6WHOOHQ 6LH GLH =DSIZHOOH DE XP GHQ 6LFKHUKHLWV
VFKDOWHU ZLHGHU ]X DNWLYLHUHQ
=LHKHQ 6LH GHQ 6FKOVVHO DXV GHP 6FKOVVHOVFKDOWHU
XQG EHZDKUHQ LKQ DQ HLQHP IU .LQGHU XQ]XJlQJOLFKHQ
2UW VLFKHU DXI
hEHUSUIXQJ GHU 6LFKHUKHLWVVFKDOWHU
hEHUSUIHQ 6LH GLH )XQNWLRQ GHU 6LFKHUKHLWVVFKDOWHU YRU
MHGHP (LQVDW] GHU 0DVFKLQH /DVVHQ 6LH ZHQQ GLH
6LFKHUKHLWVVFKDOWHU QLFKW ZLH QDFKVWHKHQG EHVFKULHEHQ
IXQNWLRQLHUHQ GLHVH XQYHU]JOLFK YRQ HLQHP
9HUWUDJVKlQGOHU UHSDULHUHQ
$NWLYLHUHQ 6LH GLH )HVWVWHOOEUHPVH 6FKLHEHQ 6LH GHQ
=DSIZHOOHQKHEHO DXI ´(,1µ 'UHKHQ 6LH GDQQ GHQ
=QGVFKOVVHO DXI ´67$57µ 'HU 0RWRU GDUI GDQQ
QLFKW DQVSULQJHQ
6FKLHEHQ 6LH GHQ =DSIZHOOHQKHEHO DXI ´$86µ XQG
O|VHQ GLH )HVWVWHOOEUHPVH 'UHKHQ 6LH GDQQ GHQ =QG
VFKOVVHO DXI ´67$57µ 'HU 0RWRU GDUI GDQQ QLFKW
DQVSULQJHQ
$NWLYLHUHQ 6LH GLH )HVWVWHOOEUHPVH VWHOOHQ GLH
=DSIZHOOH DXI ´$86µ XQG EHZHJHQ GDV
)DKUDQWULHEVSHGDO DXV 1HXWUDO GDQQ GDUI VLFK GHU
0RWRU QLFKW GUHKHQ ODVVHQ
$NWLYLHUHQ 6LH GLH )HVWVWHOOEUHPVH XQG VFKLHEHQ GHQ
=DSIZHOOHQKHEHO DXI ´$86µ 6WDUWHQ 6LH GDQQ GHQ
0RWRU /|VHQ 6LH ZlKUHQG GHU 0RWRU OlXIW GLH
)HVWVWHOOEUHPVH XQG HUKHEHQ VLFK OHLFKW YRP 6LW] 'HU
0RWRU PXVV GDQQ DEZUJHQ
$NWLYLHUHQ 6LH GLH )HVWVWHOOEUHPVH XQG VWDUWHQ GHQ
0RWRU %HZHJHQ 6LH EHL ODXIHQGHP 0RWRU XQG
DNWLYLHUWHU )HVWVWHOOEUHPVH GDV )DKUDQWULHEVSHGDO
YRUZlUWV GHU 0RWRU PXVV GDQQ DEZUJHQ
'UHKHQ 6LH EHL GHDNWLYLHUWHU )HVWVWHOOEUHPVH GHQ
=QGVFKOVVHO DXI /$8) RKQH GHQ 0RWRU DQ]XODVVHQ
=LHKHQ 6LH GHQ =DSIZHOOHQVFKDOWHU DXI (,1 'DEHL
PVVHQ 6LH HLQ .OLFNHQ K|UHQ N|QQHQ ZRGXUFK 6LH
GDV $NWLYLHUHQ GHU =DSIZHOOH HUNHQQHQ GLH =$:
/DPSH PXVV JOHLFK]HLWLJ DXIOHXFKWHQ 6WHOOHQ 6LH GDV
)XSHGDO DXI 5FNZlUWV 'DEHL PVVHQ 6LH HLQ
.OLFNHQ K|UHQ N|QQHQ ZRGXUFK 6LH GDV 'HDNWLYLHUHQ
GHU =DSIZHOOH HUNHQQHQ GLH =$:/DPSH PXVV
JOHLFK]HLWLJ DXVJHKHQ
'UHKHQ 6LH EHL GHDNWLYLHUWHU )HVWVWHOOEUHPVH GHQ
=QGVFKOVVHO DXI /$8) RKQH GHQ 0RWRU DQ]XODVVHQ
=LHKHQ 6LH GHQ =DSIZHOOHQVFKDOWHU DXI (,1 'UHKHQ
6LH GHQ 6FKOVVHOVFKDOWHU XQG ODVVHQ LKQ ZLHGHU ORV
'LH :DUQODPSH IU 5FNZlUWVIDKUW PXVV DXIOHXFKWHQ
6WHOOHQ 6LH GDV )XSHGDO DXI 5FNZlUWV 'LH =DSI
ZHOOH XQG GLH =:$/DPSH DXI GHP $UPDWXUHQEUHWW
PVVHQ HLQJHVFKDOWHW EOHLEHQ =LHKHQ 6LH GHQ =DSI
ZHOOHQVFKDOWHU DXI $86 'LH =:$ XQG %HWULHELP
5FNZlUWVJDQJ/DPSHQ PVVHQ DXVJHKHQ
%OLQNOLFKWVWHXHUXQJ
'LH %OLQNOLFKWVWHXHUXQJ OHXFKWHW DXI %LOG ZHQQ GLH
)HVWVWHOOEUHPVH RGHU GLH =DSIZHOOH =:$ DNWLYLHUW
ZHUGHQ XQG VLFK HLQ 3UREOHP LQIROJH QLHGULJHQ gOGUXFNV
RGHU GHU /LFKWPDVFKLQHQOHLVXWQJ HUJHEHQ KDW GDV VRIRUW
EHKREHQ ZHUGHQ PXVV
'LH IROJHQGHQ =XVWlQGH IKUHQ ]XP (LQVFKDOWHQ GHU
0HOGHODPSHQ 'LHVH /DPSHQ PVVHQ ]X DQGHUHQ =HLWHQ
$86 VHLQ
%HWULHE LP 5FNZlUWVJDQJ
%DWWHULH
%HWULHEVVWXQGHQ]lKOHU
%LOG
gO
=:$ =DSIZHOOHQDQWULHE
gO
'LH gOZDUQODPSH VFKDOWHW VLFK ´(,1µ ZHQQ GHU =QG
VFKOVVHO HQWZHGHU DXI ´/$8)µ RGHU ´%(/(8&+781*µ
JHVWHOOW ZLUG XQG GHU 0RWRU QLFKW OlXIW :HQQ GHU 0RWRU
DQVSULQJW PXVV GLH /DPSH HUO|VFKHQ :HQQ EHL
ODXIHQGHP 0RWRU GHU gOGUXFN XQWHU GDV VLFKHUH
%HWULHEVQLYHDX DEIlOOW VFKDOWHW VLFK GLH /DPSH ´(,1µ
:HQQ VLFK GLH /DPSH EHL ODXIHQGHP 0RWRU HLQVFKDOWHW
VWHOOHQ 6LH VRIRUW GHQ 0RWRU DE XQG EHKHEHQ GLH
8UVDFKH GHV QLHGULJHQ gOGUXFNV
=:$ =DSIZHOOHQDQWULHE
'LH =DSIZHOOHQODPSH VFKDOWHW VLFK ´(,1µ GHU =QG
VFKOVVHO DXI ´/$8)µ RGHU ´%(/(8&+781*µ VWHKW XQG
GLH =DSIZHOOH HLQJHNXSSHOW LVW 'DV $XIOHXFKWHQ GLHVHU
/DPSH HULQQHUW 6LH GDUDQ GDVV VLFK GHU $QODVVHU QLFKW
GUHKHQ OlVVW XQG GDVV 6LH GLH =DSIZHOOH YRU 9HUODVVHQ GHV
7UDNWRUV DEVWHOOHQ PVVHQ
%HWULHE LP 5FNZlUWVJDQJ
'LH /DPSH %HWULHELP5FNZlUWVJDQJ OHXFKWHW DXI ZHQQ
GHU 6FKOVVHOVFKDOWHU ]XP 'HDNWLYLHUHQ GHV 6LFKHUKHLWV
VFKDOWHUV %HWULHELP5FNZlUWVJDQJ EHQXW]W ZLUG 6LH JLOW
DOV *HGlFKWQLVVWW]H GDIU GDVV GHU 6LFKHUKHLWVVFKDOWHU
GHDNWLYLHUW LVW 'LH /DPSH JHKW DXV ZHQQ GLH =DSIZHOOH
GHDNWLYLHUW RGHU GHU 0RWRU DEJHVWHOOW ZLUG
%DWWHULH
'LH %DWWHULHODPSH VFKDOWHW VLFK ´(,1µ ZHQQ GHU =QG
VFKOVVHO HQWZHGHU DXI ´/$8)µ RGHU ´%(/(8&+781*µ
JHVWHOOW ZLUG XQG GLH %DWWHULHVSDQQXQJ XQWHU 9 IlOOW
JOHLFKIDOOV ZHQQ GHU 0RWRU OlXIW XQG GLH /HLVWXQJ GHU
/LFKWPDVFKLQH XQWHU 9 IlOOW :HQQ GLH /DPSH
DXIOHXFKWHW PVVHQ 6LH GLH %DWWHULH XQG GLH HOHNWULVFKH
$QODJH EHUSUIHQ XQG GDV 3UREOHP EHVHLWLJHQ ODVVHQ
%HWULHEVVWXQGHQ]lKOHU
'HU %HWULHEVVWXQGHQ]lKOHU ]HLFKQHW DQ DXVJHZlKOWHQ
0RGHOOHQ GLH 6WXQGHQ DXI GLH GHU 0RWRU JHODXIHQ LVW
%LOG (U ZLUG ]XJHVFKDOWHW ZHQQ GHU =QGVFKOVVHO
DXI ´/$8)µ RGHU ´%(/(8&+781*µ JHVWHOOW ZLUG
5LFKWHQ 6LH ,KUH UHJHOPlLJHQ :DUWXQJVPDQDKPHQ QDFK
GLHVHU $QJDEH
9RUZlUWV XQG
5FNZlUWVIDKUHQ
6LH N|QQHQ GLH 0RWRUGUHK]DKO PLW GHP *DVUHJOHU UHJHOQ
GLH LQ 8PLQ 8PGUHKXQJHQ SUR 0LQXWH JHPHVVHQ ZLUG
6WHOOHQ 6LH GHQ *DVKHEHO IU GLH RSWLPDOH /HLVWXQJ DXI
´6&+1(//µ
/|VHQ 6LH XP YRUZlUWV XQG UFNZlUWV ]X IDKUHQ GLH
)HVWVWHOOEUHPVH VLHKH /|VHQ GHU )HVWVWHOOEUHPVH 6HLWH
6WHOOHQ 6LH ,KUHQ )X DXI GDV )DKUSHGDO XQG GUFNHQ
ODQJVDP GLH 2EHUVHLWH GHV 3HGDOV XP YRUZlUWV ]X IDKUHQ
RGHU GLH 8QWHUVHLWH XP UFNZlUWV ]X IDKUHQ %LOG -H
PHKU 6LH GDV )DKUSHGDO LQ HLQH 5LFKWXQJ GXUFKGUFNHQ
GHVWR VFKQHOOHU IlKUW GLH 0DVFKLQH LQ GLHVHU 5LFKWXQJ
+LQZHLV
=XU 5FNZlUWVIDKUW PLW HLQJHNXSSHOWHU
=DSIZHOOH PXVV GHU
%HWULHELP5FNZlUWVJDQJ6LFKHUKHLWVVFKDOWHU GXUFK GHQ
6FKOVVHOVFKDOWHU UHFKWV XQWHU GHP 6LW] GHDNWLYLHUW
ZHUGHQ
5HGX]LHUHQ 6LH XP ODQJVDPHU ]X IDKUHQ GHQ 'UXFN DXI
GDV )DKUSHGDO QDFK %HGDUI
:LFKWLJ
/|VHQ 6LH XP HLQHP *HWULHEHVFKDGHQ
YRU]XEHXJHQ GLH )HVWVWHOOEUHPVH YRU GHP 'UFNHQ GHV
)DKUSHGDOV
9RUZlUWV
%LOG
5FNZlUWV
$QKDOWHQ GHU 0DVFKLQH
/DVVHQ 6LH ]XP 6WRSSHQ GHU 0DVFKLQH GDV )DKUSHGDO ORV
NXSSHOQ GLH =DSIZHOOH DXV XQG GUHKHQ GLH =QGXQJ DXI
´$86µ XP GHQ 0RWRU DE]XVWHOOHQ $NWLYLHUHQ 6LH DXHU
GHP GLH )HVWVWHOOEUHPVH ZHQQ GLH 0DVFKLQH XQEH
DXIVLFKWLJW EOHLEW 6LHKH $NWLYLHUHQ GHU )HVWVWHOOEUHPVH
6HLWH 9HUJHVVHQ 6LH QLFKW GLH 6FKOVVHO DXV GHP
=QGVFKORVV XQG 6FKOVVHOVFKDOWHU ]X ]LHKHQ
9RUVLFKW
.LQGHU XQG 8QEHWHLOLJWH N|QQHQ YHUOHW]W ZHUGHQ
ZHQQ VLH YHUVXFKHQ GHQ XQEHDXIVLFKWLJW
]XUFNJHODVVHQHQ 7UDNWRU ]X EHZHJHQ
=LHKHQ 6LH LPPHU GHQ =QG XQG :DKOVFKOVVHO
XQG DNWLYLHUHQ GLH )HVWVWHOOEUHPVH ZHQQ GLH
0DVFKLQH XQEHDXIVLFKWLJW EOHLEW DXFK ZHQQ HV
QXU HLQ SDDU 0LQXWHQ VLQG
+XEKHEHO $QEDXJHUlWH
0LW GHP +XEKHEHO %LOG IU $QEDXJHUlWH KHEHQ XQG
VHQNHQ 6LH GLYHUVH *HUlWH GLH DQ GHQ 7UDNWRU DQJHEDXW
ZHUGHQ N|QQHQ
*HUlWH DQKHEHQ
'UFNHQ 6LH GDV %UHPVSHGDO XP GLH 0DVFKLQH ]X
VWRSSHQ
=LHKHQ 6LH GHQ +XEKHEHO IU *HUlWH QDFK KLQWHQ ELV
GLH .OLQNH HLQUDVWHW ,Q GLHVHU 6WHOOXQJ ZLUG GDV *HUlW
LQ GHU REHUHQ RGHU JHKREHQHQ 6WHOOXQJ JHKDOWHQ
$EVHQNHQ YRQ *HUlWHQ
'UFNHQ 6LH GDV %UHPVSHGDO XP GLH 0DVFKLQH ]X
VWRSSHQ
=LHKHQ 6LH GHQ +XEKHEHO IU *HUlWH QDFK KLQWHQ XP
GHQ +XEGUXFN ]X HQWVSDQQHQ XQG GUFNHQ GDQQ GLH
REHUH 7DVWH XP GLH .OLQNH DXV]XUDVWHQ %HZHJHQ 6LH
GHQ +XEKHEHO YRUZlUWV XP GDV *HUlW DE]XVHQNHQ
+|KHQHLQVWHOOVFKDOWHU
0LW GHP +|KHQHLQVWHOOVFKDOWHU %LOG OlVVW VLFK GLH
%HZHJXQJ GHU PRQWLHUWHQ *HUlWH HLQVFKUlQNHQ 'DV
+|KHQHLQVWHOOUDG ZLUG ]XP 9HUlQGHUQ GHU 3RVLWLRQ GK
DXI RGHU DE JHGUHKW
$QKHEHQ GHV *HUlWHKXEKHEHOV VLHKH $QKHEHQ YRQ
*HUlWHQ ,Q GHU DQJHKREHQHQ 6WHOOXQJ OlVVW VLFK GDV
+|KHQHLQVWHOOUDG %LOG ]XP 9HUlQGHUQ GHU
$QVFKODJSRVLWLRQ GUHKHQ 'UHKHQ 6LH GHQ 6FKDOWHU LP
8KU]HLJHUVLQQ XP GLH *HUlWHK|KH DQ]XKHEHQ XQG
HQWJHJHQ GHP 8KU]HLJHUVLQQ XP VLH ]X UHGX]LHUHQ
'LH 9HUlQGHUXQJ GHU HLQJHVWHOOWHQ +|KH ZLUG YRQ GHU
+|KHQHLQVWHOODQ]HLJH DQJHJHEHQ %LOG
6LW]HLQVWHOOXQJ
'HU 6LW] NDQQ YRU XQG ]XUFNJHVFKREHQ ZHUGHQ 6WHOOHQ
6LH GHQ 6LW] VR HLQ GDVV GLH 0DVFKLQH RSWLPDO JHVWHXHUW
ZHUGHQ NDQQ XQG PD[LPDOHQ .RPIRUW ELHWHW
+HEHQ 6LH GHQ 6LW] DQ XQG O|VHQ GLH (LQVWHOOUlGHU
%LOG
6FKLHEHQ 6LH GHQ 6LW] LQ GLH JHZQVFKWH 3RVLWLRQ XQG
GUHKHQ GLH 5lGHU IHVW
+XEKHEHO
7DVWH
+|KHQHLQVWHOOVFKDOWHU
%LOG
$Q]HLJH
+RFK
%HIHVWLJXQJVSRVLWLRQ
(LQVWHOOUDG
%LOG
P
6FKHLQZHUIHU
'LH 6FKHLQZHUIHU ZHUGHQ PLW HLQHU VSH]LHOOHQ 6WHOOXQJ
´%(/(8&+781*µ GHV =QGVFKOVVHOV HLQJHVFKDOWHW
%LOG 'LH %HOHXFKWXQJ EOHLEW DXFK GDQQ HLQJHVFKDOWHW
ZHQQ GHU =QGVFKOVVHO DXI ´%(/(8&+781*µ JHVWHOOW
ZLUG XQG GHU 0RWRU QLFKW OlXIW =LHKHQ 6LH GHQ 6FKOVVHO
ZHQQ GLH 0DVFKLQH XQEHDXIVLFKWLJW ]XUFNJHODVVHQ ZLUG
VR GDVV GLH %HOHXFKWXQJ GLH %DWWHULH QLFKW OHHU ODXIHQ
ODVVHQ NDQQ
(LQVDW] GHV 7HPSRPDWV
$3RVLWLRQ 9HUNOLQNXQJ XQWHU )HGHUGUXFN (,1 XQG
$86 XQG (QWULHJHOQ %LOG DXI GHP $UPDWXUHQEUHWW
UHJHOW GLH $NWLYLHUXQJ 'HU 7HPSRPDW UHJHOW GLH )DKU
SHGDOVWHOOXQJ RKQH )XGUXFN 'LH *HVFKZLQGLJNHLWV
UHJHOXQJ GLHQW QXU GHP (LQVDW] EHL GHU 9RUZlUWVIDKUW
%HQXW]HQ 6LH GHQ 7HPSRPDW QLH LP 5FNZlUWVJDQJ
(LQVDW] GHV 7HPSRPDWV
)DKUHQ 6LH GLH =XJPDVFKLQH MHW]W VLHKH 9RUZlUWV XQG
5FNZlUWVIDKUHQ 6HLWH 6FKLHEHQ 6LH ZlKUHQG 6LH
GHQ )X PLW JOHLFKEOHLEHQGHP 'UXFN DXI GDV )DKU
SHGDO GUFNHQ GHQ 7HPSRPDWVFKDOWHU %LOG DXI
´9HUNOLQNW(,1µ
%HOHXFKWXQJ
.LSSKHEHO
%LOG
3RVLWLRQLHUHQ GHV
.RPIRUW/HQNUDGV
'DV /HQNUDG KDW YLHU .LSSVWHOOXQJHQ 6WHOOHQ 6LH GDV
/HQNUDG VR HLQ GDVV GLH 0DVFKLQH RSWLPDO JHVWHXHUW
ZHUGHQ NDQQ XQG PD[LPDOHQ .RPIRUW ELHWHW
+HEHQ 6LH GHQ .LSSKHEHO XP GLH 9HUULHJHOXQJ
DXI]XKHEHQ %LOG
%ULQJHQ 6LH GDV /HQNUDG LQ HLQH DQJHQHKPH 6WHOOXQJ
XQG ODVVHQ GDQQ GHQ +HEHO ORV XP GLH 3RVLWLRQ ]X
DUUHWLHUHQ
%LOG
/HQNUDG
E
%LOG
$XVNOLQNHQ$86
W
9HUNOLQNW(,1
'DGXUFK YHUNOLQNW VLFK GHU 7HPSRPDW LQ GHU
MHZHLOLJHQ 6WHOOXQJ XQG 6LH N|QQHQ ,KUHQ )X YRP
)DKUSHGDO QHKPHQ 'DQQ ZLUG HLQH JOHLFKEOHLEHQGH
)DKUJHVFKZLQGLJNHLW HLQJHKDOWHQ
'HDNWLYLHUHQ GHV 7HPSRPDWV
6FKLHEHQ 6LH ZlKUHQG 6LH GHQ )X PLW JOHLFK
EOHLEHQGHP 'UXFN DXI GDV )DKUSHGDO GUFNHQ GHQ
7HPSRPDWVFKDOWHU %LOG DXI ´$XVNOLQNHQ$86µ
'DGXUFK HQWULHJHOW VLFK GHU 7HPSRPDW XQG ,KU )X
EHUQLPPW ZLHGHU GLH .RQWUROOH GHU
)DKUJHVFKZLQGLJNHLW
'UFNHQ 6LH ]XP VFKQHOOHQ 6WRSSHQ HLQIDFK DXI GDV
%UHPVSHGDO 'DGXUFK ZLUG GHU 7HPSRPDW DXWRPDWLVFK
GHDNWLYLHUW ZlKUHQG JOHLFK]HLWLJ GLH %UHPVH DNWLYLHUW
ZLUG
0DQXHOOHV 6FKLHEHQ GHU
0DVFKLQH
:LFKWLJ
6FKLHEHQ 6LH GLH 0DVFKLQH LPPHU QXU PLW
,KUHU +DQG 6FKOHSSHQ 6LH GLH 0DVFKLQH QLH DE VRQVW
NDQQ GLH $QWULHEVDFKVH GHIHNW ZHUGHQ
=XP 6FKLHEHQ GHU 0DVFKLQH
.XSSHOQ 6LH GDV 6FKQHLGZHUN DXV XQG GUHKHQ GHQ
=QGVFKOVVHO DXI ´$86µ XP GHQ 0RWRU DE]XVWHOOHQ
6FKLHEHQ 6LH GLH $QWULHEVVWDQJH LQ GLH ´6&+,(%(1µ
3RVLWLRQ 'DGXUFK ZLUG GHU $QWULHE DXVJHNXSSHOW XQG
GLH 5lGHU EHILQGHQ VLFK LP )UHLODXI %LOG
=XP (LQVDW] GHU 0DVFKLQH
6FKLHEHQ 6LH GLH $QWULHEVVWDQJH LQ GLH
´%(75,(%6µ3RVLWLRQ %LOG
+LQZHLV
'LH 0DVFKLQH OlVVW VLFK QXU IDKUHQ ZHQQ GLH
$QWULHEVVWDQJH LQ GHU ´%(75,(%6µ3RVLWLRQ LVW
(LQVDW]VWHOOXQJ
6FKLHEHQ6WHOOXQJ
%LOG
$QWULHEVVWDQJH
0
:DUWXQJ
(PSIRKOHQHU :DUWXQJVSODQ
:DUWXQJVLQWHUYDOO
1DFK GHP HUVWHQ
(LQVDW]
-HGHU (LQVDW]
$OOH %HWULHEVVWXQGHQ
$OOH %HWULHEVVWXQGHQ
$OOH %HWULHEVVWXQGHQ
$OOH
%HWULHEVVWXQGHQ
$OOH
%HWULHEVVWXQGHQ
:DUWXQJVPDQDKPH
:HFKVHOQ 6LH GDV gO
3UIHQ 6LH GHQ gOVWDQG
hEHUSUIHQ 6LH GLH 6LFKHUKHLWVVFKDOWHU
3UIHQ 6LH GLH %UHPVHQ
5HLQLJHQ 6LH GLH $XHQVHLWH GHV 0RWRUV
.RQWUROOLHUHQ 6LH GLH %DWWHULHVlXUH
:DUWHQ 6LH GHQ 6FKDXPHLQVDW] LP /XIWILOWHU
.RQWUROOLHUHQ 6LH GLH =QGNHU]HQ
5HJHOQ 6LH GHQ 5HLIHQGUXFN
.RQWUROOLHUHQ 6LH GLH 9RUVSXU GHU 9RUGHUUlGHU
)HWWHQ 6LH GDV &KDVVLV HLQ
8QWHUVXFKHQ 6LH GLH 5LHPHQ DXI 9HUVFKOHL5LVVH
:HFKVHOQ 6LH GDV gO
:DUWHQ 6LH GHQ 3DSLHUHLQVDW] LP /XIWILOWHU
7DXVFKHQ 6LH GHQ .UDIWVWRIIILOWHU DXV
:HFKVHOQ 6LH GHQ gOILOWHU
:DUWXQJVLQWHUYDOO
9RU GHU (LQODJHUXQJ
1DFK GHU (LQODJHUXQJ
:DUWXQJVPDQDKPH
:HFKVHOQ 6LH GHQ gOILOWHU
3UIHQ 6LH GLH %UHPVHQ
)HWWHQ 6LH GDV &KDVVLV HLQ
5HLQLJHQ 6LH GHQ 6FKDXPVWRIIOXIWILOWHUHLQVDW]
7DXVFKHQ 6LH GHQ 3DSLHUOXIWILOWHU DXV
.RQWUROOLHUHQ 6LH GLH =QGNHU]HQ
8QWHUVXFKHQ 6LH GLH 5LHPHQ DXI 9HUVFKOHL5LVVH
/DVVHQ 6LH GDV %HQ]LQ DE
5HLQLJHQ 6LH GLH $XHQVHLWH GHV 0RWRUV
%HVVHUQ 6LH DEJHEOlWWHUWH /DFNIOlFKHQ DXV
.RQWUROOLHUHQ 6LH GLH %DWWHULHVlXUH
/DGHQ 6LH GLH %DWWHULH DXI XQG NOHPPHQ GLH %DWWHULHNDEHO DE
7DXVFKHQ 6LH GHQ .UDIWVWRIIILOWHU DXV
5HJHOQ 6LH GHQ 5HLIHQGUXFN
.RQWUROOLHUHQ 6LH GLH 9RUVSXU GHU 9RUGHUUlGHU
hEHUSUIHQ 6LH GLH 6LFKHUKHLWVVFKDOWHU
3UIHQ 6LH GLH %UHPVHQ
.RQWUROOLHUHQ 6LH GLH =QGNHU]HQ
.RQWUROOLHUHQ 6LH GLH %DWWHULHVlXUH
5HJHOQ 6LH GHQ 5HLIHQGUXFN
%HL VWDXELJHQ VFKPXW]LJHQ %HGLQJXQJHQ KlXILJHU
:LFKWLJ
%HDFKWHQ 6LH IU ZHLWHUH :DUWXQJVPDQDKPHQ GLH %HGLHQXQJVDQOHLWXQJ GHV 0RWRUKHUVWHOOHUV
9RUVLFKW
:HQQ 6LH GHQ =QGVFKOVVHO LP =QGVFKORVV VWHFNHQ ODVVHQ N|QQWH HLQH DQGHUH 3HUVRQ GHQ
0RWRU DQODVVHQ XQG 6LH XQG 8QEHWHLOLJWH VFKZHU YHUOHW]HQ
=LHKHQ 6LH YRU GHP %HJLQQ YRQ :DUWXQJVDUEHLWHQ GHQ =QGVFKOVVHO XQG GHQ .HU]HQVWHFNHU
6FKLHEHQ 6LH DXHUGHP GHQ .HU]HQVWHFNHU ]XU 6HLWH GDPLW HU QLFKW YHUVHKHQWOLFK GLH
=QGNHU]H EHUKUW
/XIWILOWHU
:DUWXQJVLQWHUYDOOH6SH]LILNDWLRQ
6FKDXPHLQVDW] 5HLQLJHQ XQG |OHQ 6LH GHQ (LQVDW] DOOH
%HWULHEVVWXQGHQ RGHU PLQGHVWHQV MlKUOLFK
3DSLHUHLQVDW] 7DXVFKHQ 6LH GHQ (LQVDW] DOOH %HWULHEV
VWXQGHQ RGHU PLQGHVWHQV HLQPDO MlKUOLFK DXV
+LQZHLV
5HLQLJHQ 6LH GHQ /XIWILOWHU EHL EHVRQGHUV YLHO
6WDXE RGHU 6DQG LP $UEHLWVEHUHLFK KlXILJHU DOOH SDDU
6WXQGHQ
$XVEDX YRQ 6FKDXPHOHPHQW XQG
3DSLHUHLQVDW]
.XSSHOQ 6LH GLH =DSIZHOOH DXV DNWLYLHUHQ GLH )HVW
VWHOOEUHPVH XQG VFKDOWHQ GLH =QGXQJ DXV XP GHQ
0RWRU DE]XVWHOOHQ =LHKHQ 6LH GHQ =QGVFKOVVHO gIIQHQ 6LH GLH +DXEH
5HLQLJHQ 6LH GHQ %HUHLFK XP GHQ /XIWILOWHU KHUXP XP
]X YHUKLQGHUQ GDVV 6FKPXW] LQ GHQ 0RWRU IlOOW XQG
6FKlGHQ YHUXUVDFKW 6FKUDXEHQ 6LH GLH 9HUVFKOXVV
VFKUDXEH ORV XQG HQWIHUQHQ GHQ /XIWILOWHUGHFNHO
%LOG
/XIWILOWHUGHFNHO
9HUVFKOXVVVFKUDXEH
0XWWHU 'HFNHO
'HFNHO
%LOG
6FKDXPHLQVDW]
3DSLHUHLQVDW]
*XPPLGLFKWXQJ
/XIWILOWHUXQWHUWHLO
6FKLHEHQ 6LH GHQ 6FKDXPHLQVDW] YRUVLFKWLJ YRP
3DSLHUHLQVDW] KHUXQWHU %LOG
6FKUDXEHQ 6LH GLH 'HFNHOPXWWHU ORV XQG HQWIHUQHQ GHQ
3DSLHUHLQVDW] %LOG
5HLQLJXQJ YRQ 6FKDXP XQG
3DSLHUHLQVDW]
6FKDXPHLQVDW]
:DVFKHQ 6LH GHQ 6FKDXPHLQVDW] PLW )OVVLJVHLIH XQG
ZDUPHP :DVVHU 6SOHQ 6LH GHQ VDXEHUHQ (LQVDW]
JUQGOLFK
'UFNHQ 6LH GHQ (LQVDW] LQ HLQHP VDXEHUHQ /DSSHQ
DXV XP LKQ ]X WURFNQHQ
*LHHQ 6LH HWZDV gO DXI GHQ (LQVDW] %LOG
'UFNHQ 6LH GHQ (LQVDW] XP GDV gO ]X YHUWHLOHQ
:LFKWLJ
7DXVFKHQ 6LH GHQ 6FKDXPHLQVDW] DXV ZHQQ HU
EHVFKlGLJW RGHU DEJHQXW]W LVW
6FKDXPHLQVDW]
%LOG
gO
3DSLHUHLQVDW]
.ORSIHQ 6LH GHQ (LQVDW] OHLFKW DXI HLQH IODFKH
8QWHUODJH XP 6WDXE XQG 6FKPXW] ]X EHVHLWLJHQ
%LOG
8QWHUVXFKHQ 6LH GHQ (LQVDW] DXI 5LVVH HLQHQ |OLJHQ
)LOP XQG 6FKlGHQ DQ GHU *XPPLGLFKWXQJ
:LFKWLJ
5HLQLJHQ 6LH GHQ 3DSLHUHLQVDW] QLH PLW
'UXFNOXIW RGHU )OVVLJNHLWHQ ZLH /|VXQJVPLWWHO %HQ]LQ
RGHU .HURVLQ 7DXVFKHQ 6LH GHQ 3DSLHUHLQVDW] DXV ZHQQ HU
EHVFKlGLJW LVW RGHU QLFKW JUQGOLFK JHQXJ JHUHLQLJW ZHUGHQ
NDQQ
3DSLHUHLQVDW]
%LOG
*XPPLGLFKWXQJ
(LQEDX GHV 6FKDXPHLQVDW]HV XQG GHV
3DSLHUHLQVDW]HV
:LFKWLJ
/DVVHQ 6LH XP 0RWRUVFKlGHQ ]X YHUPHLGHQ
GHQ 0RWRU QLH RKQH DQJHEUDFKWHQ 6FKDXP XQG 3DSLHUOXIW
ILOWHU ODXIHQ
6FKLHEHQ 6LH GDV 6FKDXPHLQVDW] YRUVLFKWLJ DXI GHQ
3DSLHUHLQVDW] %LOG
6FKLHEHQ 6LH GLH /XIWILOWHUJUXSSH PLW GHP 'HFNHO DXI
GLH ODQJH 6WDQJH 'UHKHQ 6LH GLH 'HFNHOPXWWHU MHW]W
PLW GHU +DQG JHJHQ GHQ 'HFNHO %LOG
+LQZHLV
$FKWHQ 6LH GDUDXI GDVV GLH *XPPLGLFKWXQJ
IODFK DP /XIWILOWHUJHKlXVH XQG 'HFNHO DQOLHJW
%ULQJHQ 6LH GHQ /XIWILOWHUGHFNHO DQ %LOG
6FKOLHHQ 6LH GLH 0RWRUKDXEH
0RWRU|O
:DUWXQJVLQWHUYDOOH6SH]LILNDWLRQ
gOZHFKVHO
1DFK GHQ HUVWHQ %HWULHEVVWXQGHQ
1DFK MHZHLOV %HWULHEVVWXQGHQ
+LQZHLV
:HFKVHOQ 6LH GDV gO EHL H[WUHP VWDXELJHQ RGHU
VDQGLJHQ %HGLQJXQJHQ KlXILJHU gOVRUWH :DVFKDNWLYHV gO $3,.ODVVLILNDWLRQ 6) RGHU 6*
.XUEHOJHKlXVH)DVVXQJVYHUP|JHQ PLW )LOWHU O
9LVNRVLWlW 6LHKH QDFKVWHKHQGH 7DEHOOH
9(5:(1'(1 6,( g/( 0,7 )2/*(1'(5
9,6.26,7b7
3UIHQ GHV gOVWDQGV
6WHOOHQ 6LH GLH 0DVFKLQH DXI HLQH HEHQH )OlFKH
NXSSHOQ GLH =DSIZHOOH DXV DNWLYLHUHQ GLH )HVWVWHOO
EUHPVH XQG VFKDOWHQ GHQ =QGVFKOVVHO DXI ´$86µ
XP GHQ 0RWRU ]X VWRSSHQ =LHKHQ 6LH GHQ
=QGVFKOVVHO gIIQHQ 6LH GLH +DXEH
5HLQLJHQ 6LH GHQ %HUHLFK XP GHQ gOSHLOVWDE KHUXP
%LOG GDPLW NHLQ 6FKPXW] LQ GHQ (LQIOOVWXW]HQ
JHODQJHQ XQG VR GHQ 0RWRU EHVFKlGLJHQ NDQQ
6FKUDXEHQ 6LH GHQ gOSHLOVWDE ORV XQG ZLVFKHQ GDV
0HWDOOHQGH DE %LOG
6FKLHEHQ 6LH GHQ gOSHLOVWDE YROOVWlQGLJ LQ GDV (LQIOO
URKU QLFKW LQ GDV 5RKU HLQVFKUDXEHQ %LOG
=LHKHQ 6LH GHQ 3HLOVWDE ZLHGHU KHUDXV XQG
NRQWUROOLHUHQ GDV 0HWDOOHQGH *LHHQ 6LH ZHQQ GHU gOVWDQG ]X QLHGULJ LVW ODQJVDP QXU VRYLHO gO LQ GDV
(LQIOOURKU GDVV GHU gOVWDQG GLH ´92//µ0DUNLHUXQJ
HUUHLFKW
:LFKWLJ
)OOHQ 6LH DXI NHLQHQ )DOO EHU GLH 9ROO
0DUNLHUXQJ KLQDXV GD GLHV ]X 6FKlGHQ DP 0RWRU IKUHQ
NDQQ
gOSHLOVWDE
0HWDOOHQGH
%LOG
(LQIOOURKU
)
&
:HFKVHOQ XQG $EODVVHQ GHV gOV
6WDUWHQ 6LH GHQ 0RWRU XQG ODVVHQ LKQ IQI 0LQXWHQ
ODQJ ODXIHQ 'DGXUFK ZLUG GDV gO HUZlUPW XQG OlXIW
EHVVHU DE
6WHOOHQ 6LH GLH 0DVFKLQH VR DE GDVV GLH $EODXIVHLWH
HWZDV WLHIHU OLHJW DOV GLH HQWJHJHQJHVHW]WH GDPLW
VLFKHUJHVWHOOW ZLUG GDVV GDV gO YROOVWlQGLJ DEOlXIW
.XSSHOQ 6LH GLH =DSIZHOOH DXV DNWLYLHUHQ GLH )HVW
VWHOOEUHPVH XQG VFKDOWHQ GLH =QGXQJ DXI ´$86µ XP
GHQ 0RWRU DE]XVWHOOHQ =LHKHQ 6LH GHQ =QGVFKOVVHO
gIIQHQ 6LH GLH +DXEH
=LHKHQ 6LH HLQ 6WFN 6FKODXFK EHU GLH gOYHUVFKOXVV
VFKUDXEH XP GDV gO OHQNHQ ]X N|QQHQ
6WHOOHQ 6LH HLQ $XIIDQJJHIl XQWHU GLH 9HUVFKOXVV
VFKUDXEH gIIQHQ 6LH GLH 9HUVFKOXVVVFKUDXEH HQWJHJHQ
GHP 8KU]HLJHUVLQQ XP 8PGUHKXQJ XQG ]LHKHQ GLH
6FKUDXEH DE %LOG
6FKOLHHQ 6LH GLH 9HUVFKOXVVVFKUDXEH ZLHGHU ZHQQ
GDV gO YROOVWlQGLJ DEJHODXIHQ LVW LQGHP 6LH GLH
6FKUDXEH 8PGUHKXQJ LP 8KU]HLJHUVLQQ HLQGUHKHQ
+LQZHLV
(QWVRUJHQ 6LH GDV $OW|O EHL HLQHP ]XJHODVVHQHQ
5HF\FOLQJFHQWHU
:HFKVHOQ 6LH GHQ gOILOWHU
:DUWXQJVLQWHUYDOOH6SH]LILNDWLRQ
:HFKVHOQ 6LH GHQ gOILOWHU DOOH %HWULHEVVWXQGHQ RGHU
PLQGHVWHQV EHL MHGHP ]ZHLWHQ gOZHFKVHO
+LQZHLV
:HFKVHOQ 6LH GHQ gOILOWHU EHL H[WUHP VWDXELJHQ
RGHU VDQGLJHQ %HGLQJXQJHQ KlXILJHU
/DVVHQ 6LH GDV gO DXV GHP 0RWRU DEODXIHQ VLHKH
:HFKVHOQ XQG $EODVVHQ GHV gOV 6HLWH
(QWIHUQHQ 6LH GHQ $OWILOWHU XQG ZLVFKHQ GLH
'LFKWIOlFKH DP $QEDXVWXW]HQ %LOG DE gOHQ 6LH GLH *XPPLGLFKWXQJ DP $XVWDXVFKILOWHU
%LOG OHLFKW PLW )ULVFK|O HLQ
gOYHUVFKOXVVVFKUDXEH
%LOG
0
*LHHQ 6LH FD GHU DQJHJHEHQHQ gOPHQJH
ODQJVDP LQ GDV (LQIOOURKU %LOG .RQWUROOLHUHQ 6LH
GDQQ GHQ gOVWDQG VLHKH 3UIHQ GHV gOVWDQGV 6HLWH
*LHHQ 6LH ODQJVDP gO HLQ XP GHQ gOVWDQG ELV ]XU
´92//µ0DUNH DP 3HLOVWDE ]X EULQJHQ
gOILOWHU
'LFKWXQJ
%LOG
$GDSWHU
'UHKHQ 6LH GHQ $XVWDXVFKILOWHU DXI GHQ $QEDXVWXW]HQ
DXI 'UHKHQ 6LH GHQ gOILOWHU LP 8KU]HLJHUVLQQ ELV GLH
*XPPLGLFKWXQJ GHQ $QEDXVWXW]HQ EHUKUW =LHKHQ 6LH
LKQ GDQQ XP HLQH ZHLWHUH 8PGUHKXQJ IHVWHU
%LOG
)OOHQ 6LH GDV .XUEHOJHKlXVH PLW GHP ]XWUHIIHQGHQ gO VLHKH :HFKVHOQ XQG $EODVVHQ GHV gOV 6HLWH
=QGNHU]H
:DUWXQJVLQWHUYDOOH6SH]LILNDWLRQ
.RQWUROOLHUHQ 6LH GLH =QGNHU]HQ QDFK MHZHLOV
%HWULHEVVWXQGHQ $FKWHQ 6LH GDUDXI GDVV GHU $EVWDQG
]ZLVFKHQ GHU PLWWOHUHQ XQG GHU VHLWOLFKHQ (OHNWURGH
NRUUHNW LVW EHYRU 6LH GLH .HU]H HLQGUHKHQ 9HUZHQGHQ 6LH
]XP $XV XQG (LQEDX GHU =QGNHU]HQ HLQHQ =QG
NHU]HQVFKOVVHO XQG IU GLH .RQWUROOH XQG (LQVWHOOXQJ GHV
(OHNWURGHQDEVWDQGV HLQH )KOHUOHKUH
7\S &KDPSLRQ 5&<& RGHU *OHLFKZHUWLJH
(OHNWURGHQDEVWDQG PP
(QWIHUQHQ GHU =QGNHU]HQ
.XSSHOQ 6LH GLH =DSIZHOOH DXV DNWLYLHUHQ GLH
)HVWVWHOOEUHPVH XQG VFKDOWHQ GLH =QGXQJ DXV XP GHQ
0RWRU DE]XVWHOOHQ =LHKHQ 6LH GHQ =QGVFKOVVHO gIIQHQ 6LH GLH +DXEH
=LHKHQ 6LH GHQGLH .HU]HQVWHFNHU YRQ GHUQ =QG
NHU]HQ %LOG 5HLQLJHQ 6LH MHW]W GHQ %HUHLFK XP
GLH =QGNHU]HQ XP ]X YHUKLQGHUQ GDVV 6FKPXW] LQ
GHQ 0RWRU IDOOHQ XQG 6FKlGHQ YHUXUVDFKHQ NDQQ
(QWIHUQHQ 6LH GLH =QGNHU]HQ
=QGNDEHO
hEHUSUIXQJ GHU =QGNHU]H
6HKHQ 6LH VLFK GLH 0LWWH GHU =QGNHU]HQ DQ
%LOG :HQQ GHU .HU]HQVWHLQ KHOOEUDXQ RGHU JUDX
LVW LVW GHU 0RWRU ULFKWLJ HLQJHVWHOOW (LQH VFKZDU]H
6FKLFKW DP .HU]HQVWHLQ ZHLVW QRUPDOHUZHLVH DXI HLQHQ
VFKPXW]LJHQ /XIWILOWHU KLQ
:LFKWLJ
5HLQLJHQ 6LH =QGNHU]HQ QLH :HFKVHOQ 6LH
GLH =QGNHU]HQ LPPHU DXV ZHQQ VLH VFKZDU] EHU]RJHQ
LVW RGHU DEJHQXW]WH (OHNWURGHQ HLQHQ |OLJHQ )LOP RGHU
5LVVH DXIZHLVW
3UIHQ 6LH GHQ $EVWDQG ]ZLVFKHQ GHQ PLWWOHUHQ XQG
VHLWOLFKHQ (OHNWURGHQ %LOG 9HUELHJHQ 6LH GLH
VHLWOLFKH (OHNWURGH %LOG ZHQQ GHU $EVWDQG QLFKW
VWLPPW
PP
.HU]HQVWHLQ GHU PLWWOHUHQ
(OHNWURGH
6HLWOLFKH (OHNWURGH
%LOG
(OHNWURGHQDEVWDQG QLFKW
PDVWDEVJHWUHX
%LOG
=QGNHU]H
0
(LQEDX GHU =QGNHU]HQ
6FKUDXEHQ 6LH GLH =QGNHU]HQ HLQ $FKWHQ 6LH
GDUDXI GDVV GHU (OHNWURGHQDEVWDQG ULFKWLJ HLQJHVWHOOW
LVW
=LHKHQ 6LH GLH =QGNHU]HQ PLW 1P DQ
'UFNHQ 6LH GHQGLH .HU]HQVWHFNHU DXI GLH
=QGNHU]HQ DXI %LOG
6FKOLHHQ 6LH GLH 0RWRUKDXEH
(LQIHWWHQ XQG 6FKPLHUHQ
:DUWXQJVLQWHUYDOOH6SH]LILNDWLRQ
)HWWHQ 6LH GLH 0DVFKLQH DOOH %HWULHEVVWXQGHQ RGHU
PLQGHVWHQV HLQPDO SUR -DKU HLQ %HL H[WUHP VWDXELJHQ RGHU
VDQGLJHQ (LQVDW]EHGLQJXQJHQ KlXILJHU
6FKPLHUIHWWVRUWH $OO]ZHFNIHWW
:LH JHIHWWHW ZLUG
.XSSHOQ 6LH GLH =DSIZHOOH DXV DNWLYLHUHQ GLH )HVW
VWHOOEUHPVH XQG VFKDOWHQ GLH =QGXQJ DXV XP GHQ
0RWRU DE]XVWHOOHQ =LHKHQ 6LH GHQ =QGVFKOVVHO
5HLQLJHQ 6LH GLH 6FKPLHUQLSSHO PLW HLQHP /DSSHQ
.UDW]HQ 6LH EHL %HGDUI )DUEH YRUQH YRQ GHQ 1LSSHOQ
DE
%ULQJHQ 6LH GLH )HWWSUHVVH DP 1LSSHO DQ )HWWHQ 6LH
GLH 1LSSHO ELV GDV )HWW EHJLQQW DXV GHQ /DJHUQ
DXV]XWUHWHQ
:LVFKHQ 6LH EHUIOVVLJHV )HWW DE
:R JHIHWWHW ZLUG
)HWWHQ 6LH GLH 9RUGHUUlGHU XQG /HQNVSLQGHOQ ELV GDV
)HWW EHJLQQW DXV GHQ /DJHUQ DXV]XWUHWHQ %LOG
)HWWHQ 6LH GDV *HOHQN DQ GHU 9RUGHUDFKVH %LOG
%LOG
5HLIHQGUXFN
:DUWXQJVLQWHUYDOOH6SH]LILNDWLRQ
%HKDOWHQ 6LH GHQ IU GLH 9RUGHU XQG +LQWHUUHLIHQ DQ
JHJHEHQHQ 5HLIHQGUXFN EHL 5HJHOQ 6LH GHQ 5HLIHQGUXFN
DP 9HQWLOVFKDIW QDFK MHZHLOV %HWULHEVVWXQGHQ RGHU
PLQGHVWHQV PRQDWOLFK %LOG 5HJHOQ 6LH GHQ 5HLIHQ
GUXFN DP NDOWHQ 5HLIHQ XP HLQHQ P|JOLFKVW JHQDXHQ
:HUW ]X HUKDOWHQ
'UXFN N3D YRUQH XQG KLQWHQ
%LOG
)HWWHQ 6LH GDV )DKUSHGDO DQ 0RGHOOHQ PLW K\GUR
VWDWLVFKHP $QWULHE RGHU GLH %UHPV XQG .XSSOXQJV
SHGDOH DQG 0DVFKLQHQ PLW KHUN|PPOLFKHP *HWULHEH
ZR GLH 3HGDOH DXI HLQHP 6WLIW JHVFKZHQNW ZHUGHQ
%LOG
9HQWLOVFKDIW
%LOG
%UHPVH
=LHKHQ 6LH GLH )HVWVWHOOEUHPVH LPPHU DQ ZHQQ 6LH GLH
0DVFKLQH ]XP 6WHKHQ EULQJHQ RGHU XQEHDXIVLFKWLJW
]XUFNODVVHQ :HQQ GLH )HVWVWHOOEUHPVH GHQ 7UDNWRU QLFKW
VLFKHU KlOW PXVV GLHVH HLQJHVWHOOW ZHUGHQ
.RQWUROOH GHU %UHPVH
6WHOOHQ 6LH GLH 0DVFKLQH DXI HLQH HEHQH )OlFKH
NXSSHOQ GLH =DSIZHOOH DXV DNWLYLHUHQ GLH )HVW
VWHOOEUHPVH XQG VFKDOWHQ GHQ =QGVFKOVVHO DXI
´$86µ XP GHQ 0RWRU ]X VWRSSHQ =LHKHQ 6LH GHQ
=QGVFKOVVHO
'LH +LQWHUUlGHU PVVHQ EORFNLHUHQ XQG UXWVFKHQ ZHQQ
6LH YHUVXFKHQ GHQ 7UDNWRU YRUZlUWV ]X VFKLHEHQ (LQH
(LQVWHOOXQJ LVW QRWZHQGLJ ZHQQ VLFK GLH 5lGHU GUHKHQ
XQG QLFKW EORFNLHUHQ 6LHKH (LQVWHOOXQJ GHU %UHPVH
6HLWH
/|VHQ 6LH GLH %UHPVH XQG VWHOOHQ GLH $QWULHEVVWDQJH
DXI ´6&+,(%(1µ VLHKH 0DQXHOOHV 6FKLHEHQ GHU
0DVFKLQH 6HLWH 'LH 5lGHU PVVHQ VLFK
XQJHKLQGHUW GUHKHQ ODVVHQ
:HQQ EHLGH %HGLQJXQJHQ HUIOOW VLQG HUEULJW VLFK
MHGH ZHLWHUH (LQVWHOOXQJ
(LQVWHOOXQJ GHU %UHPVH
.RQWUROOLHUHQ 6LH GLH %UHPVH YRU GHP (LQVWHOOHQ VLHKH
.RQWUROOH GHU %UHPVH 6HLWH
/|VHQ 6LH GLH )HVWVWHOOEUHPVH VLHKH /|VHQ GHU
)HVWVWHOOEUHPVH 6HLWH
(QWIHUQHQ 6LH ]XP (LQVWHOOHQ GHU %UHPVH GHQ 6SOLQW
XQG ORFNHUQ GLH %UHPVHLQVWHOOPXWWHU HWZDV %LOG
6WHFNHQ 6LH HLQH PP )KOHUOHKUH YRUVLFKWLJ
]ZLVFKHQ GHQ lXHUHQ %UHPVNORW] XQG GLH
%UHPVVFKHLEH %LOG
=LHKHQ 6LH GLH %UHPVHLQVWHOOPXWWHU IHVW ELV 6LH HLQHQ
OHLFKWHQ :LGHUVWDQG DQ GHU )KOHUOHKUH VSUHQ ZHQQ
6LH GLHVH KLQHLQ XQG KHUDXVVFKLHEHQ]LHKHQ
0RQWLHUHQ 6LH GHQ 6SOLQW hEHUSUIHQ 6LH GLH %UHPVHQ VLHKH .RQWUROOH GHU
%UHPVH 6HLWH
:LFKWLJ
%HL JHO|VWHU )HVWVWHOOEUHPVH PVVHQ VLFK GLH
+LQWHUUlGHU IUHL GUHKHQ ZHQQ GHU 0lKHU JHVFKREHQ ZLUG
:HQQ VLFK GHU PP$EVWDQG XQG GHU )UHLODXI GHV
5DGV QLFKW JOHLFK]HLWLJ UHDOLVLHUHQ ODVVHQ VHW]HQ 6LH VLFK
ELWWH VRIRUW PLW ,KUHP 7RUR9HUWUDJVKlQGOHU LQ 9HUELQGXQJ
PP
%UHPVHQHLQVWHOOPXWWHU
6SOLQW
0
%LOG
$QWULHEVDFKH YRUQH UHFKWV
.UDIWVWRIIWDQN
(QWOHHUHQ GHV .UDIWVWRIIWDQNV
*HIDKU
8QWHU EHVWLPPWHQ %HGLQJXQJHQ LVW %HQ]LQ H[WUHP
OHLFKW HQWIODPPEDU XQG KRFKH[SORVLY )HXHU XQG
([SORVLRQHQ GXUFK %HQ]LQ N|QQHQ 9HUEUHQQXQJHQ
XQG 6DFKVFKlGHQ YHUXUVDFKHQ
/DVVHQ 6LH GDV %HQ]LQ LP )UHLHQ DXV GHP
.UDIWVWRIIWDQN DE ZHQQ GHU 0RWRU NDOW LVW
:LVFKHQ 6LH YHUVFKWWHWHV %HQ]LQ DXI
5DXFKHQ 6LH EHLP $EODVVHQ YRQ %HQ]LQ QLH XQG
KDOWHQ GLHVHV YRQ RIIHQHQ )ODPPHQ XQG DXV
%HUHLFKHQ IHUQ LQ GHQHQ .UDIWVWRIIGlPSIH
GXUFK )XQNHQ HQW]QGHW ZHUGHQ N|QQWHQ
6WHOOHQ 6LH GLH 0DVFKLQH DXI HLQH HEHQH )OlFKH GDPLW
6LH VLFKHUVWHOOHQ GDVV GHU .UDIWVWRIIWDQN YROOVWlQGLJ
OHHU OlXIW .XSSHOQ 6LH GLH =DSIZHOOH DXV DNWLYLHUHQ
GLH )HVWVWHOOEUHPVH XQG VFKDOWHQ GLH =QGXQJ DXI
´$86µ XP GHQ 0RWRU DE]XVWHOOHQ =LHKHQ 6LH GHQ
=QGVFKOVVHO gIIQHQ 6LH GHQ .UDIWVWRIIKDKQ XQWHU GHP
.UDIWVWRIIWDQN %LOG
=LHKHQ 6LH GLH .UDIWVWRIIOHLWXQJ YRP )LOWHU %LOG gIIQHQ 6LH GHQ .UDIWVWRIIKDKQ XQG ODVVHQ GDV %HQ]LQ
LQ HLQHQ YRUVFKULIWVPlLJHQ .DQLVWHU DEODXIHQ
+LQZHLV
-HW]W LVW GHU EHVWH =HLWSXQNW IU GHQ (LQEDX
HLQHV QHXHQ .UDIWVWRIIILOWHUV ZHLO GHU .UDIWVWRIIWDQN OHHU
LVW
%ULQJHQ 6LH GLH .UDIWVWRIIOHLWXQJ DP )LOWHU DQ
6FKLHEHQ 6LH GLH 6FKODXFKNOHPPH JDQ] DQ GHQ )LOWHU
KHUDQ XP GLH .UDIWVWRIIOHLWXQJ XQG GHQ )LOWHU DE]X
VLFKHUQ VLHKH $XVWDXVFK GHV .UDIWVWRIIILOWHUV 6HLWH
6FKODXFKNOHPPH
.UDIWVWRIIOHLWXQJ
%LOG
)LOWHU
%LOG
.UDIWVWRIIKDKQ
gIIQHQ 6LH GLH +DXEH
'UFNHQ 6LH GLH (QGHQ GHU 6FKODXFKNOHPPH
]XVDPPHQ XQG VFKLHEHQ VLH DQ GHU .UDIWVWRIIOHLWXQJ
QDFK REHQ ]XP .UDIWVWRIIWDQN %LOG
.UDIWVWRIIILOWHU
:DUWXQJVLQWHUYDOOH6SH]LILNDWLRQ
7DXVFKHQ 6LH GHQ .UDIWVWRIIILOWHU DOOH %HWULHEVVWXQGHQ
RGHU PLQGHVWHQV HLQPDO SUR -DKU DXV
$XVWDXVFK GHV .UDIWVWRIIILOWHUV
%ULQJHQ 6LH QLHPDOV HLQHQ VFKPXW]LJHQ )LOWHU ZLHGHU DQ
QDFKGHP 6LH LKQ YRQ GHU .UDIWVWRIIOHLWXQJ HQWIHUQW KDEHQ
.XSSHOQ 6LH GLH =DSIZHOOH DXV DNWLYLHUHQ GLH )HVW
VWHOOEUHPVH XQG VFKDOWHQ GLH =QGXQJ DXV XP GHQ
0RWRU DE]XVWHOOHQ =LHKHQ 6LH GHQ =QGVFKOVVHO gIIQHQ 6LH GHQ .UDIWVWRIIKDKQ XQWHU GHP .UDIWVWRII
WDQN %LOG gIIQHQ 6LH GLH +DXEH
'UFNHQ 6LH GLH (QGHQ GHU 6FKODXFKVFKHOOHQ
]XVDPPHQ XQG VFKLHEHQ VLH YRP )LOWHU ZHJ %LOG
(QWIHUQHQ 6LH GHQ )LOWHU YRQ GHQ .UDIWVWRIIOHLWXQJHQ
'DV YRUGHUH 0D PXVV ODXW $QJDEHQ NOHLQHU VHLQ DOV
GDV KLQWHUH
%LOG
)LOWHU 6FKODXFKNOHPPH
.UDIWVWRIIOHLWXQJ
%DXHQ 6LH HLQHQ QHXHQ )LOWHU HLQ XQG VFKLHEHQ GLH
6FKODXFKVFKHOOHQ DQ GHQ )LOWHU KHUDQ gIIQHQ 6LH GHQ .UDIWVWRIIKDKQ XQWHU GHP .UDIWVWRII
WDQN %LOG
6FKOLHHQ 6LH GLH 0RWRUKDXEH
9RUVSXU GHU 9RUGHUUlGHU
:DUWXQJVLQWHUYDOOH6SH]LILNDWLRQ
+DOWHQ 6LH GLH 9RUVSXU GHU 9RUGHUUlGHU ODXW $QJDEHQ EHL
:HQQ 6LH HLQH XQJOHLFKPlLJH $EQXW]XQJ GHU 5HLIHQ HLQ
$EUHLEHQ GHU 5DVHQIOlFKH RGHU HLQ (UVFKZHUHQ GHU
/HQNXQJ IHVWVWHOOHQ NDQQ HLQH (LQVWHOOXQJ HUIRUGHUOLFK
VHLQ .RQWUROOLHUHQ 6LH GLH 9RUVSXU QDFK MHZHLOV
%HWULHEVVWXQGHQ RGHU PLQGHVWHQV MlKUOLFK %LOG
7\S ² PP 9RUVSXU DQ GHQ 9RUGHUUlGHUQ
0HVVHQ GHU 9RUVSXU
.XSSHOQ 6LH GLH =DSIZHOOH DXV DNWLYLHUHQ GLH )HVW
VWHOOEUHPVH XQG VFKDOWHQ GLH =QGXQJ DXV XP GHQ
0RWRU DE]XVWHOOHQ =LHKHQ 6LH GHQ =QGVFKOVVHO
6FKLHEHQ 6LH GLH 9RUGHUUHLIHQ YRUQH QDFK DXHQ XP
GDV 6SLHO DXV GHP *HVWlQJH DXI]XQHKPHQ
0HVVHQ 6LH GHQ $EVWDQG ]ZLVFKHQ GHQ )HOJHQ DXI
6FKDIWK|KH DQ GHU 9RUGHU XQG 5FNVHLWH GHU 5lGHU
%LOG
+LHU PHVVHQ
)ODFKVWHOOHQ
%LOG
.OHPPPXWWHU
/HQNKHEHO
P
(LQVWHOOHQ GHU 9RUVSXU
.RQWUROOLHUHQ 6LH GLH 9RUVSXU YRU GHP (LQVWHOOHQ
VLHKH 0HVVHQ GHU 9RUVSXU 6HLWH
(QWIHUQHQ 6LH GDV .XJHOJHOHQN YRQ HLQHP GHU
/HQNKHEHO %LOG
/RFNHUQ 6LH GLH .OHPPPXWWHU PLW GHU GDV .XJHO
JHOHQN DQ GHU /HQNVWDQJH EHIHVWLJW ZLUG 'UHKHQ 6LH
GDV .XJHOJHOHQN HLQH 8PGUHKXQJ LP 8KU]HLJHUVLQQ
XP GLH 9RUVSXU ]X HUK|KHQ RGHU HQWJHJHQ GHP
8KU]HLJHUVLQQ XP VLH ]X UHGX]LHUHQ
+DOWHQ 6LH GLH )ODFKVWHOOHQ DP .XJHOJHOHQN XP GLHVH
PLW GHQ )ODFKVWHOOHQ DQ GHU 9HUELQGXQJVVWDQJH ]X
IOXFKWHQ ]LHKHQ 6LH GDQQ GLH .OHPPPXWWHU IHVW
%LOG
0RQWLHUHQ 6LH GDV .XJHOJHOHQN DP /HQNKHEHO XQG
NRQWUROOLHUHQ GLH 9RUVSXU VLHKH 0HVVHQ GHU 9RUVSXU
6HLWH
:LFKWLJ
:HQQ ]XP (UUHLFKHQ GHU 9RUJDEH PHKUHUH
8PGUHKXQJHQ HUIRUGHUOLFK VLQG ZHFKVHOQ 6LH ]ZLVFKHQ
GHQ OLQNHQ XQG UHFKWHQ /HQNVWDQJHQ XP GLH
*HUDGHDXVVWHOOXQJ GHV /HQNUDGV EHL]XEHKDOWHQ
$QWULHEVDFKVHQgO
:DUWXQJVLQWHUYDOOH6SH]LILNDWLRQ
'LH $QWULHEVDFKVH LVW HLQH YHUVLHJHOWH (LQKHLW ZHVKDOE
VLFK GDV .RQWUROOLHUHQ GHV gOVWDQGV HUEULJW
:LFKWLJ
:HQQ VLFK HLQ 3UREOHP PLW GHU $QWULHEVDFKVH
HLQVWHOOW ZHQGHQ 6LH VLFK IU 5DW XQG 6HUYLFH DQ ,KUHQ
ORNDOHQ 9HUWUDJVKlQGOHU
6LFKHUXQJ
:DUWXQJVLQWHUYDOOH6SH]LILNDWLRQ
'LH HOHNWULVFKH $QODJH ZLUG GXUFK 6LFKHUXQJHQ JHVFKW]W
(V VLQG NHLQH :DUWXQJVDUEHLWHQ HUIRUGHUOLFK hEHUSUIHQ
6LH MHGRFK GDVGHQ HQWVSUHFKHQGHQ %DXWHLO6WURPNUHLV
DXI .XU]VFKOXVV ZHQQ HLQH 6LFKHUXQJ GXUFKEUHQQW
=LHKHQ 6LH GLH 6LFKHUXQJ ]XP $XVWDXVFKHQ QDFK REHQ
%LOG XP VLH DXV GHU )DVVXQJ ]X HQWIHUQHQ
6LFKHUXQJ +DXSW$QODVVHU )³ $ .I]7\S
/LFKWPDVFKLQH )³ $ .I]7\S
$UPDWXUHQEUHWW )³ $ .I]7\S
6FKHLQZHUIHU )³ $ .I]7\S
'UFNHQ 6LH GLH %LUQH KHUHLQ GUHKHQ 6LH HQWJHJHQ
GHP 8KU]HLJHUVLQQ ELV ]XP $QVFKODJ
FD 8PGUHKXQJ XQG QHKPHQ VLH DXV GHU
%LUQHQIDVVXQJ KHUDXV %LOG
%LUQHQIDVVXQJ
5HIOHNWRU
1DVHQ
%LOG
6FKOLW]H
.OHPPHQ
$UPDWXUHQEUHWW ² $
6FKHLQZHUIHU² $
%LOG
/LFKWPDVFKLQH ² $
+DXSW ² $
(LQEDX GHU %LUQH
'LH *OKELUQH KDW 0HWDOOVWLIWH DQ GHU 6HLWH LKUHV
8QWHUWHLOV )OXFKWHQ 6LH GLH 6WLIWH DXI GLH 6FKOLW]H LQ
GHU %LUQHQIDVVXQJ DXV XQG VHW]HQ GDV 8QWHUWHLO LQ GLH
)DVVXQJ %LOG 'UFNHQ 6LH GLH %LUQH KLQHLQ XQG
GUHKHQ VLH LP 8KU]HLJHUVLQQ ELV ]XP $QVFKODJ
6FKHLQZHUIHU
7\S %LUQH 1U .I]7\S
(QWIHUQHQ GHU %LUQH
.XSSHOQ 6LH GLH =DSIZHOOH DXV DNWLYLHUHQ GLH )HVW
VWHOOEUHPVH XQG VFKDOWHQ GLH =QGXQJ DXV XP GHQ
0RWRU DE]XVWHOOHQ =LHKHQ 6LH GHQ =QGVFKOVVHO gIIQHQ 6LH GLH +DXEH =LHKHQ 6LH GLH 'UDKWVWHFNHU YRQ
EHLGHQ %LUQHQIDVVXQJVNOHPPHQ DE
'UHKHQ 6LH GLH %LUQHQIDVVXQJ XP 8PGUHKXQJ
HQWJHJHQ GHP 8KU]HLJHUVLQQ XQG QHKPHQ GLH %LUQH
DXV GHP 5HIOHNWRU %LOG
%LUQH
0HWDOOVWLIWH
%LOG
%LUQHQIDVVXQJ
6FKOLW]H
'LH %LUQHQIDVVXQJ KDW ]ZHL =XQJHQ %LOG
)OXFKWHQ 6LH GLH =XQJHQ DXI GLH 6FKOLW]H LP 5HIOHNWRU
DXV VHW]HQ GLH %LUQHQIDVVXQJ LQ GHQ 5HIOHNWRU HLQ XQG
GUHKHQ GLH %LUQH LP 8KU]HLJHUVLQQ 8PGUHKXQJ ELV
]XP $QVFKODJ
6FKLHEHQ 6LH GLH 'UDKWVWHFNHU DXI GLH .OHPPHQ DQ GHU
%LUQHQIDVVXQJ
%DWWHULH
:DUQXQJ
%DWWHULHSROH NOHPPHQ XQG ]XEHK|U HQWKDOWHQ
%OHL XQG %OHLEHVWDQGWHLOH 'DEHL KDQGHOW HV VLFK
XP &KHPLNDOLHQ GLH ODXW GHU 5HJLHUXQJ YRQ
.DOLIRUQLHQ NUHEVHUUHJHQG VLQG XQG ]X (UE
VFKlGHQ IKUHQ N|QQHQ
:DVFKHQ 6LH VLFK QDFK
GHP .RQWDNW GDPLW ,KUH +lQGH
:DUWXQJVLQWHUYDOOH6SH]LILNDWLRQ
+DOWHQ 6LH GLH %DWWHULH LPPHU VDXEHU XQG YROO DXIJHODGHQ
5HLQLJHQ 6LH GHQ %DWWHULHNDVWHQ PLW HLQHP 3DSLHUWXFK
5HLQLJHQ 6LH ZHQQ GLH %DWWHULHNOHPPHQSROH NRUURGLHUW
VLQG GLHVH PLW HLQHU /|VXQJ DXV YLHU 7HLOHQ :DVVHU XQG
HLQHP 7HLO 1DWURQ 7UDJHQ 6LH HLQH GQQH )HWWVFKLFKW DXI
GLH %DWWHULHNOHPPHQSROH DXI XP .RUURVLRQ ]X
YHUKLQGHUQ
6SDQQXQJ 9 N$K
(QWIHUQHQ GHU %DWWHULH
:DUQXQJ
%DWWHULHSROH XQG 0HWDOOZHUN]HXJH N|QQHQ DQ
PHWDOOLVFKHQ 7UDNWRUWHLOHQ .XU]VFKOVVH YHUXU
VDFKHQ ZDV )XQNHQ HU]HXJHQ NDQQ )XQNHQ
N|QQHQ ]XP ([SORGLHUHQ GHU %DWWHULHJDVH IKUHQ
ZDV 9HUOHW]XQJHQ ]XU )ROJH KDEHQ NDQQ
9HUPHLGHQ 6LH ZHQQ 6LH HLQH %DWWHULH HLQ RGHU
DXVEDXHQ GDVV GLH %DWWHULHSROH PLW
PHWDOOLVFKHQ 7UDNWRUWHLOHQ LQ %HUKUXQJ
NRPPHQ
9HUPHLGHQ 6LH .XU]VFKOVVH ]ZLVFKHQ
PHWDOOLVFKHQ :HUN]HXJHQ GHQ %DWWHULHSROHQ
XQG PHWDOOLVFKHQ 7UDNWRUWHLOHQ
:DUQXQJ
'DV XQVDFKJHPlH 9HUOHJHQ GHU %DWWHULHNDEHO
NDQQ ]X 6FKlGHQ DP 7UDNWRU IKUHQ XQG GLH
.DEHO N|QQHQ )XQNHQ HU]HXJHQ )XQNHQ N|QQHQ
]XP ([SORGLHUHQ GHU %DWWHULHJDVH IKUHQ ZDV
9HUOHW]XQJHQ ]XU )ROJH KDEHQ NDQQ
.OHPPHQ 6LH LPPHU GDV 0LQXVNDEHO VFKZDU]
$% EHYRU 6LH GDV 3OXVNDEHO URW DENOHPPHQ
.OHPPHQ 6LH LPPHU GDV 3OXVNDEHO URW $1
EHYRU 6LH GDV 0LQXVNDEHO VFKZDU]
DQNOHPPHQ
.XSSHOQ 6LH GLH =DSIZHOOH DXV DNWLYLHUHQ GLH
)HVWVWHOOEUHPVH XQG VFKDOWHQ GLH =QGXQJ DXV XP GHQ
0RWRU DE]XVWHOOHQ =LHKHQ 6LH GHQ =QGVFKOVVHO gIIQHQ 6LH GLH 0RWRUKDXEH XQG PDFKHQ GLH %DWWHULH
DXVILQGLJ
(QWIHUQHQ 6LH GLH 6HLWHQZlQGH XP VLFK ]XP
(QWIHUQHQ GHU %DWWHULH 3ODW] ]X PDFKHQ %LOG
(QWIHUQHQ 6LH GLH 6FKUDXEHQ XQG KHEHQ GLH %DWWHULH
DXV GHP /HQNVlXOHQNDVWHQ XQG EHU GHQ 6WLIW XQG GLH
9RUVSUQJH GHU 6HLWHQZlQGH
.OHPPHQ 6LH GDV 0LQXVNDEHO VFKZDU] YRP
%DWWHULHSRO DE %LOG
6FKLHEHQ 6LH GLH *XPPLDEGHFNXQJ DP 3OXVNDEHO URW
QDFK REHQ .OHPPHQ 6LH GDV 3OXVNDEHO URWH
$EGHFNXQJ YRP %DWWHULHSRO DE %LOG
(QWIHUQHQ 6LH GDV %DWWHULHEHIHVWLJXQJVEDQG %LOG
(QWIHUQHQ 6LH GLH %DWWHULH DXV GHP 7UDNWRU
0LQXVNDEHO
0XWWHU
6FKUDXEH
P
%LOG
*XPPLDEGHFNXQJ URW
3OXVNDEHO
%DWWHULHEHIHVWLJXQJVEDQG
(LQEDX GHU %DWWHULH
%DXHQ 6LH GLH %DWWHULH LP 7UDNWRU HLQ %LOG
6LFKHUQ 6LH GDV %DWWHULHEHIHVWLJXQJVEDQG DE %LOG
6FKOLHHQ 6LH GDV 3OXVNDEHO URWH $EGHFNXQJ PLW GHU
6FKUDXEH XQG 0XWWHU DP 3OXVSRO DQ %LOG
6FKLHEHQ 6LH GLH *XPPLDEGHFNXQJ EHU GHQ
%DWWHULHSRO
6FKOLHHQ 6LH GDV VFKZDU]H 0LQXVNDEHO PLW GHU
6FKUDXEH XQG 0XWWHU DP 0LQXVSRO DQ %LOG
0RQWLHUHQ 6LH GLH 6HLWHQZlQGH LQGHP 6LH GLH 9RU
VSUQJH LQ GHQ /HQNVlXOHQNDVWHQ VFKLHEHQ XQG GHQ
6WLIW LQ GHQ )ODQVFK DP )XEUHWW HLQVFKLHEHQ 6LFKHUQ
VLH GLH *UXSSH PLW 6FKUDXEHQ DE %LOG
.RQWUROOH GHV 6lXUHVWDQGV
gIIQHQ 6LH GLH 0RWRUKDXEH EHL DEJHVWHOOWHP 0RWRU
XQG PDFKHQ GLH %DWWHULH DXVILQGLJ
6HKHQ 6LH VLFK GLH 6HLWH GHU %DWWHULH DQ 'HU )OOVWDQG
PXVV ELV ]XU 2%(5(1 /LQLH UHLFKHQ %LOG 'LH
6lXUH GDUI QLFKW XQWHU GLH 817(5( /LQLH IDOOHQ
%LOG
)OOHQ 6LH EHL HLQHP ]X QLHGULJHQ 6lXUHVWDQG GLH
HUIRUGHUOLFKH 0HQJH GHVWLOOLHUWHV :DVVHU QDFK VLHKH
1DFKIOOHQ YRQ :DVVHU LQ GLH %DWWHULH 6HLWH
%DWWHULH
9RUVSUQJH
6HLWHQZlQGH
%LOG
6FKUDXEH
6WLIW
P
9HUVFKOXVVGHFNHO
2%(5( /LQLH
%LOG
817(5( /LQLH
P
*HIDKU
'LH %DWWHULHIOVVLJNHLW HQWKlOW 6FKZHIHOVlXUH GLH
W|GOLFK ZLUNHQ XQG VWDUNH FKHPLVFKH
9HUEUHQQXQJHQ YHUXUVDFKHQ NDQQ
7ULQNHQ 6LH QLH %DWWHULHVlXUH XQG YHUPHLGHQ
GHQ .RQWDNW PLW +DXW $XJHQ XQG .OHLGXQJV
VWFNHQ 7UDJHQ 6LH HLQH 6FKXW]EULOOH DOV
$XJHQVFKXW] VRZLH *XPPLKDQGVFKXKH DOV
6FKXW] IU ,KUH +lQGH
%HIOOHQ 6LH GLH %DWWHULH DQ HLQHP 2UW ZR
LPPHU NODUHV :DVVHU ]XP 6SOHQ GHU +DXW
YHUIJEDU LVW
%HIROJHQ 6LH DOOH $QZHLVXQJHQ XQG 6LFKHUKHLWV
YRUVFKULIWHQ DXI GHP )OVVLJNHLWVEHKlOWHU
1DFKIOOHQ YRQ :DVVHU LQ GLH %DWWHULH
'HU EHVWH =HLWSXQNW ]XP 1DFKIOOHQ YRQ GHVWLOOLHUWHP
:DVVHU LQ GLH %DWWHULH LVW GLUHNW YRU GHU ,QEHWULHEQDKPH
GHU 0DVFKLQH 'DGXUFK YHUPLVFKW VLFK GDV :DVVHU
JUQGOLFK PLW GHU 6lXUHO|VXQJ
(QWIHUQHQ 6LH GLH %DWWHULH DXV GHP 7UDNWRU
5HLQLJHQ 6LH GLH %DWWHULHREHUVHLWH PLW HLQHP
3DSLHUWXFK
+LQZHLV
)OOHQ 6LH GLH %DWWHULH QLH PLW GHVWLOOLHUWHP
:DVVHU DXI VRODQJH VLH VLFK QRFK LP 7UDNWRU EHILQGHW
6RQVW N|QQWH %DWWHULHVlXUH DXI DQGHUH %DXWHLOH YHUVFKWWHW
ZHUGHQ ZDV .RUURVLRQ ]XU )ROJH KDEHQ ZUGH
(QWIHUQHQ 6LH GLH (QWOIWXQJVGHFNHO YRQ GHU %DWWHULH
%LOG
*LHHQ 6LH ODQJVDP LQ MHGH %DWWHULH]HOOH GHVWLOOLHUWHV
:DVVHU ELV GHU )OVVLJNHLWVVWDQG GLH 2%(5( /LQLH
%LOG DP %DWWHULHJHKlXVH HUUHLFKW
:LFKWLJ
hEHUIOOHQ 6LH GLH %DWWHULH QLFKW ZHLO 6lXUH
6FKZHIHOVlXUH VFKZHUZLHJHQGH 9HUlW]XQJHQ XQG
6FKlGHQ DP *HKlXVH YHUXUVDFKHQ NDQQ
:DUWHQ 6LH QDFK GHP )OOHQ GHU %DWWHULH]HOOHQ IQI ELV
]HKQ 0LQXWHQ *LHHQ 6LH EHL %HGDUI GHVWLOOLHUWHV
:DVVHU LQ MHGH %DWWHULH]HOOH ELV GHU 6lXUHVWDQG GLH
2%(5( /LQLH %LOG DP %DWWHULHJHKlXVH HUUHLFKW
'UHKHQ 6LH GLH (QWOIWXQJVGHFNHO ZLHGHU DXI
/DGHQ GHU %DWWHULH
:DUQXQJ
%HLP /DGHQ GHU %DWWHULH ZHUGHQ *DVH HU]HXJW
GLH H[SORGLHUHQ N|QQHQ
5DXFKHQ 6LH QLH LQ GHU 1lKH GHU %DWWHULH XQG
KDOWHQ )XQNHQ XQG RIIHQHV /LFKW YRQ GHU %DWWHULH
IHUQ
:LFKWLJ
+DOWHQ 6LH GLH %DWWHULH LPPHU YROOVWlQGLJ
JHODGHQ 'LFKWH 'DV LVW EHVRQGHUV ZLFKWLJ ZHQQ
GLH 7HPSHUDWXU XQWHU & OLHJW XP 6FKlGHQ DQ GHU
%DWWHULH ]X YHUPHLGHQ
(QWIHUQHQ 6LH GLH %DWWHULH DXV GHP &KDVVLV VLHKH
(QWIHUQHQ GHU %DWWHULH 6HLWH
.RQWUROOLHUHQ 6LH GHQ 6lXUHVWDQG VLHKH .RQWUROOH GHV
6lXUHVWDQGV 6HLWH
6WHOOHQ 6LH VLFKHU GDVV GLH (QWOIWXQJVGHFNHO DXI GLH
%DWWHULH DXIJHVFKUDXEW VLQG /DGHQ 6LH GLH %DWWHULH
ELV 0LQXWHQ ODQJ PLW ELV $ RGHU
0LQXWHQ ODQJ PLW ² $
=LHKHQ 6LH ZHQQ GLH %DWWHULH YROO JHODGHQ LVW GHQ
6WHFNHU GHV /DGHJHUlWV DXV GHU 'RVH .OHPPHQ 6LH
GDQQ GLH .OHPPHQ GHV /DGHJHUlWV YRQ GHQ
%DWWHULHSROHQ DE %LOG
%DWWHULH3OXVSRO
%DWWHULH0LQXVSRO
5RWHV /DGHJHUlWNDEHO
%LOG
6FKZDU]HV
/DGHJHUlWNDEHO
P
%DXHQ 6LH GLH %DWWHULH LQ GHQ 7UDNWRU HLQ XQG
NOHPPHQ GLH %DWWHULHNDEHO DQ GHQ SROHQ DQ VLHKH
(LQEDX GHU %DWWHULH 6HLWH
+LQZHLV
/DVVHQ 6LH GHQ 7UDNWRU QLH PLW DEJHNOHPPWHU
%DWWHULH ODXIHQ VRQVW N|QQHQ HOHNWULVFKH 6FKlGHQ
HQWVWHKHQ
6FKDOWELOG
7,
(&
&
2
/
,5
%
,5
%
6
,5
%
1
7$
7
/(
3.
5 7
//
<(
: < 5
/2
,5
:
.
/$
2
%
(
/8
1
((
(
$1
6
% /
5
,
$/
0
6:
1
,2
1
,*
7(
+
&
,7
,2
$7
&
/2
9(
6
('
,:
.
$&
0
2
)5
6:
1
,*
6:
1
,2
76
,*
1
5
1
5
7
$5
67
,
5
%
6
/
3.
5
9,
1
)
$
)
$
1
$5
+
7
6
(6
'
($
3.
5
)
$
)
$
3.
6:
,7
:
72
3
,6
+
6:
2
37
,1
1
2
6+
6,
32
5
3/
.
5
3$
3/
.
5
3$
1
,2
1
,*
6
/(
$& $&
7
7$
:
.
$<
(/
5
7
7$
6
(/
)8
/,
6
'
,2
,7
:
5
7(
5
7$
6
,7
:
(6
/2
(
6
(6
35
%
5
$<
(/
.
7(
,1
&
/2
6:
6:
$5
1
3(
,6
+
3$
,1
6:
(1
:
<
%
<
$
6:
(
$.
5
%
6:
'
6(
(6
5
(3
'
,6
(
$.
%
(1
:
6(
/2
$.
%
6:
(
6:
,6
+
($
6
6:
$7
6(
'
6(
/2
,1
,6
5
5
3(
2
$7
$7
6(
(
7+
6:
6
7
(8
1
,7
:
,6
+
'
6(
/2
6:
(8
,1
$/
75
%
7
3.
:
8
3.
2
37
+
7&
/8
+
7&
/8
<
:
.
,/
.
$<
(/
.
.
7
6:
5
9(
(
,'
(<
.
6
&
+
6(
/2
6:
,6
<
.(
(1
:
5
78
6:
'
9(
6(
(5
(9
5
6:
:
6
1
3(
2
+
6:
0
,6
5
<'
3(
2
6(
(5
(9
72
'
7(
(&
3.
,6
5
6:
(
1
,2
$7
5
3(
2
+
7,
(&
'
7(
(&
1
'
$1
&
2
'
$1
'
7(
(&
1
'
$1
,6
5
6:
7$
(1
<
7
7$
(1
2
0
3.
(
,6
5
&
$<
(/
.
7
%
6:
(
,6
5
&
6:
(
:
6
5
(3
'
,6
'
6(
(6
1
3(
2
+
(
$.
6: %
$*
(
,6
5
3.
:
7
1
$5
*
,1
1
$5
+
7
6
(6
$
3.
3
0
/$
%
:
2
37
(
,'
5
9(
&
3
0
/$
7
3
0
/$
'
7(
$7
3
0
/$
( )
3.
(5
(7
3.
)
(
$*
/7
92
5
$7
5
3$
'
%
$
/,
<
7(
$7
0
7
5HLQLJXQJ XQG (LQODJHUXQJ
.XSSHOQ 6LH GLH =DSIZHOOH DXV DNWLYLHUHQ GLH )HVW
VWHOOEUHPVH XQG VFKDOWHQ GLH =QGXQJ DXV XP GHQ
0RWRU DE]XVWHOOHQ =LHKHQ 6LH GHQ =QG XQG GHQ
6FKOVVHOVFKDOWHU
(QWIHUQHQ 6LH 6FKQLWWJXW XQG 6FKPXW] YRQ GHQ lXHUHQ 7HLOHQ GHU 0DVFKLQH LQVEHVRQGHUH YRP
0RWRU (QWIHUQHQ 6LH 6FKPXW] XQG +lFNVHO DXHQ DQ
GHQ =\OLQGHUNRSIULSSHQ GHV 0RWRUV XQG DP
*HEOlVHJHKlXVH
:LFKWLJ
6LH N|QQHQ GLH 0DVFKLQH PLW HLQHP PLOGHQ
5HLQLJXQJVPLWWHO XQG :DVVHU ZDVFKHQ 9HUZHQGHQ 6LH
NHLQ :DVVHU XQWHU KRKHP 'UXFN ]XP :DVFKHQ GHU
0DVFKLQH 9HUPHLGHQ 6LH EHUIOVVLJHV :DVVHU
LQVEHVRQGHUH LQ GHU 1lKH YRQ $UPDWXUHQEUHWW /DPSHQ
0RWRU XQG %DWWHULH
.RQWUROOLHUHQ 6LH GLH %UHPVHQ 6LHKH %UHPVH
6HLWH
:DUWHQ 6LH GHQ /XIWILOWHU 6LHKH /XIWILOWHU 6HLWH
)HWWHQ 6LH GDV &KDVVLV HLQ 6LHKH (LQIHWWHQ XQG
6FKPLHUHQ 6HLWH
:HFKVHOQ 6LH GDV gO LP .XUEHOJHKlXVH XQG GHQ )LOWHU
VLHKH 0RWRU|O 6HLWH
5HJHOQ 6LH GHQ 5HLIHQGUXFN 6LHKH 5HLIHQGUXFN
6HLWH
%HUHLWHQ 6LH GLH 0DVFKLQH EHL 6WLOOOHJXQJ OlQJHU DOV
7DJH ]XU (LQODJHUXQJ YRU %HUHLWHQ 6LH GLH
0DVFKLQH ZLH IROJW ]XU (LQODJHUXQJ YRU
*HEHQ 6LH HLQHQ 6WDELOLVDWRU DXI 0LQHUDO|OEDVLV ]XP
%HQ]LQ LP 7DQN %HIROJHQ 6LH GDEHL GLH 0LVFK
DQZHLVXQJHQ GHV +HUVWHOOHUV GHV 6WDELOLVDWRUV
9HUZHQGHQ 6LH NHLQHQ 6WDELOLVDWRU DXI $ONRKROEDVLV
(WKDQRO RGHU 0HWKDQRO
+LQZHLV
(LQ 6WDELOLVDWRU ZLUNW DP HIIHNWLYVWHQ ZHQQ HU
IULVFKHP %HQ]LQ EHLJHPLVFKW XQG VWlQGLJ YHUZHQGHW ZLUG
/DVVHQ 6LH GHQ 0RWRU ODXIHQ XP GHQ VWDELOLVLHUWHQ
.UDIWVWRII LQ GHU .UDIWVWRIIDQODJH ]X YHUWHLOHQ
0LQXWHQ
6WHOOHQ 6LH GHQ 0RWRU DE ODVVHQ LKQ DENKOHQ XQG GHQ
.UDIWVWRII DXV GHP 7DQN DEODXIHQ 6LHKH .UDIWVWRII
WDQN 6HLWH
6WDUWHQ 6LH GHQ 0RWRU HUQHXW XQG ODVVHQ LKQ ODXIHQ ELV
HU DEZUJW
%HWlWLJHQ 6LH GHQ &KRNH RGHU GLH .DOWVWDUWKLOIH
6WDUWHQ 6LH GHQ 0RWRU XQG ODVVHQ LKQ ODXIHQ ELV HU
QLFKW PHKU DQVSULQJW %HWlWLJHQ 6LH IDOOV YRUKDQGHQ
GLH .DOWVWDUWKLOIH PHKUHUH 0DOH XP VLFKHU]XVWHOOHQ
GDVV NHLQ .UDIWVWRII LP .DOWVWDUWKLOIHV\VWHP
]XUFNEOHLEW
(QWVRUJHQ 6LH .UDIWVWRII YRUVFKULIWVPlLJ
:LHGHUYHUZHQGXQJ ODXW |UWOLFKHQ 9RUVFKULIWHQ
:LFKWLJ
/DJHUQ 6LH VWDELOLVLHUWHV %HQ]LQ QLFKW OlQJHU
DOV 7DJH HLQ
(QWIHUQHQ XQG XQWHUVXFKHQ 6LH GLH =QGNHU]HQ
6LHKH =QGNHU]H 6HLWH *LHHQ 6LH EHL
DEPRQWLHUWHU =QGNHU]H ]ZHL (VVO|IIHO 0RWRU|O LQ GLH
=QGNHU]HQ|IIQXQJ /DVVHQ 6LH GDQQ GHQ 0RWRU PLW
GHP (OHNWURVWDUWHU DQ XP GDV gO LP =\OLQGHU ]X
YHUWHLOHQ 6FKUDXEHQ 6LH GLH =QGNHU]HQ HLQ XQG
]LHKHQ VLH PLW 1P DQ 6HW]HQ 6LH GHU =QGNHU]H
QLFKW GHQ VWHFNHU DXI
.OHPPHQ 6LH GDV 0LQXVNDEHO YRQ GHU %DWWHULH DE
5HLQLJHQ 6LH GLH %DWWHULH XQG SROH .RQWUROOLHUHQ 6LH
GHQ 6lXUHVWDQG XQG ODGHQ GLH %DWWHULH YROO DXI VLHKH
%DWWHULH 6HLWH +DOWHQ 6LH GDV 0LQXVNDEHO ZlKUHQG
GHU (LQODJHUXQJ YRQ GHU %DWWHULH DEJHNOHPPW
:LFKWLJ
'LH %DWWHULH PXVV JDQ] JHODGHQ VHLQ GDPLW
VLH EHL 7HPSHUDWXUHQ XQWHU & QLFKW HLQIULHUHQ XQG GHIHNW
ZHUGHQ NDQQ (LQH YROO JHODGHQH %DWWHULH NDQQ HLQH
:LQWHUVDLVRQ ODQJ RKQH 1HXODGXQJ HLQJHODJHUW ZHUGHQ
.RQWUROOLHUHQ 6LH DOOH 0XWWHUQ XQG 6FKUDXEHQ XQG
]LHKHQ GLHVH EHL %HGDUI QDFK 5HSDULHUHQ 6LH DOOH
EHVFKlGLJWHQ XQG GHIHNWHQ 7HLOH RGHU ZHFKVHOQ 6LH
DXV
%HVVHUQ 6LH DOOH ]HUNUDW]WHQ RGHU DEJHEOlWWHUWHQ
0HWDOOIOlFKHQ DXV 'LH SDVVHQGH )DUEH HUKDOWHQ 6LH EHL
,KUHP 7RUR9HUWUDJVKlQGOHU
/DJHUQ 6LH GLH 0DVFKLQH LQ HLQHU VDXEHUHQ WURFNHQHQ
*DUDJH RGHU DQ HLQHP DQGHUHQ JHHLJQHWHQ 2UW HLQ
=LHKHQ 6LH GHQ =QG XQG GHQ 6FKOVVHOVFKDOWHU XQG
EHZDKUHQ EHLGH DQ HLQHP VLFKHUHQ 2UW DXI GHQ 6LH
VLFK JXW PHUNHQ N|QQHQ 'HFNHQ 6LH GLH 0DVFKLQH DE
GDPLW VLH JHVFKW]W LVW XQG QLFKW YHUVWDXEW
)HKOHUVXFKH XQG EHKHEXQJ
3UREOHP
$QODVVHU OlXIW QLFKW
0RWRU VSULQJW QLFKW DQ VSULQJW QXU
J
'HU 0RWRU YHUOLHUW /HLVWXQJ
0|JOLFKH 8UVDFKHQ
6FKQHLGZHUN =:$
(,1*(.833(/7
'LH )HVWVWHOOEUHPVH LVW QLFKW
DNWLYLHUW
'HU )DKUHU VLW]W QLFKW DXI GHP
6LW]
'LH %DWWHULH LVW OHHU
(OHNWULVFKH $QVFKOVVH VLQG
NRUURGLHUW RGHU ORFNHU
'LH 6LFKHUXQJ LVW GXUFK
JHEUDQQW
(LQ 5HODLV RGHU 6FKDOWHU LVW
GHIHNW
'HU .UDIWVWRIIWDQN LVW OHHU
'HU &KRNH LVW QLFKW $.7,9
'HU /XIWILOWHU LVW YHUVFKPXW]W
'DV =QGNDEHO LVW ORFNHU
%HKHEXQJVPDQDKPH
.XSSHOQ 6LH GLH =DSIZHOOH
$86
)HVWVWHOOEUHPVH DQ]LHKHQ
1HKPHQ 6LH DXI GHP 6LW]
3ODW]
/DGHQ 6LH GLH %DWWHULH DXI
hEHUSUIHQ 6LH GLH HOHNWULVFKHQ
$QVFKOVVH
7DXVFKHQ 6LH GLH 6LFKHUXQJ
DXV
:HQGHQ 6LH VLFK DQ GHQ
.XQGHQGLHQVW
%HWDQNHQ 6LH GLH 0DVFKLQH PLW
%HQ]LQ
6WHOOHQ 6LH GHQ &KRNHKHEHO DXI
$.7,9
5HLQLJHQ RGHU WDXVFKHQ 6LH
GHQ /XIWILOWHUHLQVDW] DXV
%ULQJHQ 6LH GDV =QGNDEHO DQ
GHU NHU]H DQ
'LH =QGNHU]H LVW NRUURGLHUW
YHUUXW RGHU KDW GHQ IDOVFKHQ
(OHNWURGHQDEVWDQG
(V EHILQGHW VLFK VFKPXW] LP
.UDIWVWRIIILOWHU
(V EHILQGHW VLFK 6FKPXW]
:DVVHU RGHU ]X DOWHU .UDIWVWRII
LQ GHU .UDIWVWRIIDQODJH
'HU 0RWRU ZLUG ]X VWDUN
EHODVWHW
'HU /XIWILOWHU LVW YHUVFKPXW]W
,QVWDOOLHUHQ 6LH HLQH QHXH
=QGNHU]H PLW GHP ULFKWLJHQ
(OHNWURGHQDEVWDQG
7DXVFKHQ 6LH GHQ .UDIWVWRII
ILOWHU DXV
:HQGHQ 6LH VLFK DQ GHQ
.XQGHQGLHQVW
5HGX]LHUHQ 6LH GLH )DKU
JHVFKZLQGLJNHLW
5HLQLJHQ 6LH GHQ
/XIWILOWHUHLQVDW]
=X ZHQLJ gO LP .XUEHOJHKlXVH
)OOHQ 6LH gO QDFK
'LH .KOODPHOOHQ XQG /XIWZHJH
XQWHU GHU *HEOlVHKDXEH VLQG
YHUVWRSIW
(QWIHUQHQ 6LH GLH 9HU
VWRSIXQJHQ YRQ GHQ .KO
ODPHOOHQ XQG GHQ /XIWZHJHQ
3UREOHP
'HU 0RWRU YHUOLHUW /HLVWXQJ
'HU 0RWRU ZLUG ]X KHL
8QJHZ|KQOLFKH 9LEUDWLRQ
'LH 0DVFKLQH IlKUW QLFKW
0|JOLFKH 8UVDFKHQ
'LH =QGNHU]H LVW NRUURGLHUW
YHUUXW RGHU KDW GHQ IDOVFKHQ
(OHNWURGHQDEVWDQG
'LH (QWOIWXQJV|IIQXQJ LP
7DQNGHFNHO LVW YHUVWRSIW
6FKPXW] LP .UDIWVWRIIILOWHU
%HKHEXQJVPDQDKPH
,QVWDOOLHUHQ 6LH HLQH QHXH
=QGNHU]H PLW GHP ULFKWLJHQ
(OHNWURGHQDEVWDQG
5HLQLJHQ 6LH GHQ 7DQNGHFNHO
RGHU ZHFKVHOQ LKQ DXV
(V EHILQGHW VLFK 6FKPXW]
:DVVHU RGHU ]X DOWHU .UDIWVWRII
LQ GHU .UDIWVWRIIDQODJH
'HU 0RWRU ZLUG ]X VWDUN
EHODVWHW
=X ZHQLJ gO LP .XUEHOJHKlXVH
)OOHQ 6LH gO QDFK
'LH .KOODPHOOHQ XQG /XIWZHJH
XQWHU GHU *HEOlVHKDXEH VLQG
YHUVWRSIW
'LH 0RWRUEHIHVWLJXQJV
VFKUDXEHQ VLQG ORFNHU
(QWIHUQHQ 6LH GLH 9HU
VWRSIXQJHQ YRQ GHQ .KO
ODPHOOHQ XQG GHQ /XIWZHJHQ
=LHKHQ 6LH GLH %HIHVWLJXQJV
VFKUDXEHQ IHVW
'LH 0RWRUULHPHQVFKHLEH
6SDQQVFKHLEH RGHU 0HVVHU
ULHPHQVFKHLEH VLQG ORFNHU
'LH 0RWRUULHPHQVFKHLEH LVW
EHVFKlGLJW
'HU $QWULHE VWHKW DXI
´6&+,(%(1µ
7DXVFKHQ 6LH GHQ .UDIWVWRII
ILOWHU DXV
:HQGHQ 6LH VLFK DQ GHQ
.XQGHQGLHQVW
5HGX]LHUHQ 6LH GLH )DKU
JHVFKZLQGLJNHLW
=LHKHQ 6LH GLH ]XWUHIIHQGH
/DXIVFKHLEH IHVW
:HQGHQ 6LH VLFK DQ GHQ
.XQGHQGLHQVW
6FKLHEHQ 6LH GLH $QWULHEV
VWDQJH DXI ´%(75,(%µ
'HU )DKUDQWULHEVULHPHQ LVW
DEJHQXW]W ORFNHU RGHU
JHULVVHQ
'HU )DKUDQWULHEVULHPHQ LVW YRQ
GHU 5LHPHQVFKHLEH JHUXWVFKW
:HQGHQ 6LH VLFK DQ GHQ
.XQGHQGLHQVW
:HQGHQ 6LH VLFK DQ GHQ
.XQGHQGLHQVW
advertisement
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Related manuals
advertisement