300/$UHY
,QVWDOODWLRQGHVLQQHQJHUlWV
*(5b7(,167$//$7,21
:DQGKDOWHUXQJ
6FKULWWo%HIHVWLJXQJGHU:DQGKDOWHUXQJ
%HIHVWLJHQ6LHGLH:DQGKDOWHUXQJPLWJHHLJQHWHQ'EHOQ
XQG6FKUDXEHQDQGHU:DQG6WHOOHQ6LHVLFKHUGDVVGLH
:DQGKDOWHUXQJY|OOLJQLYHOOLHUWLVW
6FKULWWp
+lQJHQ6LHGDV,QQHQJHUlWLQGLH:DQGKDOWHUXQJ
]ZHL3HUVRQHQZHUGHQ]XP+HEHQGHV*HUlWVEHQ|WLJW
'DV*HUlWZLHJWXQJHIlKUNJ
6FKULWWq
%HIHVWLJHQ6LHGDV,QQHQJHUlWPLWJHHLJQHWHQ
'EHOQXQG6FKUDXEHQ6FKUDXEHQDQGHUXQWHUHQ6HLWH
+LHUIULVWGDV*HUlWPLW]ZHLgIIQXQJHQDQGHQXQWHUHQ$X-
HQNDQWHQGHUKLQWHUHQ5DKPHQSODWWHDXVJHVWDWWHWHVJLEW
]ZHL]XVlW]OLFKHgIIQXQJHQDQGHQREHUHQ$XHQNDQWHQGHU
5DKPHQSODWWHGLHIUGLH%HIHVWLJXQJDQGHU:DQGKDOWHUXQJ
QLFKWJHHLJQHWVLQG
(LQEDXGHU$EGHFNXQJ
+ , 1 : ( , 6
'LHVH2SHUDWLRQVROOWHQDFK%HHQGLJXQJGHU5RKUYHUOHJXQJ
GXUFKJHIKUWZHUGHQ
6FKULWW
o3ODW]LHUHQ6LHGLH*HUlWHDEGHFNXQJLQGHUJOHL-
FKHQ+|KHDXIGDVDQGHU:DQGEHIHVWLJWH*HUlWKDOWHQ
6LHVLHGDEHLDQGHUXQWHUHQ6HLWHHLQH3HUVRQNDQQGLHVH
$UEHLWDXVIKUHQGDGLH$EGHFNXQJEHLGLHVHU2SHUDWLRQDXI
GHP6FKDOWNDVWHQDXÀLHJHQNDQQ
6FKULWWp3ODW]LHUHQ6LHPLW+LOIHGHUlXVVHUHQ0DUNLHUXQ-
JHQ!GLHUHFKWHQ$EGHFNXQJV|IIQXQJHQEHUGLH+DNHQ
GHU5FNSODWWH[2UWH
6FKULWW
q:HQQGLHUHFKWH6HLWH]HQWULHUWLVWZLHGHUKROHQ
6LHGLH2SHUDWLRQDQGHUOLQNHQ6HLWH3ODW]LHUHQ6LHPLW+LOIH
GHUlXVVHUHQ0DUNLHUXQJHQ!GLHOLQNHQ$EGHFNXQJV|II-
QXQJHQEHUGLH+DNHQGHU5FNSODWWH[2UWH
6FKULWWr6LQGGLHYLHU+DNHQLQLKUHQHQWVSUHFKHQGHQ$E-
GHFNXQJV|IIQXQJHQSODW]LHUWODVVHQ6LHGLH$EGHFNXQJDXI
GLH+DNHQKHUXQWHU
6FKULWW
s=XUDEVFKOLHHQGHQ%HIHVWLJXQJGHU$EGHFNXQJ
|IIQHQ6LHGLHGLH/&':DUWXQJVNODSSHVFKUDXEHQ6LHGLH
]ZHL6FKUDXEHQPLWGHQ1\ORQXQWHUOHJVFKHLEHQ]ZLVFKHQ
6FKUDXEHXQG*HKlXVHIHVW
6FKULWW
t6FKOLHVVHQ6LHDP(QGHGLH:DUWXQJVNODSSHGHV
%HGLHQXQJVWHLOV
0RQWDJHGHU$EÀXVVZDQQH
+ , 1 : ( , 6
%HLHLQHU.KODQODJHPXVVHLQH$EÀXVVZDQQHLQVWDOOLHUWZHU-
GHQ'DV$EÀXVVZDQQHQ=XEHK|U YRQ+LWDFKL $)'3.
ZLUGDXI%HVWHOOXQJJHOLHIHUW5HIHUHQ]QXPPHU(
'HU (LQEDX GHU $EÀXVVOHLWXQJ VROOWH HUVW QDFK %HHQGLJXQJ
GHU5RKUYHUOHJXQJJHPlGHQPLWGHP=XEHK|UPLWJHOLHIHU-
WHQ(LQEDXDQOHLWXQJHQGXUFKJHIKUWZHUGHQ
9HUPHLGHQ 6LHlXHUH7DXELOGXQJZHQQ6LHGLH$EÀXVVZDQQH
DXIGHQ5RKUHQLQVWDOOLHUHQXQGQLYHOOLHUHQ6LHHVXPHLQhEHU-
ODXIHQGHU$EÀXVVZDQQH]XYHUKLQGHUQ