Issuu on Google+

4XDOLW\VKRXOGQ路WEHDOX[XU\

287'225

/,9,1*





6HKUJHHKUWHU.XQGHQ :LUVLQGVHKUVWRO],KQHQXQVHUHQQHXHQ2XWGRRU.DWDORJIUSUlVHQWLHUHQ]XGUIHQ'LHVHU.DWD ORJELHWHW,KQHQHLQHNRPSOHWWH3DOHWWHYRQ3URGXNWHQIU*DUWHQ%RRWXQG&DPSLQJVRZLHGLHQHXHVWHQ 2XWGRRU,QQRYDWLRQHQ 'DV2XWGRRU6RUWLPHQWLVWIUMHGHUPDQQHUUHLFKEDUXQGWHFKQLVFKVRZLHTXDOLWDWLYDXIGHPQHXHVWHQ6WDQG (QWGHFNHQ6LHXQVHUHQÅ3ODQFKD´²HLQHY|OOLJQHXH$UW]X*ULOOHQ (LQHVXQVHUHUDXIIlOOLJVWHQ1HXKHLWHQLVWGLH%UL[WRQ3ODQFKD(QWGHFNHQ6LHHLQHY|OOLJQHXH$UW]X*ULOOHQ 'LH3ODQFKDLVWHUKlOWOLFKLQYHUVFKLHGHQHQ0RGHOOHQXQGYHUVFKLHGHQHQ7UHQGIDUEHQHLQDEVROXWHV0XVV IUMHGHQGHUHVPDJ]XJULOOHQ'DQNGHUJUR‰HQ.RFKIOlFKHPLWXQWHUVFKLHGOLFKHQ:lUPH=RQHQVLQGDOOH 0RGHOOHLGHDOXPYHUVFKLHGHQH6SHLVHQJOHLFK]HLWLJYRU]XEHUHLWHQ'LHIODFKHQ%DFNSODWWHQVLQGVHKUOHLFKW ]XUHLQLJHQXQGVHKUPRELO'LH3ODQFKDLVWGHULGHDOH*DV*ULOOIUDOOH*DUWHQXQG2XWGRRU%HUHLFKH $QJHQHKPHV$PELHQWH 1LFKWV LVW VFK|QHU DOV VLFK PLW )UHXQGHQ XQG )DPLOLH DQ HLQHQ .DPLQ ]X VHW]HQ 8QVHUH )LUH)ULHQG %LR (WKDQRO.DPLQHVLQGHLQHVLFKHUHXQGJOHLFK]HLWLJGHNRUDWLYH(UJlQ]XQJIUSXUH*HPWOLFKNHLW=XVDPPHQ PLWHLQHP*ODV:HLQXQGVFK|QHU0XVLNVWHKWHLQHPJHVHOOLJHQ$EHQGPLWHLQHUWROOHQ$WKPRVSKlUHQLFKWV PHKULP:HJH8PGLHK|FKVWHQ4XDOLWlWVVWDQGDUGVHLQ]XKDOWHQKDEHQZLUDOOH.DPLQHQDFKGHU',1(1 1RUPJHSUIW *HQLHVVHQ6LHPHKU=HLWLP)UHLHQ 'DQNXQVHUHQ7HUUDVVHQ+HL]VWUDKOHUQN|QQHQ6LHDEVRIRUWJDQ]HLQIDFKPHKU=HLWEHLDQJHQHKPHQZDU PHQ7HPSHUDWXUHQLP)UHLHQYHUEULQJHQ8QVHUH7HUUDVVHQVWUDKOHUVLQGLGHDOZHQQ6LHEHTXHPLQ,KUHP *DUWHQRGHUDXI,KUHP%DONRQVLW]HQP|FKWHQZHQQHVGUDX‰HQEHUHLWVNlOWHUZLUG *HSUIWH.,:$*DVWHF4XDOLWlW :LUVXFKHQVWlQGLJQDFK0|JOLFKNHLWHQXQVHUH4XDOLWlWVXQG6LFKHUKHLWVVWDQGDUGV]XYHUEHVVHUQXP,KQHQ VWHWVVLFKHUH]XYHUOlVVLJHXQGKRFKZHUWLJH3URGXNWHDQELHWHQ]XN|QQHQKDEHQZLUHLQH3DUWQHUVFKDIWPLW .,:$*DVWHF.,:$LVWHLQLQWHUQDWLRQDOHV3UILQVWLWXWZHOFKHVXQVGDXHUKDIWEHLP7HVWHQXQGYHUEHVVHUQ XQVHUHU*DVSURGXNWHXQWHUVWW]W :LU P|FKWHQ 6LH KHU]OLFK HLQODGHQ GHQ .DWDORJ IU XQVHUH NRPSOHWWHV 2XWGRRU6RUWLPHQW ZHLWHU GXUFK ]XEOlWWHUQ

0LWIUHXQGOLFKHQ*U‰HQ

















:RXW-DQ:HVVHOV%RHU

















*HVFKlIWVIKUHU




(,16&+1(//48$/,7$7,9(681'(,1)$&+ =8*b1*/,&+(66257,0(17 :DUXPLVW7ULVWDUEHVRQGHUV" `

 LHJXWHQXQGODQJMlKULJHQ%H]LHKXQJHQ]XXQVHUHQ/LHIHUDQWHQLQ ' .RPELQDWLRQPLWJUR‰HQ9ROXPLQDLQWHUQDWLRQDOH0DUNWNHQQWQLVXQG )RNXVDXIRSHUDWLYHU([]HOOHQ]PDFKHQHVXQVP|JOLFKHLQEUHLWHV 6RUWLPHQW PLW DWWUDNWLYHQ XQG ZHWWEHZHUEVIlKLJHQ 3UHLVHQ ]X VFKDIIHQ

`

 LQH DWWUDNWLYH 9HUSDFNXQJ LVW DP Å3RLQW RI 6DOH´ HQWVFKHLGHQG ( 8QVHUH,QKRXVH'HVLJQ$EWHLOXQJLVWLQGHU/DJHPD‰JHVFKQHLGHUWH LQQRYDWLYH9HUSDFNXQJHQIU,KUH(LJHQPDUNH]XHQWZLFNHOQPLW GHUQ|WLJHQ$XVVDJHNUDIWGLH6LHEHQ|WLJHQ

`

 LU NRQWUROOLHUHQ MHGHQ HLQ]HOQHQ 6FKULWW DQJHIDQJHQ : EHLGHU%HVWHOOXQJELV]XP=HLWSXQNWDQGHPGLH3URGXNWHEHL,KQHQ DQJHOLHIHUW ZHUGHQ 8QVHUH 7HDPV LQ &KLQD XQG +RQJ .RQJ NRRUGLQLHUHQ GLH ORNDOH /RJLVWLN XQG IKUHQ 4XDOLWlWVNRQWUROOHQ VRZLH$XGLWLHUXQJHQEHUHLWVZHLWLP9RUDXVGXUFK'DVPDFKW7ULVWDU ]XHLQHP]XYHUOlVVLJHQ3DUWQHUIU,KU%XVLQHVV

`

 HVWHOOHQ 6LH HQWVSUHFKHQG ,KUHP LQGLYLGXHOOHQ %HGDUI 'XUFK % XQVHUH KRKH :DUHQYHUIJEDUNHLW N|QQHQ JUR‰H 6WFN]DKOHQ DE /DJHU RGHU GLUHNW SHU &RQWDLQHU DXV &KLQD RGHU +RQJ .RQJO ]HIHUQ

`

 ULVWDU PDFKW HV P|JOLFK ,KUH %HVWHOOXQJ MHGHU]HLW ]X SODW]LHUHQ XQG 7 ,KUH $XIWUlJH  RQOLQH ]X EHUZDFKHQ 6HOEVWYHUVWlQGOLFK VWHOOHQ ZLU ,KQHQ GLH HQWVSUHFKHQGHQ DNWXHOOHQ 'RNXPHQWH ]X XQVHUHQ 3URGXNWHQPLWWHOVXQVHUHU3URGXNW,3'DWHQEDQNMHGHU]HLW]XU9HUIJXQJ

:HLO«Å4XDOLW\VKRXOGQ·WEHDOX[XU\´




,1'(;

'(6,*17,6&+.$0,1



*$6*5,//6



*$6.2&+(5



*$6+(,=81*(1



&$03,1*0g%(/









'(6,*17,6&+.$0,1

') 




') 'HVLJQ7LVFK.DPLQ %LR(WKDQRO

',11RUP(GHOVWDKO%UHQQHOHPHQW

(LQHVLFKHUHGHNRUDWLYH,GHHIUUHLQH*HPWOLFKNHLW0LWGLHVHP'HVLJQ7LVFK.DPLQ VFKDIIHQ6LHHLQHJHPWOLFKHLQWLPH$WPRVSKlUH*HUXFKORVRKQH5X‰XQG$VFKH 'HU.DPLQNDQQVRZRKOGULQQHQDOVDXFKGUDX‰HQYHUZHQGHWZHUGHQ

9HUSDFNXQJ ‡*HKlXVHDXV0HWDOO /[%[+ FP  ‡(GHOVWDKO%UHQQHOHPHQW %UXWWR*HZLFKW NJ  ‡*HKlUWHWHV6LFKHUKHLWVJODVPP 1HWWR*HZLFKW NJ  ‡/|VFKKLOIH ($11XPPHU ‡',11RUP ‡*ODV$EPHVVXQJHQ[[FP 9HUSDFNXQJVHLQKHLW ‡$EPHVVXQJHQ[[FP /[%[+ FP

%UXWWR*HZLFKW NJ

‡*HZLFKWNJ ($11XPPHU

') [[    [[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  

') 'HVLJQ7LVFK.DPLQ %LR(WKDQRO

',11RUP(GHOVWDKO%UHQQHOHPHQW

0LW GLHVHP 'HVLJQ 7LVFK.DPLQ VFKDIIHQ 6LH HLQH JHPWOLFKH LQWLPH $WPRVSKlUH *HUXFKORV XQG HV HQWVWHKW NHLQ 5X‰ RGHU $VFKH 'HU .DPLQ NDQQ VRZRKO GULQQHQ DOV DXFK GUDX‰HQ  YHUZHQGHW ZHUGHQ (LQH VLFKHUH GHNRUDWLYH ,GHH IU UHLQH *HPWOLFKNHLW

‡*HKlXVHDXV0HWDOO ‡(GHOVWDKO%UHQQHOHPHQW ‡*HKlUWHWHV6LFKHUKHLWVJODVPP ‡/|VFKKLOIH ‡',11RUP ‡*ODV$EPHVVXQJHQ [[FP ‡$EPHVVXQJHQ [[FP ‡*HZLFKWNJ



9HUSDFNXQJ

')

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  


'(6,*17,6&+.$0,1

') 'HVLJQ7LVFK.DPLQ %LR(WKDQRO

',11RUP(GHOVWDKO%UHQQHOHPHQW

0LW GLHVHP 'HVLJQ 7LVFK.DPLQ VFKDIIHQ 6LH HLQH JHPWOLFKH LQWLPH $WPRVSKlUH *HUXFKORVRKQH5X‰XQG$VFKH'HU.DPLQNDQQVRZRKOGULQQHQDOVDXFKGUDX‰HQ YHUZHQGHWZHUGHQ(LQHVLFKHUHGHNRUDWLYH,GHHIUUHLQH*HPWOLFKNHLW

‡*HKlXVHDXV0HWDOO ‡(GHOVWDKO%UHQQHOHPHQW ‡*HKlUWHWHV6LFKHUKHLWVJODVPP ‡/|VFKKLOIH ‡',11RUP ‡*ODV$EPHVVXQJHQ[[FP ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

')

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ



9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  





'(6,*17,6&+.$0,1

') 'HVLJQ.DPLQ %LR(WKDQRO

',11RUP(GHOVWDKO%UHQQHOHPHQW

0LW GLHVHP 'HVLJQ 7LVFK.DPLQ VFKDIIHQ 6LH HLQH JHPWOLFKH LQWLPH $WPRVSKlUH *HUXFKORV XQG HV HQWVWHKW NHLQ 5X‰ RGHU $VFKH 'HU .DPLQ NDQQ VRZRKO GULQQHQ DOV DXFK GUDX‰HQ  YHUZHQGHW ZHUGHQ (LQH VLFKHUH GHNRUDWLYH ,GHH IU UHLQH *HPWOLFKNHLW

9HUSDFNXQJ ‡*HKlXVHDXV0HWDOO /[%[+ FP  ‡(GHOVWDKO%UHQQHOHPHQW %UXWWR*HZLFKW NJ  ‡*HKlUWHWHV6LFKHUKHLWVJODVPP 1HWWR*HZLFKW NJ  ‡/|VFKKLOIH ($11XPPHU ‡',11RUP ‡*ODV$EPHVVXQJHQ[[FP 9HUSDFNXQJVHLQKHLW ‡$EPHVVXQJHQ[[FP /[%[+ FP

%UXWWR*HZLFKW NJ

‡*HZLFKWNJ ($11XPPHU

') [[    [[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  

')

')

%LR(WKDQRO/DWHUQH ',11RUP(GHOVWDKO%UHQQHOHPHQW

'HVLJQ.DPLQ %LR(WKDQRO

',11RUP(GHOVWDKO%UHQQHOHPHQW

‡*HKlXVHDXV0HWDOO ‡(GHOVWDKO%UHQQHOHPHQW ‡*HKlUWHWHV6LFKHUKHLWVJODV PP ‡/|VFKKLOIH ‡',11RUP ‡$EPHVVXQJHQ [[FP ‡*HZLFKWNJ

9HUSDFNXQJ

')

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

‡*HKlXVHDXV0HWDOO ‡(GHOVWDKO%UHQQHOHPHQW ‡*HKlUWHWHV6LFKHUKHLWVJODV PP ‡/|VFKKLOIH ‡',11RUP ‡*ODV$EPHVVXQJHQ [[FP ‡$EPHVVXQJHQ [[FP ‡*HZLFKWNJ

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  



9HUSDFNXQJ

')

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  





*$6*5,//6

%4 




%4 '8 *DVEUDWSODWWH %UHQQHU$QWLKDIWEHVFKLFKWHWH%UDWSODWWH

*DVEUDWSODWWHPLW%UHQQHUQXQG3LH]R=QGXQJ'XUFKVHLQHDQWLKDIWEHVFKLFKWHWH %UDWIOlFKH EHVRQGHUV OHLFKW ]X UHLQLJHQ 6HKU *HEUDXFKVIUHXQGOLFK GD PHKUH =XWDWHQJOHLFK]HLWLJ]XEHUHLWHWZHUGHQN|QQHQ

‡%UHQQHU ‡$QWLKDIWEHVFKLFKWHWH%UDWSODWWH ‡/HLVWXQJ+DXSWEUHQQHUN: ‡(GHOVWDKO%UHQQHU ‡%UDWIOlFKH[FP ‡3LH]R=QGXQJ ‡)HWWDXIIDQJEHKlOWHU ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

%4'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ



9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4 024 &RQWDLQHU+4

   


*$6*5,//6

%4 '8 *DVEUDWSODWWHPLW7UROOH\ %UHQQHU$QWLKDIWEHVFKLFKWHWH%UDWSODWWH

*DVEUDWSODWWH PLW 7UROOH\ XQG  %UHQQHUQ EHVRQGHUV %HQXW]HUIUHXQGOLFK 'XUFK YHUVFKLHGHQH:lUPH]RQHQN|QQHQPHKUHUH=XWDWHQJOHLFK]HLWLJ]XEHUHLWHWZHUGHQ 'LHJUR‰H%UDWIOlFKHLVWDQWLKDIWEHVFKLFKWHWXQGEHVRQGHUVOHLFKW]XUHLQLJHQ

9HUSDFNXQJ ‡%UHQQHU /[%[+ FP  ‡$QWLKDIWEHVFKLFKWHWH%UDWSODWWH %UXWWR*HZLFKW NJ  ‡/HLVWXQJ+DXSWEUHQQHUN: 1HWWR*HZLFKW NJ  ‡(GHOVWDKO%UHQQHU ($11XPPHU ‡%UDWIOlFKH[FP 9HUSDFNXQJVHLQKHLW ‡3LH]R=QGXQJ ‡)HWWDXIIDQJEHKlOWHU /[%[+ FP

‡$EPHVVXQJHQ[[FP %UXWWR*HZLFKW NJ

($11XPPHU ‡*HZLFKWNJ

%4'8 [[  

 [[ 



6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4 024 &RQWDLQHU+4

  

%4 '8

%4 '8

*DVEUDWSODWWH %UHQQHU$QWLKDIWEHVFKLFKWHWH%UDWSODWWH

*DVEUDWSODWWHPLW7UROOH\ %UHQQHU$QWLKDIWEHVFKLFKWHWH%UDWSODWWH

‡%UHQQHU ‡$QWLKDIWEHVFKLFKWHWH%UDWSODWWH ‡/HLVWXQJ+DXSWEUHQQHU N: ‡(GHOVWDKO%UHQQHU ‡%UDWIOlFKH[FP ‡3LH]R=QGXQJ ‡)HWWDXIIDQJEHKlOWHU ‡$EPHVVXQJHQ [[FP ‡*HZLFKWNJ

9HUSDFNXQJ

%4'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[  

‡%UHQQHU ‡$QWLKDIWEHVFKLFKWHWH%UDWSODWWH ‡/HLVWXQJ+DXSWEUHQQHU N: ‡(GHOVWDKO%UHQQHU ‡%UDWIOlFKH[FP ‡3LH]R=QGXQJ ‡)HWWDXIIDQJEHKlOWHU ‡$EPHVVXQJHQ [[FP ‡*HZLFKWNJ



9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[ 



6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH



&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4 024 &RQWDLQHU+4

  

[







9HUSDFNXQJ

%4'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[  



9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[ 



6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH



&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4 024 &RQWDLQHU+4

  

[




%4 '8 *DVEUDWSODWWH %UHQQHU(PDOLHUWH*XVVHLVHQEUDWSODWWH

%HQXW]HUIUHXQGOLFK GD PHKUH =XWDWHQ JOHLFK]HLWLJ ]XEHUHLWHW ZHUGHQ N|QQHQ *DVEUDWSODWWH PLW  %UHQQHUQ XQG 3LH]R=QGXQJ /HLFKW ]X UHLQLJHQ GDQN HPDLOOLHUWHU*XVVHLVHQEUDWSODWWH

‡%UHQQHU ‡/HLVWXQJ+DXSWEUHQQHUN: ‡*XVVHLVHUQH%UHQQHU ‡%UDWIOlFKH[FP ‡3LH]R=QGXQJ ‡)HWWDXIIDQJEHKlOWHU ‡(PDOLHUWH*XVVHLVHQEUDWSODWWH ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

%4'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[  



9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[ 



6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4 024 &RQWDLQHU·

  



%4 '8 *DVEUDWSODWWH %UHQQHU(PDOLHUWH*XVVHLVHQEUDWSODWWH

*DVEUDWSODWWH PLW  %UHQQHUQ XQG 3LH]R=QGXQJ /HLFKW ]X UHLQLJHQ 'DQN HPDLOOLHUWHU JXVVHLVHUQH %UDWSODWWH %HQXW]HUIUHXQGOLFK GD PHKUHUH =XWDWHQ JOHLFK]HLWLJ]XEHUHLWHWZHUGHQN|QQHQ

‡%UHQQHU ‡/HLVWXQJ+DXSWEUHQQHUN: ‡*XVVHLVHUQH%UHQQHU ‡%UDWIOlFKH[FP ‡3LH]R=QGXQJ ‡)HWWDXIIDQJEHKlOWHU ‡(PDOLHUWH*XVVHLVHQEUDWSODWWH ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

%4'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[  



9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[ 



6WFN]DKOHQ



9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4 024 &RQWDLQHU·

  




*$6*5,//6

%4 '8 *DVEUDWSODWWHPLW7UROOH\ %UHQQHU(GHOVWDKO%UDWSODWWH

*DVEUDWSODWWH PLW 7UROOH\ XQG  %UHQQHUQ EHVRQGHUV %HQXW]HUIUHXQGOLFK 'XUFK YHUVFKLHGHQH:lUPH]RQHQN|QQHQPHKUHUH=XWDWHQJOHLFK]HLWLJ]XEHUHLWHWZHUGHQ

‡%UHQQHU ‡/HLVWXQJ+DXSWEUHQQHUN: ‡(GHOVWDKO%UHQQHU ‡%UDWIOlFKH[FP ‡3LH]R=QGXQJ ‡)HWWDXIIDQJEHKlOWHU ‡3XOYHUEHVFKLFKWHWHU%HLVWHOOWLVFK ‡3XOYHUEHVFKLFKWHWH)URQWSODWWH ‡(GHOVWDKO%UDWSODWWH ‡$EPHVVXQJHQ[[FP

9HUSDFNXQJ

%4'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ



9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH



&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4 024 &RQWDLQHU+4

  

[







*$6*5,//6

%4 '8 *DVJULOO %UHQQHU*ULOOURVW

/X[HUL|VHV (LQVWLHJVPRGHOO*DVJULOO PLW  %UHQQHUQ XQG VHSDUDWHU 3LH]R=QGXQJ 'XUFK GDV SUDNWLVFKH 7KHUPRPHWHU LP 'HFNHO LVW GLH *ULOOWHPSHUDWXU DE]XOHVHQ RKQHGHQ'HFNHO]X|IIQHQ,QNOXVLY:DUPKDOWHSODWWH

‡%UHQQHU ‡/HLVWXQJ+DXSWEUHQQHUN: ‡(GHOVWDKO%UHQQHU ‡%UDWIOlFKH[FP ‡3LH]R=QGXQJ ‡3XOYHUEHVFKLFKWHWHU'HFNHO ‡7KHUPRPHWHULP'HFNHO ‡)HWWDXIIDQJEHKlOWHU ‡*ULOOURVW ‡:DUPKDOWH5RVW[FP ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

%4'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ



9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH



&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4 024 &RQWDLQHU+4

  

[




%4 '8 *DVJULOO %UHQQHU(PDLOOLHUWH*ULOOSODWWHQ

5REXVWHU NRPSDNWHU %UHQQHU *DVJULOO PLW (GHOVWDKO%UHQQHUQ HPDLOOLHUWHQ *ULOSODWWHQNODSSEDUHQ6HLWHQWLVFKHQXQGHLQHU3LH]R=QGXQJ

‡%UHQQHU ‡/HLVWXQJ+DXSWEUHQQHUN: ‡(GHOVWDKO%UHQQHU ‡*ULOOIOlFKH[FP ‡3LH]R=QGXQJ ‡3XOYHUEHVFKLFKWHWHU'HFNHO ‡)HWWDXIIDQJEHKlOWHU ‡3XOYHUEHVFKLFKWHWHU%HLVWHOOWLVFK ‡6WRII2[IRUG ‡(PDLOOLHUWH*ULOOSODWWHQ ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

%4'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ



9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4 024 &RQWDLQHU+4

   


*$6*5,//6

%4'8 *DVJULOO %UHQQHU(PDLOOLHUWH*ULOOSODWWHQ

5REXVWHU NRPSDNWHU %UHQQHU *DVJULOO PLW (GHOVWDKO%UHQQHUQ HPDLOOLHUWHQ *ULOOSODWWHQNODSSEDUHQ6HLWHQWLVFKHQXQGHLQHU3LH]R=QGXQJ

‡%UHQQHU ‡/HLVWXQJ+DXSWEUHQQHUN: ‡(GHOVWDKO%UHQQHU ‡*ULOOIOlFKH[FP ‡3LH]R=QGXQJ ‡3XOYHUEHVFKLFKWHWHU'HFNHO ‡)HWWDXIIDQJEHKlOWHU ‡3XOYHUEHVFKLFKWHWHU%HLVWHOOWLVFK ‡6WRII2[IRUG ‡(PDLOOLHUWH*ULOOSODWWHQ ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

%4'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ



9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4 024 &RQWDLQHU+4

   


%4 '8 *DVJULOO %UHQQHU(GHOVWDKOGHFNHO

6ROLGHU *DVJULOO PLW  %UHQQHUQ /HLFKW ]X EHZHJHQ 'XUFK GDV SUDNWLVFKH 7KHUPRPHWHU LP 'HFNHO LVW GLH *ULOOWHPSHUDWXU DE]XOHVHQ RKQH GHQ 'HFNHO ]X |IIQHQ'LHVHU*ULOOLVWVRZRKOPLW%UDWSODWWHDOVDXFKPLW*ULOOSODWWHDXVJHVWDWWHW

‡%UHQQHU ‡/HLVWXQJ+DXSWEUHQQHUN: ‡*XVVHLVHUQH%UHQQHU ‡%UDWIOlFKH[FP ‡3LH]R=QGXQJ ‡(GHOVWDKOGHFNHO ‡)HWWDXIIDQJEHKlOWHU ‡*XVVHLVHUQH%UDWSODWWH ‡*XVVHLVHUQH*ULOOSODWWH ‡)HVWVWHOOEDUH5ROOHQ ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

%4'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ



9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4 024 &RQWDLQHU+4

   


*$6*5,//6

%4 '8 *DVJULOO %UHQQHU6HLWHQEUHQQHU

6ROLGHU*DVJULOOPLW]ZHL%UHQQHUQXQGHLQHP6HLWHQEUHQQHU$XVJHVWDWWHWPLWHLQHP (LQEDXVFKUDQN/HLFKW]XEHZHJHQ'XUFKGDVSUDNWLVFKH7KHUPRPHWHULP'HFNHOLVW GLH*ULOOWHPSHUDWXUDE]XOHVHQRKQHGHQ'HFNHO]X|IIQHQ

‡%UHQQHU ‡/HLVWXQJ+DXSWEUHQQHUN: ‡6HLWHQEUHQQHU ‡/HLVWXQJGHU6HLWHQEUHQQHUN: ‡*XVVHLVHUQH%UHQQHU ‡*ULOOIOlFKH[FP ‡3LH]R=QGXQJ ‡(GHOVWDKOGHFNHO ‡*XVVHLVHUQH%UDWSODWWH ‡*XVVHLVHUQH*ULOOSODWWH ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

%4'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4 024 &RQWDLQHU·

  



%4 '8 *DVJULOO %UHQQHU6HLWHQEUHQQHU

6ROLGHU *DVJULOO PLW GUHL %UHQQHUQ XQG HLQHP 6HLWHQEUHQQHU 'XUFK GDV SUDNWLVFKH 7KHUPRPHWHU LP 'HFNHO LVW GLH *ULOOWHPSHUDWXU DE]XOHVHQ RKQH GHQ 'HFNHO ]X |IIQHQ$XVJHVWDWWHWPLWHLQHP(LQEDXVFKUDQN/HLFKW]XEHZHJHQ

‡%UHQQHU ‡/HLVWXQJ+DXSWEUHQQHUN: ‡/HLVWXQJGHU6HLWHQEUHQQHUN: ‡*XVVHLVHUQH%UHQQHU ‡*ULOOIOlFKH[FP ‡3LH]R=QGXQJ ‡(GHOVWDKOGHFNHO ‡)HWWDXIIDQJEHKlOWHU ‡*XVVHLVHUQH%UDWSODWWH ‡*XVVHLVHUQH*ULOOSODWWH ‡)HVWVWHOOEDUH5ROOHQ ‡$EPHVVXQJHQ[[FP



9HUSDFNXQJ

%4'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4 024 &RQWDLQHU+4

  




%4 *DVJULOO %UHQQHU(PDLOOLHUWH*ULOOSODWWHQ

5REXVWHU *DVJULOO PLW GUHL %UHQQHUQ /HLFKW ]X EHZHJHQ XQG GXUFK HLQNODSSEDUH 6HLWHQWLVFKHSUDNWLVFK]XYHUVWDXHQ'XUFKGDVSUDNWLVFKH7KHUPRPHWHULP'HFNHOLVW GLH*ULOOWHPSHUDWXUDE]XOHVHQRKQHGHQ'HFNHO]X|IIQHQ

‡%UHQQHU ‡/HLVWXQJ+DXSWEUHQQHUN: ‡(GHOVWDKO%UHQQHU ‡%UDWIOlFKH[FP ‡3LH]R=QGXQJ ‡(GHOVWDKOGHFNHO ‡)HWWDXIIDQJEHKlOWHU ‡3XOYHUEHVFKLFKWHWHU%HLVWHOOWLVFK ‡3XOYHUEHVFKLFKWHWH7U ‡(PDLOOLHUWH*ULOOSODWWHQ ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

%4

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ



9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH



&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4 024 &RQWDLQHU+4

  

[




*$6*5,//6

%4 '8 *DVJULOO %UHQQHU(GHOVWDKO'HFNHO

5REXVWHU*DV7LVFKJULOOPLW%UHQQHUQ'XUFKGDVSUDNWLVFKH7KHUPRPHWHULP'HFNHO LVWGLH*ULOOWHPSHUDWXUDE]XOHVHQRKQHGHQ'HFNHO]X|IIQHQ'LHVHU*ULOOLVWVRZRKO PLW%UDWSODWWHDOVDXFKPLW*ULOOSODWWHDXVJHVWDWWHW

‡%UHQQHU ‡/HLVWXQJ+DXSWEUHQQHUN: ‡*XVVHLVHUQH%UHQQHU ‡*ULOOIOlFKH[FP ‡3LH]R=QGXQJ ‡(GHOVWDKOGHFNHO ‡7KHUPRPHWHULP'HFNHO ‡)HWWDXIIDQJEHKlOWHU ‡*XVVHLVHUQH%UDWSODWWH ‡*XVVHLVHUQH*ULOOSODWWH ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

%4'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[  



9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[ 



6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4 024 &RQWDLQHU+4

  



%4 '8 *DVJULOO %UHQQHU*XVVHLVHUQH*ULOOSODWWH

5REXVWHU*DV7LVFKJULOOPLW%UHQQHUQ'XUFKGDVSUDNWLVFKH7KHUPRPHWHULP'HFNHO LVWGLH*ULOOWHPSHUDWXUDE]XOHVHQRKQHGHQ'HFNHO]X|IIQHQ'LHVHU*ULOOLVWVRZRKO PLW%UDWSODWWHDOVDXFKPLW*ULOOSODWWHDXVJHVWDWWHW

‡%UHQQHU ‡/HLVWXQJ+DXSWEUHQQHUN: ‡*XVVHLVHUQH%UHQQHU ‡*ULOOIOlFKH[FP ‡3LH]R=QGXQJ ‡(GHOVWDKOGHFNHO ‡7KHUPRPHWHULP'HFNHO ‡)HWWDXIIDQJEHKlOWHU ‡*XVVHLVHUQH%UDWSODWWH ‡*XVVHLVHUQH*ULOOSODWWH ‡$EPHVVXQJHQ [[FP ‡*HZLFKWNJ



9HUSDFNXQJ

%4'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[  



9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[ 



6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH



&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  

024 &RQWDLQHU+4



[





*$6.2&+(5

.2 




.2 '8 *DVNRFKHU %UHQQHU7RWDO/HLVWXQJN:

6ROLGH *DV.RFKSODWWH PLW GUHL )ODPPHQ IU GHQ $X‰HQEHUHLFK*HHLJQHW IU &DPSLQJNFKH XQG &DPSLQJ 'HU 'HFNHO LVW DEQHKPEDU XQG GLHQW JH|IIQHW DOV :LQGVFKLUP

‡.RFKSODWWHQ ‡/HLVWXQJ+DXSWEUHQQHUN: ‡/HLVWXQJGHUNOHLQHQ%UHQQHUN: ‡)L[LHUWHU%UHQQHUGHFNHO ‡'HFNHO ‡.XQVWVWRII)‰H ‡,QWHJULHUWH+DQGJULIIH ‡$XFKIU&DPSLQJJHHLJQHW ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

$XFKLQDQWKUD]LWYHUIJEDU SUR&RQWDLQHU

9HUSDFNXQJ

.2'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[  



9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[ 



6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  

.2 '8 *DVNRFKHU %UHQQHU7RWDO/HLVWXQJN:

6ROLGH *DV.RFKSODWWH PLW ]ZHL )ODPPHQ IU GHQ $X‰HQEHUHLFK*HHLJQHW IU &DPSLQJNFKH XQG &DPSLQJ 'HU 'HFNHO LVW DEQHKPEDU XQG GLHQW JH|IIQHW DOV :LQGVFKLUP

‡.RFKSODWWHQ ‡/HLVWXQJ+DXSWEUHQQHUN: ‡)L[LHUWHU%UHQQHUGHFNHO ‡'HFNHO ‡.XQVWVWRII)‰H ‡,QWHJULHUWH+DQGJULIIH ‡$XFKIU&DPSLQJJHHLJQHW ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

.2'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[  



9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[ 



6WFN]DKOHQ

$XFKLQDQWKUD]LWYHUIJEDU SUR&RQWDLQHU



9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  


*$6.2&+(5

.2 '8 *DVNRFKHU %UHQQHU7RWDO/HLVWXQJN:

6ROLGH *DV.RFKSODWWH PLW YLHU )ODPPHQ IU GHQ $X‰HQEHUHLFK 'HU 'HFNHO LVW DEQHKPEDU XQG GLHQW JH|IIQHW DOV :LQGVFKLUP *HHLJQHW IU &DPSLQJNFKH XQG &DPSLQJ

$XFKLQDQWKUD]LWYHUIJEDU SUR&RQWDLQHU

‡.RFKSODWWHQ ‡/HLVWXQJ+DXSWEUHQQHUN: ‡)L[LHUWHU%UHQQHUGHFNHO ‡'HFNHO ‡.XQVWVWRII)‰H ‡$XFKIU&DPSLQJJHHLJQHW ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

.2'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ



9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  





*$6+(,=81*(1

.$




.$ '8 7HUDVVHQVWUDKOHU 8PVWR‰VLFKHUXQJ3XOYHUEHVFKLFKWHW

0LWGLHVHP7HUUDVVHQVWUDKOHUN|QQHQ6LH,KUHQ$XIHQWKDOWGUDX‰HQHLQIDFKJHQLH‰HQ 3HUIHNWIUGHQ(LQVDW]LP*DUWHQXQDEKlQJLJYRQGHQ$X‰HQWHPSHUDWXUHQEOHLEWHV NXVFKHOLJZDUP9HUOlQJHUQ6LHGLH2XWGRRU6DLVRQPLWGLHVHP+HL]SLO]

‡3LH]R=QGXQJ ‡8PVWR‰VLFKHUXQJ ‡(GHOVWDKO%UHQQHOHPHQW ‡*DVIODVFKHQ+DOWHU ‡3XOYHUEHVFKLFKWHW ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

.$'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ



9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH



&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4 024 &RQWDLQHU+4

  

[




*$6+(,=81*(1

.$'8 7HUDVVHQVWUDKOHU 8PVWR‰VLFKHUXQJ(GHOVWDKO

9HUOlQJHUQ 6LH GLH 2XWGRRU6DLVRQ PLW GLHVHP EHQXW]HUIUHXQGOLFKHQ (GHOVWDKO +HL]SLO] 3HUIHNW IU GHQ (LQVDW] LQ HLQHP *DUWHQ RGHU DXI GHU 'DFKWHUUDVVH XQDEKlQJLJYRQGHQ$X‰HQWHPSHUDWXUHQEOHLEWEHL,KQHQNXVFKHOLJZDUP

‡3LH]R=QGXQJ ‡8PVWR‰VLFKHUXQJ ‡(GHOVWDKO%UHQQHOHPHQW ‡*DVIODVFKHQ+DOWHU ‡(GHOVWDKO ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

.$'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ



9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH



&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4 024 &RQWDLQHU+4

  

[




.$ '8 0RELOH*DVKHL]XQJ +HL]VWXIHQ2[\VWRS

0RELOH ,QIUDURW *DV+HL]XQJ IU  .J XQG  .J *DVIODVFKHQ JHHLJQHW ,GHDO IU YHQWLOLHUWH 5lXPH NHLQ $EOXIWNDPLQ Q|WLJ 'LHVH *DV+HL]XQJ LVW EHVRQGHUV HQHUJLHVSDUHQGXQGXPZHOWIUHXQGOLFK

‡+HL]OHLVWXQJN: ‡+HL]VWXIHQ ‡3LH]R=QGXQJ ‡7KHUPLVFKH6LFKHUXQJ ‡2[\VWRS ‡.HUDPLVFKH%UHQQHU ‡,QWHJULHUWH+DQGJULIIH ‡*DVIODVFKHQ+DOWHU ‡6LFKHUKHLWVJLWWHU ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ 

9HUSDFNXQJ

.$'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  

.$ '8 0RELOH*DVKHL]XQJ +HL]VWXIHQ2[\VWRS

.RPSDNWHPRELOH,QIUDURW*DV+HL]XQJIU.J*DVIODVFKHQ,GHDOIUYHQWLOLHUWH 5lXPH NHLQ $EOXIWNDPLQ Q|WLJ 'LHVH *DV+HL]XQJ LVW EHVRQGHUV HQHUJLHVSDUHQG XQGXPZHOWIUHXQGOLFK

‡+HL]OHLVWXQJN: ‡+HL]VWXIHQ ‡3LH]R=QGXQJ ‡7KHUPLVFKH6LFKHUXQJ ‡2[\VWRS ‡.HUDPLVFKH%UHQQHU ‡,QWHJULHUWH+DQGJULIIH ‡*DVIODVFKHQ+DOWHU ‡6LFKHUKHLWVJLWWHU ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ



9HUSDFNXQJ

.$'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  


*$6+(,=81*(1

.$ '8 0RELOH*DVKHL]XQJ 8PVWR‰VLFKHUXQJ2[\VWRS

0RELOH ,QIUDURW *DV+HL]XQJ IU  .J XQG  .J *DVIODVFKHQ JHHLJQHW ,GHDO IU YHQWLOLHUWH 5lXPH NHLQ $EOXIWNDPLQ Q|WLJ 'LHVH *DV+HL]XQJ LVW EHVRQGHUV HQHUJLHVSDUHQGXQGXPZHOWIUHXQGOLFK

‡+HL]OHLVWXQJN: ‡+HL]VWXIHQ ‡3LH]R=QGXQJ ‡7KHUPLVFKH6LFKHUXQJ ‡2[\VWRS ‡.HUDPLVFKH%UHQQHU ‡,QWHJULHUWH+DQGJULIIH ‡*DVIODVFKHQ+DOWHU ‡6LFKHUKHLWVJLWWHU ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

.$'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU 6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH



&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  

.$ '8

.$ '8

0RELOH*DVKHL]XQJ 8PVWR‰VLFKHUXQJ2[\VWRS

0RELOH*DVKHL]XQJ 8PVWR‰VLFKHUXQJ2[\VWRS

‡+HL]OHLVWXQJN: ‡+HL]VWXIHQ ‡3LH]R=QGXQJ ‡8PVWR‰VLFKHUXQJ ‡7KHUPLVFKH6LFKHUXQJ ‡2[\VWRS ‡.HUDPLVFKH%UHQQHU ‡,QWHJULHUWH+DQGJULIIH ‡*DVIODVFKHQ+DOWHU ‡6LFKHUKHLWVJLWWHU ‡$EPHVVXQJHQ [[FP ‡*HZLFKWNJ

9HUSDFNXQJ

.$'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

‡+HL]OHLVWXQJN: ‡+HL]VWXIHQ ‡3LH]R=QGXQJ ‡8PVWR‰VLFKHUXQJ ‡7KHUPLVFKH6LFKHUXQJ ‡2[\VWRS ‡.HUDPLVFKH%UHQQHU ‡,QWHJULHUWH+DQGJULIIH ‡*DVIODVFKHQ+DOWHU ‡6LFKHUKHLWVJLWWHU ‡$EPHVVXQJHQ [[FP ‡*HZLFKWNJ

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  



[[  

[

9HUSDFNXQJ

.$'8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  





&$03,1*0g%(/

., 




&+ &DPSLQJVWXKO )DOWEDU,Q3RVLWLRQHQYHUVWHOOEDU

'HULGHDOH6WXKOIU&DPSLQJ'HU1RYDUD&DPSLQJVWXKOLVWIDOWEDUXQGHLQHFKWHV /HLFKWJHZLFKWGDKHUVHKUHLQIDFK]XP0LWQHKPHQJHHLJQHW'LH)XVVDEODJHLVWDOV =XVDW]DXVVWDWWXQJHUKlOWOLFK QLFKWLQEHJULIIHQ )DUEH1DY\

‡)DOWEDU ‡3RVLWLRQHQYHUVWHOOEDU ‡,QWHJULHUWH.RSIVWW]H ‡([WUDEUHLW ‡5FNHQPLWHODVWLVFKHP%DQG ‡$OXPLQLXP5DKPHQ ‡6WRII3RO\HVWHUJHSROVWHUW ‡$EPHVVXQJHQ]XVDPPHQJHNODSSW [[FP ‡6LW]K|KHFP ‡7UDJNUDIWNJ ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

&+

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  

&+ )XVVDEODJH )DOWEDU0LW]ZHL)HVWVWHOONOHPPHUQ

+HUUOLFK GLH %HLQH KRFKOHJHQ 0LW GLHVHU )XVVDEODJH YHUZDQGHOW VLFK GHU 1RYDUD &DPSLQJVWXKOLP+DQGXPGUHKHQLQHLQHQOX[HUL|VHQ5HOD[6WXKO)DUEH1DY\

9HUSDFNXQJ ‡)DOWEDU /[%[+ FP  ‡0LW]ZHL)HVWVWHOONOHPPHUQ %UXWWR*HZLFKW NJ  ‡5XQGHU5DKPHQ‘PP 1HWWR*HZLFKW NJ  ‡$OXPLQLXP5DKPHQ ($11XPPHU ‡6WRII3RO\HVWHUJHSROVWHUW ‡$EPHVVXQJHQ]XVDPPHQJHNODSSW9HUSDFNXQJVHLQKHLW [[FP /[%[+ FP

%UXWWR*HZLFKW NJ

‡$EPHVVXQJHQ[[FP ($11XPPHU ‡*HZLFKWNJ

&+     [[  

6WFN]DKOHQ



9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  


&$03,1*0g%(/

&+ 5HOD[6WXKO )DOWEDU6WXIHQORVHLQVWHOOEDU

'HUNRPIRUWDEOH3DOHUPR6WXKOLQ1DY\YRQ&DP3DUW7UDYHOLVWKHUUOLFK]XPUHOD[HQ 'LH HODVWLVFKH 9HUELQGXQJ YRQ 5DKPHQ XQG 6LW]IOlFKH HUP|JOLFKW HLQHQ RSWLPDOHQ 6LW]NRPIRUW$XFKPLW+RO]$UPOHKQHQXQGDEQHKPEDUHP.RSINLVVHQHUKlOWOLFK

‡)DOWEDU ‡6WXIHQORVHLQVWHOOEDU ‡$EQHKPEDUHV.RSINLVVHQ LQNOXVLYH

‡5FNHQPLWHODVWLVFKHP%DQG ‡+RO]$UPOHKQH ‡3XOYHUEHVFKLFKWHWHU6WDKO5DKPHQ ‡6WRII3RO\HVWHUJHSROVWHUW ‡$EPHVVXQJHQ]XVDPPHQJHNODSSW[[FP ‡6LW]K|KHFP ‡7UDJNUDIWNJ ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

&+

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ



9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  


&+ &DPSLQJVWXKO )DOWEDU,Q3RVLWLRQHQYHUVWHOOEDU

'HULGHDOH6WXKOIU&DPSLQJ'HU1RYDUD&DPSLQJVWXKOLVWIDOWEDUXQGHLQHFKWHV /HLFKWJHZLFKWGDKHUVHKUHLQIDFK]XP0LWQHKPHQJHHLJQHW'LH)XVVDEODJHLVWDOV =XVDW]DXVVWDWWXQJHUKlOWOLFK QLFKWLQEHJULIIHQ )DUEH$QWKUD]LW

‡)DOWEDU ‡3RVLWLRQHQYHUVWHOOEDU ‡,QWHJULHUWH.RSIVWW]H ‡([WUDEUHLW ‡5FNHQPLWHODVWLVFKHP%DQG ‡$OXPLQLXP5DKPHQ ‡6WRII3RO\HVWHUJHSROVWHUW ‡$EPHVVXQJHQ]XVDPPHQJHNODSSW [[FP ‡6LW]K|KHFP ‡7UDJNUDIWNJ ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

&+

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  

&+ )XVVDEODJH )DOWEDU0LW]ZHL)HVWVWHOONOHPPHUQ

+HUUOLFK GLH %HLQH KRFKOHJHQ 0LW GLHVHU )XVVDEODJH YHUZDQGHOW VLFK GHU 1RYDUD &DPSLQJVWXKOLP+DQGXPGUHKHQLQHLQHQOX[HUL|VHQ5HOD[6WXKO)DUEH$QWKUD]LW

‡)DOWEDU ‡0LW]ZHL)HVWVWHOONOHPPHUQ ‡5XQGHU5DKPHQ‘PP ‡$OXPLQLXP5DKPHQ ‡6WRII3RO\HVWHUJHSROVWHUW ‡$EPHVVXQJHQ]XVDPPHQJHNODSSW [[FP ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

&+

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ



9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  


&$03,1*0g%(/

&+ 5HOD[6WXKO )DOWEDU6WXIHQORVHLQVWHOOEDU

'HU3DOHUPR&DPSLQJVWXKOLQ$QWKUD]LWYRQ&DPSDUW7UDYHOHLJQHWVLFKSULPD]XP 5HOD[HQ'LHHODVWLVFKH9HUELQGXQJYRQ5DKPHQXQG6LW]IOlFKHELHWHWHLQHQRSWLPDOHQ 6LW]NRPIRUW$XFKPLW+RO]$UPOHKQHQXQGDEQHKPEDUHP.RSINLVVHQHUKlOWOLFK

‡)DOWEDU ‡6WXIHQORVHLQVWHOOEDU ‡$EQHKPEDUHV.RSINLVVHQ LQNOXVLYH

‡5FNHQPLWHODVWLVFKHP%DQG ‡+RO]$UPOHKQH ‡3XOYHUEHVFKLFKWHWHU6WDKO5DKPHQ ‡6WRII3RO\HVWHUJHSROVWHUW ‡$EPHVVXQJHQ]XVDPPHQJHNODSSW[[FP ‡6LW]K|KHFP ‡7UDJNUDIWNJ ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

&+

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ



9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  


&+

&+

&DPSLQJVWXKO )DOWEDU,Q3RVLWLRQHQYHUVWHOOEDU

)XVVDEODJH )DOWEDU0LW]ZHL)HVWVWHOONOHPPHUQ ‡)DOWEDU ‡0LW]ZHL)HVWVWHOONOHPPHUQ ‡5XQGHU5DKPHQ‘PP ‡$OXPLQLXP5DKPHQ ‡6WRII7H[WLOHQ ‡$EPHVVXQJHQ]XVDPPHQJHNODSSW [[FP ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

‡)DOWEDU ‡3RVLWLRQHQYHUVWHOOEDU ‡,QWHJULHUWH.RSIVWW]H ‡([WUDEUHLW ‡5FNHQPLWHODVWLVFKHP%DQG ‡$OXPLQLXP5DKPHQ ‡6WRII7H[WLOHQ ‡$EPHVVXQJHQ]XVDPPHQJHNODSSW [[FP ‡6LW]K|KHFP ‡7UDJNUDIWNJ ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

&+

&+

&DPSLQJVWXKO )DOWEDU,Q3RVLWLRQHQYHUVWHOOEDU

)XVVDEODJH )DOWEDU0LW]ZHL)HVWVWHOONOHPPHUQ ‡)DOWEDU ‡3RVLWLRQHQYHUVWHOOEDU ‡,QWHJULHUWH.RSIVWW]H ‡([WUDEUHLW ‡5FNHQPLWHODVWLVFKHP%DQG ‡$OXPLQLXP5DKPHQ ‡6WRII7H[WLOHQ ‡$EPHVVXQJHQ]XVDPPHQJHNODSSW [[FP ‡6LW]K|KHFP ‡7UDJNUDIWNJ ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

‡)DOWEDU ‡0LW]ZHL)HVWVWHOONOHPPHUQ ‡5XQGHU5DKPHQ‘PP ‡$OXPLQLXP5DKPHQ ‡6WRII7H[WLOHQ ‡$EPHVVXQJHQ]XVDPPHQJHNODSSW [[FP ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

&+ 6LW]EH]XJ *HSROVWHUW*HHLJQHWIU0RGHOOH1RYDUD 0RGHQD ‡0DWHULDO%DXPZROOH7HU\OHQ ‡*HHLJQHWIUGLH0RGHOOH &+_&+_&+_&+ ‡*HSROVWHUW ‡*HZLFKWNJ

9HUSDFNXQJ

&+

&+

&+

&+

&+

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

   

   

   

   

   

[[  

[[  

[[  

[[  

[[  

9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

  [

  [

  [

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  

  

  

  

  

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU 6WFN]DKOHQ




&$03,1*0g%(/

%( )HOGEHWW )DOWEDU$XIEHZDKUXQJVWDVFKH

3UDNWLVFKHV )HOGEHWW YRQ &DP3DUW 7UDYHO $XINODSSEDU XQG LQNOXVLYH OHLFKWHU 7UDJHWDVFKH,GHDOIU&DPSLQJJHHLJQHW

‡)DOWEDU ‡$XIEHZDKUXQJVWDVFKH LQNOXVLYH

‡3XOYHUEHVFKLFKWHWHU6WDKO5DKPHQ ‡5XQGHU5DKPHQ‘PP ‡6WRII3RO\HVWHU' ‡7UDJNUDIWNJ ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

%(

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ



9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  


%( +lQJHPDWWH )DOWEDU$XIEHZDKUXQJVWDVFKH

)KOHQ 6LH VLFK ZLH DXI HLQHU WURSLVFKHQ ,QVHO LQ GLHVHU JHUlXPLJHQ +lQJHPDWWH (LQIDFKHU$XIEDXPLWVWDELOHP6WDKOUDKPHQ:LUGPLWOHLFKWHU7UDJHWDVFKHJHOLHIHUW

‡)DOWEDU ‡$XIEHZDKUXQJVWDVFKH LQNOXVLYH

‡3XOYHUEHVFKLFKWHWHU6WDKO5DKPHQ ‡5XQGHU5DKPHQ‘PP ‡6WRII3RO\HVWHU' ‡7UDJNUDIWNJ ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

%(

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  

%(

%(

/LHJH )DOWEDU3RVLWLRQYHUVWHOOEDU

/LHJH )DOWEDU3RVLWLRQYHUVWHOOEDU

‡)DOWEDU ‡3RVLWLRQHQYHUVWHOOEDU ‡$EQHKPEDUHV.RSINLVVHQ LQNOXVLYH

‡([WUDEUHLW ‡5XQGHU5DKPHQ‘PP ‡$OXPLQLXP5DKPHQ ‡6WRII7H[WLOHQ ‡$EPHVVXQJHQ ]XVDPPHQJHNODSSW [[FP ‡7UDJNUDIWNJ ‡$EPHVVXQJHQ [[FP ‡*HZLFKWNJ

9HUSDFNXQJ

%(

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

‡)DOWEDU ‡3RVLWLRQHQYHUVWHOOEDU ‡$EQHKPEDUHV.RSINLVVHQ LQNOXVLYH

‡([WUDEUHLW ‡5XQGHU5DKPHQ‘PP ‡$OXPLQLXP5DKPHQ ‡6WRII7H[WLOHQ ‡$EPHVVXQJHQ ]XVDPPHQJHNODSSW [[FP ‡7UDJNUDIWNJ ‡$EPHVVXQJHQ [[FP ‡*HZLFKWNJ

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  



9HUSDFNXQJ

%(

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  


&$03,1*0g%(/

7$ 5ROO8S$OXPLQLXP7LVFK [[FP$XIEHZDKUXQJVWDVFKH

5REXVWHU ZHWWHUEHVWlQGLJHU 7LVFK PLW H[WUD JUR‰HU DXIUROOEDUHU $OXPLQLXPSODWWH XQG SUDNWLVFKHP $XIEHZDKUXQJVQHW] (LQH H[WUD 4XHUVWDQJH VRUJW IU QRFK PHKU 6WDELOLWlW(LQIDFKHLQ]XNODSSHQXQGLQNOXVLYH7UDJHWDVFKH

‡9HUVWHOOEDUH)VVH ‡)DOWEDU ‡%HODVWEDUNHLWNJ ‡4XHUVWDQJHIUPHKU6WDELOLWlW ‡$XIEHZDKUXQJVQHW] ‡:HWWHUEHVWlQGLJH$OXPLQLXP3ODWWH ‡$XIEHZDKUXQJVWDVFKH LQNOXVLYH

‡9LHUHFNLJHU5DKPHQ[PP ‡$OXPLQLXP5DKPHQ ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

7$

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU 6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  

7$

7$

5ROO8S$OXPLQLXP7LVFK [[FP$XIEHZDKUXQJVWDVFKH

$OXPLQLXP7LVFK [[FP)DOWEDU

‡9HUVWHOOEDUH)VVH ‡)DOWEDU ‡:HWWHUEHVWlQGLJH $OXPLQLXP3ODWWH ‡$XIEHZDKUXQJVWDVFKH LQNOXVLYH

‡9LHUHFNLJHU5DKPHQ [PP ‡3XOYHUEHVFKLFKWHWHU 6WDKO5DKPHQ ‡$EPHVVXQJHQ ]XVDPPHQJHNODSSW [[FP ‡$EPHVVXQJHQ [[FP ‡*HZLFKWNJ

9HUSDFNXQJ

7$

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

‡9HUVWHOOEDUH)VVH ‡)DOWEDU ‡%HODVWEDUNHLWNJ ‡4XHUVWDQJHIUPHKU6WDELOLWlW ‡$XIEHZDKUXQJVQHW] ‡:HWWHUEHVWlQGLJH $OXPLQLXP3ODWWH ‡$XIEHZDKUXQJVWDVFKH LQNOXVLYH

‡9LHUHFNLJHU5DKPHQ [PP ‡$OXPLQLXP5DKPHQ ‡$EPHVVXQJHQ [[FP ‡*HZLFKWNJ

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  



[[  

9HUSDFNXQJ

7$

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  


7$

7$

.ODSSWLVFK [[FP,QGHU+|KHYHUVWHOOEDU

.ODSSWLVFK [[FP$OXPLQLXP5DKPHQ

‡9HUVWHOOEDUH)VVH ‡,QGHU+|KHYHUVWHOOEDU ‡)DOWEDU ‡*ULII ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

‡9HUVWHOOEDUH)VVH ‡,QGHU+|KHYHUVWHOOEDU ‡)DOWEDU ‡*ULII ‡:HWWHUEHVWlQGLJH$OXPLQLXP3ODWWH ‡5XQGHU5DKPHQ‘PP ‡$OXPLQLXP5DKPHQ ‡$EPHVVXQJHQ]XVDPPHQJHNODSSW [[FP ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

7$

7$

.ODSSWLVFK [[FP$OXPLQLXP5DKPHQ

.ODSSWLVFK [[FP$OXPLQLXP5DKPHQ

‡)DOWEDU ‡:HWWHUEHVWlQGLJH$OXPLQLXP3ODWWH ‡9LHUHFNLJHU5DKPHQ[PP ‡$OXPLQLXP5DKPHQ ‡$EPHVVXQJHQ]XVDPPHQJHNODSSW [[FP ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

‡9HUVWHOOEDUH)VVH ‡,QGHU+|KHYHUVWHOOEDU ‡)DOWEDU ‡*ULII ‡:HWWHUEHVWlQGLJH$OXPLQLXP3ODWWH ‡5XQGHU5DKPHQ‘PP ‡$OXPLQLXP5DKPHQ ‡$EPHVVXQJHQ]XVDPPHQJHNODSSW [[FP ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

7$

7$

&DPSLQJWLVFK [[FP)DOWEDU

3LFNQLFNWLVFK [[FP.ODSSVLFKHUXQJ ‡9HUVWHOOEDUH)VVH ‡6WXIHQORV+|KHQYHUVWHOOEDU ‡)DOWEDU ‡$XIEHZDKUXQV)lFKHU XQWHUGHP7LVFK ‡*ULII ‡'HFNSODWWHPLW$OXPLQLXPUDQG ‡5XQGHU5DKPHQ‘PP ‡$OXPLQLXP5DKPHQ ‡$EPHVVXQJHQ]XVDPPHQJHNODSSW [[FP ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

‡.ODSSVLFKHUXQJ ‡%HODVWEDUNHLWSUR6LW]NJ ‡6RQQHQVFKLUPKDOWHU ‡:HWWHUEHVWlQGLJH%DPERR3ODWWH ‡$EPHVVXQJHQ]XVDPPHQJHNODSSW [[FP ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

7$

7$

7$

7$

7$

7$

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

[[   

   

[[   

[[   

[[   

[[  

[[  

[[  

[[  

[[  

[[  

9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

  [

  [

  [

  [

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  

 

  

  

  

  

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU 6WFN]DKOHQ




&$03,1*0g%(/

7$ 3LFNQLFNWLVFK [[FP.ODSSVLFKHUXQJ

.RPSDNWHU $OXPLQLXP 3LFNQLFNWLVFK ZHWWHUEHVWlQGLJ XQG IHVWHQ 6LW]ElQNHQ 6LFKHUKHLWVEJHO VFKW]HQ YRU SO|W]OLFKHP =XVDPPHQNODSSHQ ,QNOXVLYH 6RQQHQVFKLUPKDOWHU

‡.ODSSVLFKHUXQJ ‡%HODVWEDUNHLWSUR6LW]NJ ‡6RQQHQVFKLUPKDOWHU ‡:HWWHUEHVWlQGLJH$OXPLQLXP3ODWWH ‡$OXPLQLXP5DKPHQ ‡$EPHVVXQJHQ]XVDPPHQJHNODSSW[[FP ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

7$

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ



9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  


7$ &DPSLQJ7LVFK [[FP)DOWEDU

3UDNWLVFKHUIDOWEDHU&DPSLQJWLVFKPLWYHUVWHOOEDUHQ)‰HQIUVWDELOHQ+DOWDXFK DXIXQHEHQHP*UXQG,GHDOIU&DPSLQJXQG*DUWHQ

‡9HUVWHOOEDUH)VVH ‡6WXIHQORV+|KHQYHUVWHOOEDU ‡)DOWEDU ‡3XOYHUEHVFKLFKWHWHU6WDKO5DKPHQ ‡5XQGHU5DKPHQ‘PP ‡$EPHVVXQJHQ]XVDPPHQJHNODSSW [[FP ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

7$

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ

7$

7$

&DPSLQJ7LVFK [[FP)DOWEDU

&DPSLQJ7LVFK [[FP)DOWEDU

‡9HUVWHOOEDUH)VVH ‡)DOWEDU ‡3XOYHUEHVFKLFKWHWHU 6WDKO5DKPHQ ‡5XQGHU5DKPHQ‘PP ‡$EPHVVXQJHQ]XVDP PHQJHNODSSW [[FP ‡$EPHVVXQJHQ [[FP ‡*HZLFKWNJ

9HUSDFNXQJ

7$

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

‡9HUVWHOOEDUH)VVH ‡)DOWEDU ‡3XOYHUEHVFKLFKWHWHU 6WDKO5DKPHQ ‡5XQGHU5DKPHQ‘PP ‡$EPHVVXQJHQ]XVDP PHQJHNODSSW [[FP ‡$EPHVVXQJHQ [[FP ‡*HZLFKWNJ

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  



9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  

9HUSDFNXQJ

7$

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  


&$03,1*0g%(/

&8 &DPSLQJVFKUDQN 9HUVWHOOEDUH)VVH)DOWEDU

1LFKW JHQXJ 6WDXUDXP" .HLQ 3UREOHP IU GLHVHQ &DPSLQJVFKUDQN PLW GHQ SUDNWLVFKHQ GUHL )lFKHUQ 'DV JHQLDOH )DOWV\VWHP HUP|JOLFKW HLQ (LQNODSSHQ LP +DQGXPGUHKHQ)DUEH1DY\

‡9HUVWHOOEDUH)VVH ‡)DOWEDU ‡)lFKHU ‡)OLHJHQJLWWHUDQGHU5FNHQZDQG ‡6HLWOLFKH$XIEHZDKUXQJVIlFKHU ‡5XQGHU5DKPHQ‘PP ‡$OXPLQLXP5DKPHQ ‡6WRII3RO\HVWHU' ‡$EPHVVXQJHQ]XVDPPHQJHNODSSW[[FP ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

&8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ



9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  


&8

&8

&DPSLQJVFKUDQN )lFKHU$XIEHZDKUXQJVWDVFKH LQNOXVLYH

&DPSLQJVFKUDQN )DOWEDU$XIEHZDKUXQJVWDVFKH LQNOXVLYH

‡)lFKHU ‡)OLHJHQJLWWHUDQGHU5FNHQZDQG ‡$XIEHZDKUXQJVWDVFKH LQNOXVLYH

‡3XOYHUEHVFKLFKWHWHU6WDKO5DKPHQ ‡5XQGHU5DKPHQ‘PP ‡6WRII3RO\HVWHU' ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

‡)DOWEDU ‡)OLHJHQJLWWHUDQGHU5FNHQZDQG ‡6HLWOLFKH$XIEHZDKUXQJVIlFKHU ‡(LQOHJHE|GHQPLW$OXPLQLXP5DQG ‡'HFNSODWWHPLW$OXPLQLXPUDQG ‡$XIEHZDKUXQJVWDVFKH LQNOXVLYH

‡3XOYHUEHVFKLFKWHWHU6WDKO5DKPHQ ‡6WRII3RO\HVWHU' ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

&8

&8

&DPSLQJVFKUDQN )DOWEDU)lFKHU

&DPSLQJVFKUDQN 9HUVWHOOEDUH)VVH)DOWEDU ‡)DOWEDU ‡)lFKHU ‡)OLHJHQJLWWHUDQGHU5FNHQZDQG ‡6HLWOLFKH$XIEHZDKUXQJVIlFKHU ‡(LQOHJHE|GHQPLW$OXPLQLXP5DQG ‡'HFNSODWWHPLW$OXPLQLXPUDQG ‡$XIEHZDKUXQJVWDVFKH LQNOXVLYH

‡$OXPLQLXP5DKPHQ ‡6WRII3RO\HVWHU' ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

‡9HUVWHOOEDUH)VVH ‡)DOWEDU ‡)lFKHU ‡)OLHJHQJLWWHUDQGHU5FNHQZDQG ‡'HFNSODWWHPLW$OXPLQLXPUDQG ‡$XIEHZDKUXQJVWDVFKH LQNOXVLYH

‡$OXPLQLXP5DKPHQ ‡6WRII3RO\HVWHU' ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

&8

&8

&8

&8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

[[   

[[   

[[   

[[  

[[  

[[  

[[  

9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

  [

  [

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  

  

  

  

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU 6WFN]DKOHQ




&$03,1*0g%(/

&8

&8

&DPSLQJVFKUDQN 9HUVWHOOEDUH)VVH$XIEHZDKUXQJVWDVFKHLQNOXVLYH

&DPSLQJVFKUDQN 9HUVWHOOEDUH)VVH)lFKHU

‡9HUVWHOOEDUH)VVH ‡)OLHJHQJLWWHUDQGHU5FNHQZDQG ‡6HLWOLFKH$XIEHZDKUXQJVIlFKHU ‡(LQOHJHE|GHQPLW$OXPLQLXP5DQG ‡'HFNSODWWHPLW$OXPLQLXPUDQG ‡$XIEHZDKUXQJVWDVFKH LQNOXVLYH

‡5XQGHU5DKPHQ‘PP ‡$OXPLQLXP5DKPHQ ‡6WRII3RO\HVWHU' ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

‡9HUVWHOOEDUH)VVH ‡)lFKHU ‡5HL‰YHUVFKOVVHDQREHUHQ)lFKHUQ ‡6HLWOLFKH$XIEHZDKUXQJVIlFKHU ‡.OHLGHUVWDQJH ‡$XIEHZDKUXQJVWDVFKH LQNOXVLYH

‡5XQGHU5DKPHQ‘PP ‡$OXPLQLXP5DKPHQ ‡6WRII3RO\HVWHU' ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

&8

&8

&DPSLQJVFKUDQN 9HUVWHOOEDUH)VVH[)lFKHU

&DPSLQJVFKUDQN )DOWEDU)lFKHU ‡9HUVWHOOEDUH)VVH ‡[)lFKHU ‡)OLHJHQJLWWHUDQGHU5FNHQZDQG ‡6HLWOLFKH$XIEHZDKUXQJVIlFKHU ‡'HFNSODWWHPLW$OXPLQLXPUDQG ‡$XIEHZDKUXQJVWDVFKH LQNOXVLYH

‡5XQGHU5DKPHQ‘PP ‡$OXPLQLXP5DKPHQ ‡6WRII3RO\HVWHU' ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

‡)DOWEDU ‡)lFKHU ‡)OLHJHQJLWWHUDQGHU5FNHQZDQG ‡(LQOHJHE|GHQPLW$OXPLQLXP5DQG ‡'HFNSODWWHPLW$OXPLQLXPUDQG ‡$XIEHZDKUXQJVWDVFKH LQNOXVLYH

‡5XQGHU5DKPHQ‘PP ‡$OXPLQLXP5DKPHQ ‡6WRII3RO\HVWHU' ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

&8

&8

&8

&8

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

[[   

[[   

[[   

[[  

[[  

[[  

[[  

9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

  [

  [

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  

  

  

  

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU 6WFN]DKOHQ




., &DPSLQJNFKH 9HUVWHOOEDUH)VVH[)lFKHU

1LFKWJHQXJ6WDXUDXP".HLQ3UREOHPIUGLHVHVWDELOH&DPSLQJNFKHPLW)lFKHUQ 2EHUIOlFKHXQG%|GHQVLQGPLW$OXPLQLXPUDKPHQYHUVHKHQYHUVWHOOEDUH)‰HXQG VHLWOLFKH$XIEHZDKUXQJVIlFKHU)DUEH*UDX

‡9HUVWHOOEDUH)VVH ‡[)lFKHU ‡)OLHJHQJLWWHUDQGHU5FNHQZDQG ‡6HLWOLFKH$XIEHZDKUXQJVIlFKHU ‡'HFNSODWWHPLW$OXPLQLXPUDQG ‡$XIEHZDKUXQJVWDVFKH LQNOXVLYH

‡5XQGHU5DKPHQ‘PP ‡$OXPLQLXP5DKPHQ ‡6WRII3RO\HVWHU' ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

.,

.,

&DPSLQJNFKH 9HUVWHOOEDUH)VVH)lFKHU

&DPSLQJNFKH 6SOVFKVVHO:LQGVFKXW]

‡9HUVWHOOEDUH)VVH ‡)lFKHU ‡)OLHJHQJLWWHUDQ GHU5FNHQZDQG ‡(LQOHJHE|GHQPLW$OXPLQLXP 5DQG ‡:LQGVFKXW] ‡:HWWHUEHVWlQGLJH $OXPLQLXP3ODWWH ‡$XIEHZDKUXQJVWDVFKH LQNOXVLYH

‡$OXPLQLXP5DKPHQ ‡6WRII3RO\HVWHU' ‡$EPHVVXQJHQ[[ FP ‡*HZLFKWNJ

9HUSDFNXQJ

.,

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

‡9HUVWHOOEDUH)VVH ‡)lFKHU ‡6SOVFKVVHO ‡6HLWOLFKH$XIEHZDKUXQJVIlFKHU ‡:LQGVFKXW] ‡:HWWHUEHVWlQGLJH $OXPLQLXP3ODWWH ‡$XIEHZDKUXQJVWDVFKH LQNOXVLYH

‡$OXPLQLXP5DKPHQ ‡6WRII3RO\HVWHU' ‡$EPHVVXQJHQ[[ FP ‡*HZLFKWNJ

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  



9HUSDFNXQJ

.,

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  

9HUSDFNXQJ

.,

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  


&$03,1*0g%(/

., &DPSLQJNFKH )DOWEDU[)lFKHU

1LFKW JHQXJ 6WDXUDXP" .HLQ 3UREOHP IU GLHVH VWDELOH &DPSLQJNFKH PLW )lFKHUQ'XUFKGDVJHQLDOH)DOWV\VWHPZLUGGLH&DPSLQJNFKHLP+DQGXPGUHKHQ HLQJHNODSSW)DUEH1DY\

‡)DOWEDU ‡[)lFKHU ‡)OLHJHQJLWWHUDQGHU5FNHQZDQG ‡6HLWOLFKH$XIEHZDKUXQJVIlFKHU ‡*ULII ‡:HWWHUEHVWlQGLJH$OXPLQLXP3ODWWH ‡5XQGHU5DKPHQ‘PP ‡$OXPLQLXP5DKPHQ ‡6WRII3RO\HVWHU' ‡$EPHVVXQJHQ]XVDPPHQJHNODSSW[[FP ‡$EPHVVXQJHQ[[FP ‡*HZLFKWNJ

9HUSDFNXQJ

.,

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ



9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  


., &DPSLQJNFKH 9HUVWHOOEDUH)VVH:LQGVFKXW]

0XOWLIXQNWLRQDOH&DPSLQJNFKHPLW)lFKHUQXQGPHKUHUHQ5HJDOHQ.RFKHQVHOEVW EHLOHLFKWHP:LQGGXUFKSUDNWLVFKHQ:LQGVFKXW]0LWHLQHP*HZLFKWYRQZHQLJHUDOV .JXQGGHUSUDNWLVFKHQ7UDJHWDVFKHZLUGGHU7UDQVSRUW]XP.LQGHUVSLHO

‡9HUVWHOOEDUH)VVH ‡)DOWEDU ‡)lFKHU ‡)OLHJHQJLWWHUDQGHU5FNHQZDQG ‡:LQGVFKXW] ‡$XIEHZDKUXQJVWDVFKH LQNOXVLYH

‡5XQGHU5DKPHQ‘PP ‡$OXPLQLXP5DKPHQ ‡6WRII3RO\HVWHU[' ‡$EPHVVXQJHQ[[ FP ‡*HZLFKWNJ

9HUSDFNXQJ

.,

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  

., &DPSLQJNFKH 9HUVWHOOEDUH)VVH:LQGVFKXW]

0XOWLIXQNWLRQDOH&DPSLQJNFKHPLW)lFKHUQXQGPHKUHUHQ5HJDOHQ.RFKHQVHOEVW EHLOHLFKWHP:LQGGXUFKSUDNWLVFKHQ:LQGVFKXW]0LWHLQHP*HZLFKWYRQZHQLJHUDOV .JXQGGHUSUDNWLVFKHQ7UDJHWDVFKHZLUGGHU7UDQVSRUW]XP.LQGHUVSLHO

‡9HUVWHOOEDUH)VVH ‡)DOWEDU ‡)lFKHU ‡)OLHJHQJLWWHUDQGHU5FNHQZDQG ‡:LQGVFKXW] ‡$XIEHZDKUXQJVWDVFKH LQNOXVLYH

‡5XQGHU5DKPHQ‘PP ‡$OXPLQLXP5DKPHQ ‡6WRII3RO\HVWHU[' ‡$EPHVVXQJHQ[[ FP ‡*HZLFKWNJ



9HUSDFNXQJ

.,

/[%[+ FP  %UXWWR*HZLFKW NJ  1HWWR*HZLFKW NJ  ($11XPPHU

[[   

9HUSDFNXQJVHLQKHLW /[%[+ FP

%UXWWR*HZLFKW NJ

($11XPPHU

[[  

6WFN]DKOHQ 9HUSDFNXQJVHLQKHLW 3DOHWWH +|KH7LHIHDXI3DOHWWH

  [

&RQWDLQHU· &RQWDLQHU· &RQWDLQHU+4

  


7ULVWDU'HXWVFKODQG*PE+ 3RVWIDFK (QVH 'HXWVFKODQG

7   )   YHUNDXIGHXWVFKODQG#WULVWDUHX

ZZZWULVWDUHX


Outdoor Living 2013