Jacquier 52

AUKTION 52
___________________
Münzen und Kunst der Antike

Inhalt:
Donau- und Ostkelten 501-510
Münzen mit Flussgötterdarstellungen (Slg. Michel Thys) 511-649
Imperatoren der Bürgerkriegszeit 650-655
Römische Kaiserzeit 656-989
Galvanoplastiken der „Arras“-Medaillons 990
Schmuck und Kunst der Antike 991-1000
___________________
Freitag, 15. September 2023 – 19.00 Uhr

Auktion 51
Freitag, 15. September 2023 – 15.00 Uhr
Auktion 52 Online
Samstag, 16. September 2023 - 15.00 Uhr
Im Internet finden Sie den Katalog auch bei
Dort erscheint auch die Ergebnisliste

___________________
Paul-Francis Jacquier
Numismatique Antique
Honsellstrasse 8 – D-77694 Kehl am Rhein – Tel.: +49 (0)7851 1217 Fax: +49 (0)7851 73074
Email: office@coinsjacquier.com - Website: www.coinsjacquier.com
Mitglied in: Association Internationale des Numismates Professionnels (AINP), Verband der Deutschen Münzhändler e.V.
Société française de Numismatique – Schweizerische Numismatische Gesellschaft – American Numismatic Society
Bayerische Numismatische Gesellschaft e.V.
VERSTEIGERUNGSBEDINGUNGEN
Die Versteigerung erfolgt im Auftrag und für Rechnung der Eigentümer unter Einhaltung der sich aus der
Versteigerungsordnung ergebenden gesetzlichen Bestimmungen des BGB und des HGB gegen Barzahlung des
Kaufpreises in Euro. Diese Versteigerungsbedingungen werden durch die Abgabe eines Gebotes anerkannt.
Der Zuschlagpreis bildet die Berechnungsgrundlage für das vom Käufer zu zahlende Aufgeld. Käufer aus EU-
Ländern zahlen einheitlich ein Aufgeld von 23 % (jedoch min. € 15,00), wobei im Gesamtbetrag die Differenz-
besteuerung (§ 25a UStG) enthalten ist. Bei regelbesteuerter Ware fällt ein Aufgeld von 20 % an (zzgl. gesetzlicher
Umsatzsteuer von 19 % auf den Gesamtbetrag von Zuschlag und Aufgeld). Für Bücher wird ein Aufgeld von 20 %
(jedoch min. € 15,00) erhoben; auf den Gesamtpreis von Zuschlag und Aufgeld wird die zurzeit gültige Mehrwertsteuer
von 7 % erhoben. Ausfuhrlieferungen in EU-Länder können bei Vorlage der gesetzlichen Voraussetzungen von der
Umsatzsteuer befreit sein.
Ausländischen Käufern außerhalb der EU (Drittländer) wird, sofern die Ware durch uns ausgeführt wird,
ein Aufgeld von 20 % netto (jedoch min. € 15,00) auf den Zuschlagspreis berechnet; sie erhalten die Lieferung nur
gegen Zahlung des Kaufpreises in EUR, bankspesenfrei. Im Ausland anfallende Steuern und Zölle trägt in jedem
Fall der Käufer.
Der Zuschlag erfolgt nach dreimaliger Hervorhebung des höchsten Gebotes und verpflichtet zur Abnahme.
Es gelten die folgenden Mindestgebote:
bis zu EUR 150.- EUR 5.-
bis zu EUR 15000.- EUR 500.-
bis zu EUR 25000.- EUR 1000.-
über EUR 25000.- EUR 2000.-
Schriftliche Gebote werden vom Versteigerer ohne zusätzliche Kosten gewissenhaft ausgeführt. Aufträge von
unbekannten Bietern werden jedoch nur ausgeführt, wenn ein Depot hinterlegt wird oder Referenzen benannt
werden. Der Versteigerer kann von jedem Käufer Vorauskasse verlangen. Es wird gebeten, schriftliche Aufträge
frühzeitig einzusenden, jedoch spätestens 24 Stunden vor Auktionsbeginn. Auftraggeber unlimitierter Aufträge
haben keinen Anspruch auf unbedingte Ausführung. Der Versteigerer behält sich vor, schriftliche Gebote im
Bedarfsfall bis 5 % zu überziehen. "LIVE" bieten ist nicht mit zusätzlichen Kosten verbunden.
Es gelten nur Gebote in Euro-Währung. Der Ausruf erfolgt in der Regel bei 90% des Schätzpreises. Aufträge, die
unter 90% des Schätzpreises liegen, werden nicht berücksichtigt. Die Versteigerung wird nach der im Katalog
angegebenen Reihenfolge vorgenommen.
Die ersteigerte Ware wird erst nach vollständiger Bezahlung ausgehändigt und bleibt bis zur vollständigen
Bezahlung aller Forderungen Eigentum des Verkäufers. Die Zahlung muss innerhalb von 14 Tagen nach
Rechnungseingang - für den Versteigerer bankspesenfrei - gezahlt werden. Bei Zahlungsverzug werden für jeden
angefangenen Monat Verzugszinsen in Höhe von 1% erhoben.
Die Katalogangaben bezüglich Bestimmung und Erhaltung sind gewissenhaft durchgeführt. Sie gelten jedoch als
persönliche Beurteilung und nicht als Zusicherung einer Eigenschaft. Sie begründen jedoch keine Rechts-, oder
Sachmängelhaftung gemäß §§ 434, 459 ff BGB.
Die Echtheit der Stücke wird gewährleistet. Die Haftung ist bis zur Höhe des Kaufpreises beschränkt. Berechtigte
Beanstandungen werden berücksichtigt, sofern sie innerhalb 7 Tagen nach Erhalt der Ware erfolgen.
Der Versand geht zu Lasten des Käufers. Der Versteigerer übernimmt die Versicherung für den Transport der
Waren. Die Kosten der Versicherung werden dem Käufer berechnet.
Alle Lots können persönlich oder durch einen Vertreter und nach Vereinbarung in den Wochen vor der Auktion
vorbesichtigt werden.
Erfüllungsort und Gerichtsstand ist, soweit zulässig, Kehl am Rhein. Es gilt Deutsches Recht unter Ausschluss des
UN-Kaufrechtes. Im Falle einer Streitfrage ist die deutsche Version der Auktionsbedingungen rechtskräftig.

CONDITIONS DE LA VENTE
Ceci est une vente aux enchères par correspondance et par internet organisée par Paul-Francis Jacquier, Numismatique antique. Faire une
offre d’achat implique l’acceptation intégrale des conditions suivantes:
La vente a lieu au comptant en euros. Le prix d'adjudication est augmenté d'une taxe de vente de 23% (min. € 15,00) en cas de
livraison en Allemagne et dans les pays de l’Union européenne (système de la TVA sur la marge selon § 25a UStG). Pour les
marchandises taxées selon le système standard, la taxe de vente est de 20% et la TVA d’actuellement 19% – 7% pour les livres –
est prélevée sur le prix d’adjudication et la commission. Les exportations dans les pays de l’UE seront exemptes de TVA sur
présentation des conditions légales respectives.
En cas de livraison dans un pays tiers et si les lots sont exportés par nos soins, seule la taxe de vente de 20% (min. € 15,00) sera
facturée.
Les frais de port et d’assurance, ainsi que les taxes et droits dûs à l’étranger sont à la charge de l’acheteur.
L’adjudication intervient au troisième appel de l’enchère la plus élevée et oblige l’acheteur à accepter les lots. Le paiement est dû
en euros immédiatement après adjudication lors de la remise ou avant l’envoi des lots. Un intéret de 1 % par mois sera facturé pour tout
retard.
Les ordres d’achat inférieurs à 90% des estimations ne seront pas pris en considération. Les ordres d’achats écrits seront exécutés
avec soin et sans frais supplémentaires par les organisateurs de la vente. Ils devront nous parvenir au plus tard 24 heures avant le
début de la vente. De même les ordres "LIVE" ne donnent pas lieu à des frais supplémentaires.
L'envoi des lots adjugés sera effectué, après paiement, aux frais, risques et périls de I'acheteur. Le transfert de propriété n’est
effectif qu’au moment où le prix d’achat est payé intégralement. Le règlement doit être effectué dans les 14 jours suivant la
réception de la facture. L'acheteur est personnellement responsable de l'achat effectué. Il ne peut pas prétendre avoir agi pour le
compte d'un tiers.
La description et I'état de conservation des monnaies ont été rigoureusement étudiés et sont donnés en toute science et conscience..
L'authenticité des monnaies est garantie. Des réclamations pour des lots multiples ne peuvent pas être acceptées. Des réclamations
justifiées ne peuvent être prises en considération que dans les 7 jours suivant la remise des lots.
Tous les lots pourront être examinés personnellement, ou par l’intermédiaire d’un représentant, sur RDV, dans les semaines
précédant la vente.
Le for juridique pour toutes procédures est fixé à Kehl am Rhein. Ces conditions existent en langues allemande, française et
anglaise, seule la version allemande faisant foi en cas de divergence.
CONDITIONS OF SALE
This is an internet and mail bid sale, conducted by Paul-Francis Jacquier, Numismatique antique. Bidding in this auction
constitutes acceptance of the following terms:
All sales will be made through payment in euros, with the addition of a buyer’s premium of 23% (min. € 15,00) on the hammer
price (relevant VAT included – special margin sheme according § 25a UStG), if goods are delivered in Germany or other member
state of the European Union. For goods delivered by standard taxation the surcharge is 20% plus the relevant VAT (19% or 7%
[books]). Export deliveries to EC countries shall be free of VAT on existence of the respective legal requirements.
Purchasers from outside of the European Community (EC) will be charched a surcharge of 20% net (min. € 15,00) on the hammer
price, provided the export of the lots is undertaken by the auctioneer.
The costs of postage & insurance will be charged extra. All fees and taxes due abroad are the buyer's responsibility.
An auction sale occurs when the highest bid has been called out three times and obliges the bidder to take over and pay for the
merchandise. Delivery will be made against payment in Euros with no bank charges to the auctioneer. A charge of 1% per month
will be assessed for delayed payments.
Orders for less than 90 per cent of the estimated price cannot be accepted. Orders submitted in writing will be carried out diligently
and without charge. Written bids should be submitted early but no later than 24 hours before the beginning of the auctionWritten
bids should be submitted early but no later than 24 hours before the beginning of the auction. If necessary, the auctioneer is
allowed to increase the bids by 5%. Unlimited bids shall not oblige the auctioneer to consider, accept or carry out such order.No
additional charge will be added to the invoice of all successful live internet bids.
Upon receipt of full payment, shipment of lots will be arranged for the purchaser at his expense and risk. The auctioned goods
remain the sole and exclusiv property of the vendor until full payment. Payment is due within 14 days after receipt of the invoice.
Buyers are personally responsible for their own purchases and cannot claim to act on the account or instructions of a third party.
The lot descriptions, including the states of preservation, are opinions and made in good faith. The authenticity of all coins is
guaranteed. Warranted up to the total purchase price. No complaints or returns can be accepted for multiple-lots. Justified
complaints can only be considered if made within 7 days after receipt of the lots.
All lots to be auctioned are usually on view, by appointment, for several weeks prior to the auction.
Exclusive jurisdiction for any legal proceedings shall be Kehl am Rhein. Although the Conditions of Sale are provided in English,
French and German, only the German text is legally valid.

Impressum:
Herausgeber: Paul-Francis JACQUIER, Numismatique Antique, Honsellstrasse 8, D-77694 Kehl am Rhein.

Bearbeitung: Paul-Francis JACQUIER, Katrin BAUMANN M.A., Petra HÖHNE M.A., Sabine POIGER Mag. Phil.
Fotos: Wilfried Danner, Waiblingen
Satz & Montage: Danner PC gesteuerte Systeme, D-71336 Waiblingen //www.quickpx.com
Druck: Meister Print & Media, D-34123 Kassel
Printed in Germany
© 2023 Paul-Francis JACQUIER, Numismatique Antique
Alle Rechte vorbehalten, insbesondere die der Übersetzung und der fotomechanischen Wiedergabe.
Nachdruck, auch auszugsweise, nur mit schriftlicher Genehmigung des Herausgebers.
ERHALTUNGSANGABEN / ETATS DE CONSERVATION / GRADES OF PRESERVATION

FDC Stempelglanz Fleur de coin Uncirculated
vzgl vorzüglich superbe extremely fine
ss sehr schön très beau very fine
s schön beau fine
Die Vergrößerungen - sofern nicht anders angegeben - sind im Maßstab 1,5:1.
Mit * versehene Münzen sind nicht abgebildet - im Internet sind alle Münzen abgebildet.
.(/7,6&+(0h1=(1
'21$8.(/7(1
501
2,5:1 2,5:1
0b+5(11,('(5g67(55(,&+
%RLHU *ROGVWDWHU YRP 7\S $WKHQH±$ONLGHPRV FD 0LWWH -K Y &KU 6WLOLVLHUWHU .RSI PLW
6WULFKKDDUHQUHFKWV5Y .ULHJHU 6WLOLVLHUWH$WKHQD PLW6SHHUXQG6FKLOGQOLQNVLP)HOGUHFKWV.UHX]
PLW(QGSXQNWHQREHUKDOEXQGXQWHUKDOEGHV6FKLOGHV3XQNWH3DXOVHQ'HPEVNL±6OJ/DQ]±
6OJ)OHVFKH6PČOê.RVWXU ± *iãSiUYJO0DFKR &KODSRYLþ3UDJ$XNWLRQ /RV
J 6HOWHQ3UDFKWH[HPSODUPLWXUVSUQJOLFKHP3UlJHJODQ]*XWHVYRU]JOLFK
504 502 503 505
%RLHU 'UDFKPH YRP 7\S $WKHQH±$ONLGHPRV FD -K Y &KU 6WLOLVLHUWHU .RSI PLW 'LDGHP XQG
1DFNHQUROOH UHFKWV XQWHU GHP .LQQ ]ZHL 2UQDPHQWH E]Z /HJHQGHQUHVWH 5Y 6WLOLVLHUWH $WKHQD PLW
6SHHU XQG 6FKLOG Q OLQNV VWHKHQG LQ GHQ )HOGHUQ /HJHQGHQUHVWH 3DXOVHQ II 'HPEVNL 6OJ
)OHVFKH± YJO$YHUVVWHPSHOJOHLFK J6HKUVHOWHQ
3UDFKWYROOHV([HPSODUPLWJROGEODXLULVLHUHQGHU7|QXQJYRQKHUUOLFKHP6WLOXQGIHLQVWHU(UKDOWXQJ
%5$7,6/$9$±125'75$16'$18%,(1
%RLHU'UDFKPH1RULVFKHU7yWIDOX7\S6WLOLVLHUWHU.RSIPLW7RUTXHVUHFKWVGDKLQWHUVHQNUHFKWHUQDFK
REHQ JHULFKWHWHU EHUJURVVHU /RUEHHUNUDQ] 5Y 6WLOLVLHUWHV 3IHUG PLW GUHL 6WULFKHQ XQWHU GHP %DXFK Q
OLQNV LP )HOG GDUEHU YLHUVSHLFKLJHV 5DG %1 $OOREURJHV LQ 8QJDUQ 3DXOVHQ *|EO
+H[DGUDFKPHQ7DI'HPEVNL6OJ/DQ]6OJ±)OHVFKH±J 6HOWHQ9RU]JOLFK
([9LQFKRQ3DULV$XNWLRQYRP2NWREHU/RV
125,&80
:HVWQRULNHU$57HWUDGUDFKPH7\S $77$-KY&KU.RSIPLWGUHLUHLKLJHP/RUEHHUNUDQ]OLQNV
5Y$77$ ]ZLVFKHQ]ZHL/LQLHQ 5HLWHUPLWHUKREHQHP6SHHUQUHFKWVJDORSSLHUHQG*|EO7.17DI
*'HPEVNL6OJ/DQ]6OJ)OHVFKH±J 6HOWHQ*HW|QWJXWHVVHKUVFK|Q
2VWQRULNHU 7DXULVNHU $57HWUDGUDFKPH 7\S .XJHOUHLWHU -DKUKXQGHUW Y &KU 6WLOLVLHUWHU $SROOR
NRSIOLQNVPLW/RUEHHUNUDQ]]ZLVFKHQ]ZHL3HUOHQUHLKHQNOHLQH6WUlKQHDXIGHP2EHUNRSI5Y 7UDEHQ
GHV3IHUGPLW5HLWHUQOLQNVGHU5HLWHUWUlJWHLQHQ+HOPPLWGUHL.XJHOHQGHQ/7'HPEVNL
6OJ)OHVFKHJ )HLQJHW|QWHVYRU]JOLFKHV([HPSODU

506
1,5:1 1,5:1
2VWQRULNHU 7DXULVNHU $57HWUDGUDFKPH 7\S 6DPRERU $ 6WLOLVLHUWHU .RSI PLW GUHLUHLKLJHP 3XQNW
GLDGHPOLQNV5Y6WLOLVLHUWHV3IHUGPLW7RUTXHVDXIGHU%UXVWQOLQNVJDORSSLHUHQG*|EO1RULFXP
7I 'HPEVNL6OJ/DQ]J 6HOWHQLQGLHVHU(UKDOWXQJ*XWHVYRU]JOLFK
507
1,5:1 1,5:1
7DXULVNHU $57HWUDGUDFKPH 7\S )URQWDOJHVLFKW (QGH -K Y &KU .RSI HQ IDFH ]ZLVFKHQ ]ZHL
IOJHODUWLJHQ 2UQDPHQWHQ GDUEHU GUHLUHLKLJHV 3HUOGLDGHP XQG +DDUORFNHQ 5Y 3IHUG PLW HUKREHQHP
9RUGHUODXIQOLQNVGDUEHU:HOOHQOLQLH*|EO1RULFXP7\S 7DI 'HPEVNL6OJ/DQ]
6OJ)OHVFKHJ 6HKUVHOWHQ/HLFKWJHW|QWYRU]JOLFKHV([HPSODU
% =LHJDXV HULQQHUW GLHVHU .RSI DQ GLH'DUVWHOOXQJHQYRQJHN|SIWHQ)HLQGHQGLHLQGHUNHOWLVFKHQ.XQVWPHKUIDFK
QDFKZHLVEDUVLQG 6OJ)OHVFKH6
508 509 510
267.(/7(1
6<50,(1
$57HWUDGUDFKPH 7\S .XJHOZDQJH -K Y &KU 6WLOLVLHUWHU =HXVNRSI PLW /RUEHHUNUDQ] UHFKWV
5Y6WLOLVLHUWHV3IHUGPLW.XJHODXJHQOLQNVVFKUHLWHQG*|EO27$'HPEVNLYDU 5LQJHO
6OJ/DQ]J 6HKUVFK|Q
(LQ([HPSODUJ 6HKUVFK|Q
$57HWUDGUDFKPH7\S/HLHUEOXPH-DKUKXQGHUWY&KU6WLOLVLHUWHU=HXVNRSIPLW/RUEHHUNUDQ]XQG
7RUTXHVRKU UHFKWV 5Y 3IHUG PLW .XJHODXJH Q OLQNV GDUEHU /HLHUEOXPH XQWHQ 5DG YRU GHU %UXVW
.UHX]*|EO27$'HPEVNL6OJ/DQ]6OJ)OHVFKH±J 6HKUVFK|Q

*5,(&+,6&+(81'3529,1=,$/5g0,6&+(0h1=(1
0,7)/866*g77(5'$567(//81*(1
6$00/81*0,&+(/7+<6
$01* 'LHDQWLNHQ0Q]HQ1RUG*ULHFKHQODQGV,,,,%HUOLQ
%&' 6DPPOXQJ%&'$NDUQDQLHQXQG$HWROLHQ0Q]HQXQG0HGDLOOHQ*PE+$XNWLRQ
)DOWHU )DOWHU5)OXVVJ|WWHUGHV5|PLVFKHQ2VWHQ±6DOXV3URYLQFLDUXPLQ+HOLRV1XPLVPDWLN
$XNWLRQ 61UQ
*53& .XUWK'*UHHNDQG5RPDQ3URYLQFLDO&RLQV *53& /\GLD
+RFKDUG +RFKDUG/\GLHWHUUHG¶HPSLUH V (WXGHVGHQXPLVPDWLTXHHWG¶KLVWRLUH,,,
+ULVWRYD -HNRY +ULVWRYD1 -HNRY*7KH&RLQVRI0RHVLD,QIHULRU,,,,F$&0DUFLDQRSROLV
+ULVWRYDHWDO +ULVWRYD1 +RHIW+- -HNRY*7KH&RLQVRI0RHVLD,QIHULRU1LFRSROLVDG,VWUXP
,PKRRI%OXPHU ,PKRRI%OXPHU))OXVVXQG0HHUJ|WWHUDXIJULHFKLVFKHQXQGU|PLVFKHQ0Q]HQLQ
5HYXH6XLVVHGH1XPLVPDWLTXH9RO;;,,,*HQqYH6
-XUXNRYD -XUXNRYD-0RQHWRVHWVFKHQHWRQDJUDGRYHWHY'ROQD0L]LMDL7UDNLMD,,,,,Y+DGULDQRSRO
0Q]SUlJGHU6WlGWHLQ0RHVLD,QIXQG7KUDNLHQLP-K+DGULDQRSROLV 6RILD
.ORVH .ORVH'2$'LH0Q]SUlJXQJYRQ6P\UQDLQGHUU|PLVFKHQ.DLVHU]HLW$0*86;
.U]\ĪDQRZVND .U]\ĪDQRZVND$0RQQDLHVFRORQLDOHVG¶$QWLRFKHGH3LVLGLH
0DUWLQ 0DUWLQ.'HPRV%RXOH±*HURXVLD«,,,
0RXFKPRY 0RXFKPRY1$QWLWFKQLWHPRQHWLQD%DONDQVNLMDSROXRVWURYLPRQHWLWHQDEXOJDUVNLWHFDUH
'LHDQWLNHQ0Q]HQGHU%DONDQKDOELQVHOXQGGLH0Q]HQGHUEXOJDU=DUHQ 6RILD
5X]LFND 5X]LFND/'LH0Q]HQYRQ6HUGLFDLQ1XPLVPDWLVFKH=HLWVFKULIW:LHQ
5X]LFND 5X]LFND/'LH0Q]HQYRQ3DXWDOLD
7DFKHY 7DFKHY<7KH&RLQDJHRI3DXWDOLD
7LVFKOHU 7LVFKOHU-.OHLQDVLDWLVFKH+\GURQRPLH6HPDQWLVFKHXQGPRUSKRORJLVFKH$QDO\VLHGHU
*ULHFKLVFKHQ*HZlVVHUQDPHQ
9DUEDQRY 9DUEDQRY,*UHHN,PSHULDO&RLQV , ± ,,,
9DUEDQRY 9DUEDQRY,7KH&RLQDJHRI3KLOLSSRSROLV
)OXVVJ|WWHUVLQGQLFKWQXUGLH1XPLQDHLQ]HOQHU)OVVHVRQGHUQGUFNHQHEHQVRGHQ&KDUDNWHUGHUVLHXPJHEHQGHQ
/DQGVFKDIWHQ DXV ,KUH $WWULEXWH VLQG GLH *HVFKHQNH GLH VLH GLHVHQ PDFKHQ ]XPHLVW )UXFKWEDUNHLWVV\PEROH ZLH
bKUHQ 0RKQNRSI :HLQVWRFN RGHU 6FKLOIURKU (LQ DOOJHPHLQHV =HLFKHQ IU GLHVHQ VFKHQNHQGHQ &KDUDNWHU LVW GDV
)OOKRUQGDVKlXIWLJVWHGDV4XHOOJHIlZHOFKHVPHVRSRWDPLVFKHQ8UVSUXQJV]XVHLQVFKHLQW
/DQJH=HLWZXUGHYHUPXWHWGDVVJU|HUH)OVVHDOVElUWLJHNOHLQHUHDOVXQElUWLJH3HUVRQLILNDWLRQHQGDUJHVWHOOW
ZXUGHQ+HXWHLVWGLHVH$QQDKPHHLJHQWOLFKQLFKWPHKUYHUEUHLWHW
*5,(&+,6&+(0h1=(1
511
512 512
6,=,/,(1
*(/$
2QNLD FD 6WLHU PLW JHVHQNWHP .RSI QOLQNV LP $EVFKQLWW HLQH:HUWNXJHO5Y .RSI
GHVMXJHQGOLFKHQ)OXVVJRWWHV*HODUHFKWV-HQNLQV&16+*&J 6HKUVFK|Q
(UZRUEHQLQ/RQGRQEHL5LFKDUG6ZDQLP6HSWHPEHU
$.$51$1,(1
/(8.$6
%URQ]H K -K.RSIGHVMXJHQGOLFKHQ+HUDNOHVLP/|ZHQIHOOUHFKWV5Y$ī+7:3.RSIGHV
ElUWLJHQ)OXVVJRWWHV$FKHORRVUHFKWV*URVHXQG7DI%&'$NDUQDQLHQ GLHVHV([
J 6HOWHQH9DULDQWH*UQH3DWLQDVHKUVFK|Q
([0Q]HQ 0HGDLOOHQ*PE+ /RV

513 514 515 516
/(8.$6
%URQ]H K -K .RSI GHU $WKHQD LP +HOP PLW +HOP]LHU OLQNV 5Y 0HQVFKHQJHVLFKWLJHU
ElUWLJHU 6WLHUNRSI GHV )OXVVJRWWHV $FKHORRV OLQNV GDUEHU 'UHL]DFN Q O %0& %&'
$NDUQDQLHQ GLHVHV([ J 6HOWHQ'XQNOHROLYEUDXQH3DWLQDVHKUVFK|Q
%URQ]H K &KLPDLUDQOLQNVEHVWHKHQGDXVHLQHP/|ZHQN|USHUXQGHLQHU=LHJHQERFN
SURWRPH]ZLVFKHQGHQ+LQWHUEHLQHQ0RQRJUDPP5Y .RSIGHVElUWLJHQ)OXVVJRWWHV$FKHORRVQOLQNV
GDKLQWHUGDV%XQGHVPRQRJUDPP$.61*&RS%&'$NDUQDQLHQ GLHVHV([HPSODU J
hEHUSUlJWDXI%URQ]HGHV3KLOLSSRV,,YRQ0DNHGRQLHQ 'XQNOHROLYJUQH3DWLQD)DVWVHKUVFK|Q
([0Q]HQ 0HGDLOOHQ*PE+ /RVXQGDXVGHP/DJHUYRQ$+%DOGZLQ 6RQV/RQGRQ
2,1,$'$,
%URQ]H K %lUWLJHU =HXVNRSI PLW /RUEHHUNUDQ] UHFKWV GDKLQWHU %OLW] XQWHU GHP
+DOVDEVFKQLWW 33, 5Y 2,1,$'$1 %lUWLJHU PHQVFKHQJHVLFKWLJHU 6WLHUNRSI GHV )OXVVJRWWHV $FKHORRV
UHFKWV GDKLQWHU %XQGHVPRQRJUDPP $. %0& 61* &RS %&' $NDUQDQLHQ GLHVHV
([HPSODU J 6HOWHQ5HYHUVWHLOZOHLFKWNRUURGLHUWVHKUVFK|Q
$(2/,6
7,61$
%URQ]H -K .RSI GHV MXJHQGOLFKHQ JHK|UQWHQ )OXVVJRWWHV 7LVQDLRV OLQNV 5Y ȉǿȈȃǹǿȅȃ
6FKZHUWLQ6FKHLGH61*Y$XOJ 6HKUVFK|Q
([0Q]HQ$XNWLRQ(VVHQ /RV
3529,1=,$/5g0,6&+(0h1=(1
517
02(6,$,1)(5,25
,67526
7UDQTXLOOLQD *HPDKOLQ GHV *RUGLDQXV ,,, 7ULDVVDULRQ &ǹǺǿȃǿǹ ± ȉȇǹȃȀ9ȁǿȃǹ
'UDSLHUWH %VWH PLW 'LDGHP UHFKWV 5Y ǿ&ȉȇǿ Ǿȃȍȃ )OXVVJRWW ,VWURV Q UHFKWV JHODJHUW DXI GHU
YRUJHVWUHFNWHQ/LQNHQ)LVFKKDOWHQGLPUHFKWHQ$UP6FKLOIURKU(OOERJHQDXI4XHOOJHIlJHVWW]WDXV
GHP:DVVHUIOLHWUHFKWVLP)HOGī $01*YDU QOLQNV 9DUEDQRY53&9,,
J 6HOWHQ6FK|QHJUQH3DWLQDYRU]JOLFK

518 519 520 521
522
0$5.,$1232/,6
0DFULQXVX'LDGXPHQLDQXV3HQWDVVDULRQ XQWHUGHP6WDWWKDOWHU3RQWLDQXVǹȊȀȅȆǼ
&(9 0$.3(,12& 0 ȅȆǼȁ ǹȃȉȍȃǼǿȃȅ& Ȁǹǿ 'UDSLHUWH 3DQ]HUEVWH GHV 0DFULQXV PLW /RUEHHUNUDQ]
XQG GHV 'LDGXPHQLDQXV HLQDQGHU JHJHQEHU 5Y ȊȆ ȆȅȃȉǿǹȃȅȊ ȂǹȇȀǿǹȃȅ Ȇȅȁǿȉȍȃ %lUWLJHU
)OXVVJRWWQOLQNVJHODJHUWGLH5HFKWHDXI6FKLIIVKHFNJHOHJWXQGLPOLQNHQ$UP6FKLOIKDOWHQGLP)HOG
ȯ $01*YDU9DUEDQRYJ 6HKUVFK|Q
([*RUQ\ 0RVFK /RV
(ODJDEDOXV%URQ]H 6WDWWKDOWHU-XOLXV$QWRQLXV6HOHXFXV$97.0$93±$17:1(,12&
'UDS3DQ]HUEVWHPLW/RUEHHUNUDQ]UHFKWV5Y 93 ,29 OLJLHUW $17 >&(ȁ(9.29 0$3.,$@ ȃȅȆȅȁǿ
ȉȍ ȃ )OXVVJRWW PLW 6FKLOIURKU Q OLQNV JHODJHUW GHQ OLQNHQ $UP DXI 4XHOOJHIl JHVWW]W GHP :DVVHU
HQWVWU|PW$01*9DUEDQRY± +ULVWRYD -HNRY0DUFLDQRSROLVJ 6HKUVFK|Q
(UZRUEHQLQ/RQGRQLP1RYHPEHU
1,.232/,6$0,67526
$QWRQLQXV3LXV±%URQ]H $977$,$'3,$1$17:1(,12&%DUKlXSWLJH%VWHUHFKWV
5Y 1(,.232ȁ(,7:1 332& ,&73: )OXVVJRWW PLW JHVFKXOWHUWHP 6FKLOIURKU Q OLQNV JHODJHUW O
(OOERJHQDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW$01*+ULVWRYDJ
6HKUVFK|Q
([*RUQ\ 0RVFK /RV
&RPPRGXV %URQ]H $< ± 7 .$, 0$3 $<3+ ± .202'2& %VWH PLW /RUEHHUNUDQ]
UHFKWV 5Y +īȯ02 .$,., &ȯ3%ȯ,ȁȯ, 1ȯ,.232 332& ,&73 )OXVVJRWW ,VWURV PLW 6FKLOIURKU LQ GHU
5HFKWHQ Q OLQNV JHODJHUW O (OOERJHQ DXI 4XHOOJHIl JHVWW]W GHP :DVVHU HQWVWU|PW $01* ±
9DUEDQRY+ULVWRYDJ )DVWYRU]JOLFK
([*RUQ\ 0RVFK /RV
&RPPRGXV %URQ]H 0 $17:1(,1 ± 2& .202'2& 3DQ]HUEVWH PLW /RUEHHUNUDQ]
UHFKWV5Y1(,.232ȁ(, ± 7:1332&%lUWLJHU)OXVVJRWW,VWURVPLW6FKLOIURKULQGHU5HFKWHQQOLQNV
JHODJHUWGLH/LQNHQDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW$01*9DUEDQRY*,&
+ULVWRYD± J 6HOWHQ*UQEUDXQH3DWLQDIDVWYRU]JOLFK
([/DQ] /RV

523 524 525 526
527
6HSWLPLXV 6HYHUXV %URQ]H XQWHU GHP 6WDWWKDOWHU 2YLQLXV 7HUWXOOXV $< . ȁ &ȯ3
&ȯ<+32&3'UDSLHUWH3DQ]HUEVWHPLW/RUEHHUNUDQ]UHFKWV5Y93$229>7(37@9ȁȁ291,.232ȁ,7
332&,&-XJHQGOLFKHU)OXVVJRWW,VWURVPLW0RKQXQGbKUHQLQGHU5HFKWHQ6FKLOIURKULQGHU/LQNHQQ
OLQNV JHODJHUW DXI 4XHOOJHIl JHVWW]W GHP :DVVHU HQWVWU|PW $01* ± YJO 9DUEDQRY
+ULVWRYDJ 6HOWHQ*UQEUDXQH3DWLQDIDVWYRU]JOLFK
([/DQ] /RV
6HSWLPLXV6HYHUXV%URQ]H XQWHUGHP6WDWWKDOWHU2YLQLXV7HUWXOOXV$9>.ȁ@&(37,
&(9+3> @ 'UDSLHUWH 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV 5Y 93$ 229 >7(379ȁȁ29@ 1,.232ȁ,7
332& ,&73%lUWLJHU)OXVVJRWW,VWURVPLW0RKQXQGbKUHQLQGHU5HFKWHQ6FKLOIURKULQGHU/LQNHQQ
OLQNVJHODJHUWDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW$01*± YJO 9DUEDQRY±
+ULVWRYD± YJO J 6HOWHQIDVWVHKUVFK|Q
0DFULQXV %URQ]H XQWHU GHP 6WDWWKDOWHU 6WDWLXV /RQJLQXV $97 . 0 23ȯȁ &ȯ9
0$.3ȯ,12& 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV 5Y >93 &7$ ȁ21ī,1@29 1,.232ȁ,7:1 332&
,&73-XJHQGOLFKHU)OXVVJRWW,VWURVPLW%DXPLQGHU5HFKWHQQOLQNVJHODJHUWDXI4XHOOJHIlJHVWW]W
GHP:DVVHUHQWVWU|PW$01*YDU9DUEDQRY+ULVWRYDJ 6HKUVFK|Q
([*RUQ\ /RV
'LDGXPHQLDQXV%URQ]H XQWHUGHP6WDWWKDOWHU$JULSSD.0233(ȁ$17:1,',$'29
0(1,$1 ± 2& 'UDS 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV 5Y 93 $ī,33$ 1,.232ȁ,7:1 332&
,&73 : )OXVVJRWW ,VWURV Q OLQNV DXI )HOVHQ " VLW]HQG GLH 5HFKWH DXI HLQHQ6FKLIIVEXJLQGHU/LQNHQ
:DVVHUSIODQ]HQ$01*YDU9DUEDQRYYDU+ULVWRYDJ 6HKUVFK|Q
([*RUQ\ /RV
(ODJDEDOXV %URQ]H XQWHU GHP 6WDWWKDOWHU 1RYLXV 5XIXV $97 . 0 $93 ±
$1>7:1,12&@ 'UDSLHUWH 3DQ]HUEVWH PLW 6WNU UHFKWV 5Y >93 12@%,2>9 329@ĭ29 1,.232ȁ,7:1
332& ,&73 )OXVVJRWW,VWURVQOLQNVVLW]HQGGLH5HFKWHDXIGHP.QLHLPOLQNHQ$UPGHUDXIHLQHQ
)HOVHQJHVWW]WLVWHLQHQODQJHQ=ZHLJ$01*9DUEDQRY+ULVWRYDJ
6HKUVFK|Q

528 529 530
531 532
*RUGLDQXV,,,3LXV%URQ]H XQWHUGHP6WDWWKDOWHU6DELQLXV0RGHVWXVǹȊȉȀȂǹȃȉ

ī±ȅȇǻǿǹȃȅ& $Ȋī WHLOZHLVH LQ /LJDWXU 'UDSLHUWH 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV 5Y 93 &$%
02'ȯ&7291,.23>2ȁȯ,ȉȍȃ@ 332&,&732 1%lUWLJHU)OXVVJRWW,VWURVPLW6FKLOIURKULQGHU5HFKWHQ
Q OLQNV JHODJHUW GHQ OLQNHQ $UP DXI 4XHOOJHIl JHVWW]W GHP :DVVHU HQWVWU|PW $01*
9DUEDQRY+ULVWRYD53&9,,J )DVWYRU]JOLFK
*RUGLDQXV,,,3LXV%URQ]H XQWHUGHP6WDWWKDOWHU6DELQLXV0RGHVWXVǹȊȉȀȂǹȃȉ:

īȅȇǻǿǹȃȅ& 'UDSLHUWH 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV 5Y 93 &$% 02'ȯ&729 1,.232ȁȯ,
ȉȍȃ LP )HOG 332& ,&7 321 )OXVVJRWW ,VWURV PLW 6FKLOIURKU LQ GHU 5HFKWHQ Q OLQNV JHODJHUW GHQ
OLQNHQ$UPDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW$01*9DUEDQRYYDU+ULVWRYD
53&9,,J 'XQNOHEUDXQJUQH3DWLQDVHKUVFK|QIDVWYRU]JOLFK
([/DQ] /RV
7+5$.,(1
'(8/780
0D[LPXV&DHVDU%URQ]H &,9/9(50$;,096&$(6'UDSLHUWH3DQ]HUEVWHUHFKWV
5Y&2/)±/3$&'(9/7)OXVVJRWW2LVNRVPLW6FKLOIURKUXQG)OOKRUQQOLQNVJHODJHUWGHQOLQNHQ
$UPDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW-XUXNRYD± YJO,,XQG,,)OXJRWWRKQH
)OOKRUQ J 6HKUVHOWHQ%UDXQJUQH3DWLQDVHKUVFK|Q I DVWYRU]JOLFK
([/DQ] /RV
*RUGLDQXV,,,3LXV%URQ]H ,03 *25',$196 3,96 )(/ $9*'UDSLHUWH3DQ]HUEVWH
PLW /RUEHHUNUDQ] UHFKWV 5Y &2/ )/ ± 3$& '(9/ 7 %lUWLJHU )OXVVJRWW 2LVNRV )OOKRUQ PLW
*HWUHLGHlKUHQLQGHU5HFKWHQKDOWHQGXQGPLWGHPO(OOERJHQVLFKDXI4XHOOJHIlVWW]HQGGHP:DVVHU
HQWVWU|PW-XUXNRYD'UDJDQRY53&9,, J *UQH3DWLQDIDVWYRU]JOLFK
([*RUQ\ 0RVFK /RV
*RUGLDQXV,,,3LXV%URQ]H ,03*25',$196>3,96)(@/$9*'UDSLHUWH3DQ]HUEVWH

PLW6WNUUHFKWV5Y>&2>/)/±3$&' ± (9 /7%lUWLJHU)OXVVJRWW2LVNRVPLW6FKLOIURKULQGHU5HFKWHQ
XQG )OOKRUQ LP OLQNHQ $UP Q OLQNV JHODJHUW GHQ OLQNHQ $UP DXI 4XHOOJHIl JHVWW]W GHP :DVVHU
HQWVWU|PW-XUXNRYD'UDJDQRYD53&9,, GLHVHV([HPSODUDEJHELOGHW J
1LFKWYROODXVJHSUlJWVRQVWYRU]JOLFK
([/DQ] /RV

533 537
534 535 536
$8*867$75$,$1$
0DUFXV$XUHOLXV3HQWDVVDULRQ 6WDWWKDOWHU4XLQWXV7XOOLXV0D[LPXVFD $9
.$, 0 $93+ ± $17:1(,12& 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV 5Y +ī( 729ȁ 0$Ȅ,029
$9ī29&7+&73$,$1+&'HU)OXVVJRWW+HEURVQOLQNVJHODJHUWLQGHU5HFKWHQ=ZHLJKDOWHQGXQGGLH
/LQNH PLW 6FKLOIURKU DXI )HOVHQ VWW]HQG GHP :DVVHU HQWVWU|PW 6FK|QHUW*HLVV 6 XQG 7DI
9 5 J 6HOWHQ5RWEUDXQH3DWLQDIDVWYRU]JOLFKYRU]JOLFK
([/DQ] /RV
0DUFXV$XUHOLXV$VVDULRQ $9.$,0$93+±$17:1(,12&.RSIPLW/RUEHHUNUDQ]
UHFKWV5Y$9ī29&7+&73$,±$1+&'HU)OXVVJRWW+HEURVQOLQNVJHODJHUWLQGHU5HFKWHQ6FKLOIURKU
GHQ O $UP DXI GDV XPJHVWU]WH 4XHOOJHIl JHVWW]W DXV GHP :DVVHU IOLHW6FK|QHUW*HLVV 95
J 6FKZDU]H3DWLQD6HKUVFK|Q
([*RUQ\ 0RVFK /RV
/XFLXV 9HUXV $VVDULRQ $9 . $, ȁ $93+ ± ȁ,2& 29+32& .RSI PLW /RUEHHUNUDQ]
UHFKWV5Y>$9ī29&7@+&73$,$1+&'HU)OXVVJRWW+HEURVQOLQNVJHODJHUWLQGHU5HFKWHQ6FKLOIURKU
GHQO$UPDXIGDVXPJHVWU]WH4XHOOJHIlJHVWW]WDXVGHP:DVVHUIOLHW6FK|QHUW*HLVV 95
J 'RSSHOVFKODJVRQVWIDVWYRU]JOLFK
(UZRUEHQEHL*DOHULH*UXQRZ%HUOLQLP2NWREHU
*HWD$VVDULRQ $97.3&(37,*(7$&%lUWLJH%VWHPLW/RUEHHUNUDQ]6FKXSSHQ
SDQ]HU XQG 3DOXGDPHQW UHFKWV DXI GHP 5FNHQ *RUJRQHLRQ 5Y $9*29&7+& 73$,$1+& %lUWLJHU
)OXVVJRWW +HEURV O JHODJHUW LQ GHU 5HFKWHQ 6FKLOI]ZHLJ GHQ O $UP DXI GDV XPJHVWU]WH 4XHOOJHIl
JHVWW]WDXVGHP:DVVHUIOLHW6FK|QHUW*HL 9 5 J 9RU]JOLFK
([-DFTXLHU /RV
3+,/,33232/,6
$QWRQLQXV3LXV3HQWDVVDULRQ 6WDWWKDOWHU$/3RPSHXV9RSLVFXVFD $97
$,ȁ $'3,$ ± $17:1(,12&'UDS3DQ]HUEVWHPLW/RUEHHUNUDQ]UHFKWV5Y +ī( 320 2923(,&.29
ĭ,ȁ33232ȁ'HU)OXVVJRWW+HEURVQOLQNVJHODJHUWLQGHU5HFKWHQ6WDE " KDOWHQGGHQO$UPDXIGDV
XPJHVWU]WH 4XHOOJHIl JHVWW]W DXV GHP :DVVHU IOLHW 0RXVKPRY 9DUEDQRY 9DUEDQRY
3KLOLSSRSROLV9, GLHVHV([HPSODU J *XWHVVHKUVFK|Q
([*RUQ\ 0RVFK /RV

538 540 541 542
$QWRQLQXV 3LXV 3HQWDVVDULRQ 6WDWWKDOWHU *DUJLOLXV $QWLFXV $97 $, $'3,$ ±
$17:1(,12&.RSIPLW/RUEHHUNUDQ]UHFKWV5Y Ǿī īǹȇīǿȁǿ ǹȃȉǿȀȅ9 ĭǿȁǿȆȆȅȆȅȁ(ǿȉȍȃ5Y'HU
)OXVVJRWW+HEURVPLWbKUHQLQGHU5HFKWHQQOLQNVJHODJHUWGHQO$UPDXI)HOVHQJHVWW]WGHP:DVVHU
HQWVWU|PW0RXVKPRYYDU9DUEDQRY9DUEDQRY3KLOLSSRSROLV9,J 6HKUVFK|Q
([+'5DXFK:LHQ$XNWLRQ /RV
539
+$'5,$1232/,6
&RPPRGXV &DHVDU 'LDVVDULRQ K $< .$,ȁ$< ± .202ǻ2& 'UDS 3DQ]HUEVWH
PLW NXU]HP %DUW UHFKWV 5Y $ǻ3, ± $ ± 12Ȇȅȁȯ,7ȍ1 %lUWLJHU )OXVVJRWW 7RQ]RV PLW 6FKLOIURKU Q OLQNV
JHODJHUW PLW GHP OLQNHQ $UP DXI 8UQH JHVWW]W GHU :DVVHU HQWVWU|PW -XUXNRYD 53& ,9 RQOLQH
J +HUYRUUDJHQGHV([HPSODUPLWZXQGHUVFK|QHUJUQHU3DWLQD9RU]JOLFK
([/HX1XPLVPDWLN /RV
*HWD%URQ]H Ȇ2&ȯ,Ȇ±īȯ,7$&.ȯ'UDSLHUWH3DQ]HUEVWHUHFKWV5Y$ȁ3,$1 ± 2Ȇ2

ȁ,7:1-XJHQGOLFKHU)OXVVJRWW7RQ]RVPLW6FKLOIURKUXQG=HSWHUQOLQNVJHODJHUWPLWGHPOLQNHQ$UPDXI
8UQHJHVWW]WGHU:DVVHUHQWVWU|PW-XUXNRYD 9 5QXUHLQ([HPSODUEHNDQQW J
6HKUVHOWHQ%UDXQH3DWLQDJXWHVVHKUVFK|Q
([/DQ] /RV
*RUGLDQXV,,,3LXV%URQ]H ǹȊȉȀȂǹȃȉī±ȅȇǻǿǹȃȅ&$Ȋī'UDSLHUWH3DQ]HUEVWH

PLW /RUEHHUNUDQ] UHFKWV 5Y ǹǻȇǿǹ±ȃ±ȅ±Ȇȅȁ Ǽǿȉȍȃ -XJHQGOLFKHU )OXVVJRWW 7RQ]RV PLW 6FKLOI Q
OLQNVJHODJHUWGHQOLQNHQ$UPDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW-XUXNRYD+DGULDQRSROLV
53&9,, J )DVWYRU]JOLFKVHKUVFK|Q
3$87$/,$
0DUFXV $XUHOLXV &DHVDU %URQ]H Ȃ ǹ9ȇǾȁǿȅ& ȅ9Ǿȇȅ& Ȁǹǿ& 'UDSLHUWH %VWH
UHFKWV 5Y ȅ9ȁȆǿǹ& Ȇǹ9ȉǹȁǿǹ ± & 'HU )OXVVJRWW 6WU\PRQ Q OLQNV JHODJHUW LQ GHU 5HFKWHQ =ZHLJ
KDOWHQG XQG GLH /LQNH PLW 6FKLOIURKU DXI 4XHOOJHIl JHVWW]W GHP :DVVHU HQWVWU|PW 5X]LFND
9DUEDQRY7DFKHY3DXWDOLD 25 53&,9 RQOLQH J
6FKZDU]H3DWLQD6HKUVFK|Q
([*RUQ\ 0RVFK /RV

543 544
545 546 547 548
0DUFXV $XUHOLXV %URQ]H ǹ9 Ȁ Ȃ ǹ9ȇǾȁǿȅ& ǹȃȉȍȃǿȃȅ& 3DQ]HUEVWH UHFKWV
5Y ȅ9ȁȆǿǹ& Ȇǹ9ȉǹȁǿ$& 'HU )OXVVJRWW 6WU\PRQ Q OLQNV JHODJHUW LQ GHU 5HFKWHQ .LHIHU]ZHLJ "
KDOWHQGXQGGLH/LQNHPLW6FKLOIURKUDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW5X]LFND9DUEDQRY
7DFKHY3DXWDOLD 25 53&,9 RQOLQH J 6HOWHQ6HKUVFK|Q
([*RUQ\ 0RVFK /RV
-XOLD 'RPQD 'LDVVDULRQ ,29/,$ ± '201$ &(% 'UDSLHUWH %VWH UHFKWV 5Y 3$97$
/ ± , :7:1 %lUWLJHU )OXJRWW 6WU\PRQ PLW :HLQVWRFN Q OLQNV JHODJHUW GHQ O $UP DXI 4XHOOXUQH
JHVWW]W DXV GHU :DVVHU IOLHW 5X]LFND YDU 9DUEDQRY 7DFKHY 3DXWDOLD 2 5
D J 'XQNHOJUQH3DWLQDIDVWYRU]JOLFKVHKUVFK|Q
([-DFTXLHU /RV
&DUDFDOOD%URQ]H $97.0$9ȇ±ǹȃȉȍȃ(ǿȃȅ&'UDSLHUWH3DQ]HUEVWHPLW/RUEHHU
NUDQ]UHFKWV5Yȅ9ȁȆǿǹ&Ȇǹ9ȉǹȁǿ$&'HU)OXVVJRWW6WU\PRQQOLQNVJHODJHUWLQGHU5HFKWHQ=ZHLJ
KDOWHQG XQG GHQ O $UP DXI 4XHOOJHIl JHVWW]W GHP :DVVHU HQWVWU|PW 5X]LFND YDU 9DUEDQRY
7DFKHY3DXWDOLD 25 J 6HOWHQ6HKUVFK|Q
*HWD %URQ]H ǹ9ȉ Ȁ Ȇ &ǼȆȉǿ í Ȃǿȅ& īǼȉǹ&'UDS3DQ]HUEVWHPLW/RUEHHUNUDQ]
UHFKWV 5Y ȅ9ȁȆǿǹ& ± Ȇǹ9ȉǹȁǿǹ& 'HU )OXVVJRWW 6WU\PRQ Q OLQNV JHODJHUW LQ GHU 5HFKWHQ =ZHLJ
KDOWHQGXQGGHQO$UPDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW5X]LFND ±9DUEDQRY ±7DFKHY
3DXWDOLD 25 GLHVHV([HPSODU J 6HKUVHOWHQ%UDXQH3DWLQDIDVWYRU]JOLFK
([*RUQ\ 0RVFK /RV
6(5',.$
6HSWLPLXV6HYHUXV%URQ]H 6WDWWKDOWHU76WDWLOLXV%DUEDUXV$9.ȁ&( ± 3
&(9+32& Ȇ(37,1'UDSLHUWH3DQ]HUEVWHPLW/RUEHHUNUDQ]UHFKWV5YǾīȂ& ± ȉǹǺǹȇǺǹ&Ǽȇǻȍȃ
)OXVVJRWW 2LVNRV LQ GHU 5HFKWHQ 6FKLOI KDOWHQG GHQ O $UP DXI 4XHOOJHIl JHVWW]W GHP :DVVHU
HQWVWU|PW5X]LFND±9DUEDQRY+ULVWRYDJ 6HOWHQ6HKUVFK|Q
&DUDFDOOD %URQ]H $97 . >0 $93@+ &(9+ $17ȍ1(,12&.RSIPLW/RUEHHUNUDQ]
UHFKWV5Y29ȁȆ,$&&(3ǻ, .+& LP$EVFKQLWW )OXVVJRWW2LVNRVQOLQNVODJHUQG5X]LFND,%
)OXVVJJ 6HKUVFK|Q
([-DFTXLHU /RV

549 550 552
0$.('21,(1
$03+,32/,6
3VHXGRDXWRQRPH 3UlJXQJ %URQ]H -K Q &KU $0ĭ,Ȇ2 ± ȁ(,7 &1 6WDGWJ|WWLQ PLW
0DXHUNURQHXQG3DWHUDQOLQNVVLW]HQG5Y&73<0&1)OXJRWW6WU\PRQPLW=ZHLJXQG6FKLOIURKUDXI
)HOVHQQOLQNVJHODJHUW$01*,,,,PKRRI%OXPHU)OXVVJJ 6HKUVFK|Q
(UZRUEHQLQ/RQGRQLP6HSWHPEHU
3(/23211(6
3+/(,2863+/,$6,$
*HWD &DHVDU $VVDULD K ȁ &ȯȆ7, īȯ± 7$& .$,&$3 %DUKlXSWLJH XQG GUDSLHUWH
%VWHUHFKWV5Y ĭȁ$,$&,&1'HU)OXVVJRWW$VRSRVQOLQNVJHODJHUWDXVHLQHP.UXJLQGHU5HFKWHQ
:DVVHU JLHHQG XQG PLW GHU /LQNHQ =ZHLJ KDOWHQG 9JO 61* 5LJKHWWL JOHLFKHU $YHUVVWHPSHO
%&'3HORSRQQHV GLHVHV([ J bXHUVWVHOWHQ)DVWVHKUVFK|Q
([/HX /+6 /RVVRZLH.RYDFV0%69,,,
551
$,*,21$&+$,$
=HLW GHV +DGULDQ +HPLRERO K +0,2 ± %ȯȁ,1 .RSI GHV =HXV PLW /RUEHHUNUDQ]
UHFKWV 5Y $,ī,ȯ&1 'HU )OXVVJRWW 6HOLQRV Q OLQNV JHODJHUW DXV HLQHP .UXJ LQ GHU 5HFKWHQ :DVVHU
JLHHQGXQGLPO$UP6FKLOIURKUKDOWHQGXQWHQ:HOOHQ.UROO GLHVHV([HPSODU 61*&RS
:LQWHUWKXU%&'3HORSRQQHV GLHVHV([ J bXHUVWVHOWHQ)DVWVHKUVFK|Q
(LQH GHU ZHQLJHQ 'DUVWHOOXQJHQ HLQHV )OXVVJRWWHV DXI 0Q]HQ GHV *ULHFKLVFKHQ )HVWODQGV XQG HLQH JURH 5DULWlW
HVVLQGLQVJHVDPWYLHU([HPSODUHEHNDQQWGLHDQGHUHQGUHLVLQGDOOHLQ0XVHHQ
([/HX /+6 /RV
+(5$,$$5.$',(1
6HSWLPLXV6HYHUXV$VVDULRQ K FD>ȁ29&ȯ3&ȯ29+32&3ȯ37@.RSIPLW
/RUEHHUNUDQ] UHFKWV 5Y >+(3$(:1@ 'HU )OXVVJRWW $OSKHLRV Q OLQNV JHODJHUW LQ GHU 5HFKWHQ =ZHLJ
KDOWHQG GHQ O (OOERJHQ DXI HLQHQ JURHQ 7RSI JHVWW]W GDYRU 6WLHU Q UHFKWV GDUXQWHU ]ZHL )LVFKH
,PKRRI%OXPHU)OXVVJ &DUDFDOOD /,0&,VY$OSKHLRV 1&3S%&'3HORSRQQHV
GLHVHV([HPSODU J bXHUVWVHOWHQ/HLFKWJHZ|OEWIDVWVFK|Q
$XVGHU6DPPOXQJYRQ$5KRXVRSRXORV LUUWPOLFKDOV3VRSKLVEHVFKULHEHQ ([/HX /+6 /RV

553 554 555
556
557
+(5$,$$5.$',(1
&DUDFDOOD $VVDULRQ K FD 0$ȇ $9 ǹȃȉȍȃǿȃȅ&'UDSLHUWH3DQ]HUEVWH
PLW/RUEHHUNUDQ]UHFKWV5Y+(3$(:1 'HU)OXVVJRWW$OSKHLRVQOLQNVJHODJHUWLQGHU5HFKWHQ=ZHLJ
KDOWHQG GHQ O (OOERJHQ DXI HLQHQ JURHQ 7RSI JHVWW]W GDYRU 6WLHU Q UHFKWV GDUXQWHU ]ZHL )LVFKH
,PKRRI%OXPHU )OXVVJ /,0& , VY $OSKHLRV 1&3 S %&' 3HORSRQQHV
GLHVHV([HPSODU J bXHUVWVHOWHQ0HLHOKLHEDXI5HYHUVVFK|Q
([/HX /+6 /RV
7+(/3+286$ 7+(/386$ $5.$',(1

6HSWLPLXV 6HYHUXV $VVDULRQ K FD > @ +HURLVFK QDFNWH 5FNHQEVWH PLW
/RUEHHUNUDQ] OLQNV PLW JH]FNWHP 6SHHU XQG 6FKLOG EHU GHU OLQNHQ 6FKXOWHU 5Y Ĭȯȁ>ĭ29@&±,&1 'HU
)OXVVJRWW/DGRQQOLQNVJHODJHUWGLHUHFKWH+DQGDXIGHP.RSIGHQO(OOERJHQDXIHLQH8UQHJHVWW]WDXVGHU
:DVVHUIOLHW,PKRRI%OXPHU±1&3±%&'3HORSRQQHV GLHVHV([HPSODU J
6RQVWXQSXEOL]LHUWXQGlXHUVWVHOWHQ'XQNHOJUQH3DWLQDPLWU|WOLFKHQ$XIODJHQIDVWVHKUVFK|Q
([/HX /+6 /RV6ROOLQ*DOLOlDJHIXQGHQZRUGHQVHLQ
6HSWLPLXV 6HYHUXV $VVDULRQ K FD &( &(%+321 3 ± (3 &(> @.RSIPLW
/RUEHHUNUDQ]UHFKWV5Y Ĭȯȁĭ2±>9&,@± &1 'HU)OXVVJRWW/DGRQQOLQNVJHODJHUWGLHUHFKWH+DQGDXI
GHP.RSIGHQO(OOERJHQDXIHLQH8UQHJHVWW]WDXVGHU:DVVHUIOLHW,PKRRI%OXPHU ± 1&3 ±%&'
3HORSRQQHV GLHVHV([HPSODU J 6RQVWXQSXEOL]LHUWXQGlXHUVWVHOWHQIDVWVHKUVFK|Q
([/HX /+6 /RV
*HWD &DHVDU $VVDULRQ K ȁ29 &ȯȆ7, īȯ7> @ %DUKlXSWLJH XQG GUDSLHUWH %VWH
OLQNV 5Y Ĭȯȁĭ±>29@&,±&1 'HU )OXVVJRWW /DGRQ PLW 6FKLOIURKU DXI %RGHQOLQLH Q OLQNV JHODJHUW %&'
3HORSRQQHV GLHVHV([HPSODU J 6RQVWXQSXEOL]LHUWXQGlXHUVWVHOWHQIDVWVHKUVFK|Q
([/HX /+6 /RV
%,7+<1,(1
7,26
9DOHULDQXV,%URQ]H Ȇȁ29$±ȁ(3,$12&'UDSLHUWH3DQ]HUEVWHPLW/RUEHHUNUDQ]
UHFKWV 5Y 7,$ 1ȍ1 )OXJRWW %LOODLRV Q OLQNV JHODJHUW PLW 6WDE LQ GHU 5HFKWHQ HLQH 6FKLIIVSURUD
EHUKUHQG GLH /LQNH PLW 6FKLOIURKU DQ GDV VWU|PHQGHQ 4XHOOJHIl JHOHKQW ,% )OXVVJ ± FI
*DOOLHQXV 5HFXHLO61*Y$XOJ 6HKUVFK|Q
([-DFTXLHU /RV

558
0<6,(1
$77$26
6HSWLPLXV6HYHUXV%URQ]H ǹ9.$,ȁ&ȯȆ7±&ȯ29+32&3ȯ3'UDS3DQ]HUEVWHPLW
/RUEHHUNUDQ]UHFKWV5Y&73±$1'3>ȍ12&@$ȉȉǹ,ȉȍ>ȃ@)OXVVJRWW0DNHVWRV6FKLOINURQHLP+DDUQ
OLQNVJHODJHUWGHQOLQNHQ$UPDXI4XHOOJHIlJHVWW]WDXVGHP:DVVHUIOLHW(UVWUHFNWGLHUHFKWH+DQG
HLQHP $GOHU HQWJHJHQ GHU DXI HLQHP %DXP Q OLQNV VLW]W XQG GHP .RSI GHP )OXVVJRWW ]XZHQGHW
0LRQQHW6XSS,9YRQ)ULW]H0\VLHQ.UDIW7DI GLHVHV([HPSODU 61*YRQ$XORFN
GLHVHV([HPSODU 61*)UDQFHJ 6HKUVHOWHQ*XWHVVHKUVFK|Q
$XVGHU6DPPOXQJ+YRQ$XORFNXQG$XNWLRQ0Q]HQ 0HGDLOOHQ 00$* %DVHO1U /RV
559 560 561
*HWD &DHVDU %URQ]H ǹ &ǼȆ īǼ í >ȉǹ& Ȁ@ǹǿ& %DUKlXSWLJH GUDSLHUWH %VWH UHFKWV
5Y ǹȉȉǹǿ ȉȍȃ )OXVVJRWW 0DNHVWRV Q OLQNV JHODJHUW LQ GHU 5HFKWHQ 6FKLOI]ZHLJ KDOWHQG PLW GHP
OLQNHQ (OOERJHQ VLFK DXI $PSKRUD VWW]HQG DXV GHU :DVVHU IOLHW 0LRQQHW 6XSS ,9YRQ)ULW]H
0\VLHQ61*)UDQFHJ 6HKUVHOWHQ/HLFKWGH]HQWULHUWVHKUVFK|Q
([*RUQ\ 0RVFK /RV
752$6
'$5'$126
-XOLD'RPQD%URQ]H ,29/,$ ±&(%$&7+'UDSLHUWH%VWHUHFKWV5Y'$3'$1, ± :1
32',2&'HU)OXVVJRWW5KRGLRVPLW6FKLOIURKUQOLQNVJHODJHUWGHQO$UPDXI4XHOOXUQHJHVWW]WDXV
GHU:DVVHUIOLHW61*&RS61*Y$XO±61*0QFKHQ±J 6HKUVHOWHQ6HKUVFK|Q
([/DQ] /RV
,21,(1
7$%$/$
3VHXGRDXWRQRPH 3UlJXQJ %URQ]H =HLW GHV 0DUF $XUHO ,ȯ3$ &91. í ȁ+72&
'UDSLHUWH %VWH GHV MXJHQGOLFKHQ 6HQDWV UHFKWV 5Y 7$%$ȁȯ>ȍ1@ ȯ302& -XJHQGOLFKHU )OXVVJRWW
+HUPRV PLW 6FKLOIURKU XQG )OOKRUQ Q OLQNV JHODJHUW DXI 4XHOOJHIl JHVWW]W GHP :DVVHU HQWVWU|PW
,%)OXVVJ61*Y$XO53&RQOLQHJ (WZDVMXVWLHUWVRQVWIDVWYRU]JOLFK
([-DFTXLHU /RV

562 564 566 567
60<51$
3VHXGRDXWRQRPH 3UlJXQJ %URQ]H XQWHU GHP 6WHSKDQRSKRURV 7LEHULXV &ODXGLXV
+LHURQ\PRVXQGGHP6RVHQGURV ǼȆǿȉǿȀȁǹȊǻǿȅȊ±ǿǼȇȅȃǿȂȅȊ*HIOJHOWH1HPHVLVPLW(OOHQUHFKWV
VWHKHQG 5Y &ȉȇǹ ȉǿ í &ȍ&ǹȃǻȇȅ& =ȂȊȇ )OXVVJRWW +HUPRV Q OLQNV JHODJHUW LQ GHU 5HFKWHQ
6FKLOIURKU KDOWHQG PLW GHP UHFKWHQ (OOERJHQ VLFK DXI $PSKRUD VWW]HQG DXVGHU:DVVHUIOLHW.ORVH
95 J 6FKZDU]JUQH3DWLQDJXWHVVHKUVFK|Q
([*RUQ\ 0RVFK /RV

3VHXGRDXWRQRPH3UlJXQJ%URQ]H -KQ&KU2Ȇȁ2±ĭ9ȁ$=.RSIGHV+HUDNOHVUHFKWV

/|ZHQIHOOXPGLH6FKXOWHU5Y&0931$,:1 LQ]ZHL5HLKHQ )OXVVJRWW+HUPRVQOLQNVJHODJHUWLQ
GHU 5HFKWHQ 6FKLOIURKU GHQ O $UP DXI XPJHVWUW]WHP 4XHOOJHIl DXV GHP:DVVHU IOLHW 61*
&RS61*Y$XO.ORVH 95 J )DVWYRU]JOLFK
565
7LWXVX'RPLWLDQXV&DHVDUHV %URQ]H K FD XQWHUGHP3URFRQVXO09HWWLXV

%RODQXV 7,72& '20,7,$126 .$,6$5(6 .|SIH GHV 7LWXV XQG 'RPLWLDQXV PLW /RUEHHUNUDQ] HLQDQGHU
JHJHQEHU5Y(3,%:ȁ$12<=í0<31$,:1(302&)OXVVJRWW+HUPRVPLW]ZHLbKUHQXQG)OOKRUQ
Q OLQNV JHODJHUW DXI 4XHOOJHIl JHVWW]W GHP :DVVHU HQWVWU|PW .ORVH 9 5 FRUU
53&J *UQEUDXQH3DWLQDIDVWYRU]JOLFK
([7ULWRQ,; /RV
(3+(626
(ODJDEDOXV $9.$,0$9±ǹȃȉȍȃǿȃȅ&'UDS3DQ]HUEVWHPLW/RUEHHUNUDQ]UHFKWV
5Y ȯĭȯ&,:1 .ȯ1;3ȯ, ± 2& )OXJRWW .HQFKUHLRV PLW 6FKLOIURKU XQG )OOKRUQ Q OLQNV JHODJHUW DXI
4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW,%)OXVVJ±61*Y$XO±61*0QFKHQ±53&9,
RQOLQH±J 9RQJU|WHU6HOWHQKHLWZRKOXQSXEOL]LHUW)DVWYRU]JOLFK
([+DXFN $XIKlXVHU /RV
0(75232/,6
*RUGLDQXV,,,3LXV%URQ]H ǹ9ȉȀ>Ȃǹȃȉ@±īȅȇǻǿǹȃȅ&'UDSLHUWH3DQ]HUEVWHPLW
/RUEHHUNUDQ]UHFKWV5Y0+732Ȇȅȁȯǿȉȍȃ$&73$,2&)OXVVJRWW$VWUDLRVPLW6FKLOIURKUXQG)OOKRUQ
QOLQNVJHODJHUWDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW53&9,, J 6HKUVFK|Q
([/DQ] /RV

568 569 570 571
572
6$026
,21,6&+(,16(/1
6HYHUXV $OH[DQGHU %URQ]H ǹȊȉ Ȁ Ȃ ǹȊȇ ǹȁ ± ȯȄǹȃǻȇȅ௚ .RSI PLW /RUEHHUNUDQ]
UHFKWV 5Y ௚ǹȂǿ ± ȍȃ )OXVVJRWW ,PEUDVRV Q OLQNV JHODJHUW LQ GHU 5HFKWHQ 6FKLOIURKU LP O $UP
)OOKRUQ KDOWHQG XQG VLFK DXI DXVODXIHQGHV 4XHOOJHIl VWW]HQG %0& 61* &RS 61*
*ODVJRZ53&9,RQOLQHJ 6HKUVFK|Q
6HYHUXV $OH[DQGHU %URQ]H ǹȊȉ Ȁ ǹȁȯȄǹȃǻȇȅ௚ 'UDSLHUWH 3DQ]HUEVWH PLW
/RUEHHUNUDQ]UHFKWV5Y௚ǹȂ±ǿȍȃ)OXVVJRWW,PEUDVRVQOLQNVJHODJHUWLQGHU5HFKWHQ6FKLOIURKULP
O$UP)OOKRUQKDOWHQGXQGVLFKDXIDXVODXIHQGHV4XHOOJHIlVWW]HQG%0&±61*&RS±53&9,
RQOLQHJ 6HKUVFK|Q
([$*YDQGHU'XVVHQEY/RV
3KLOLSSXV ,, &DHVDU %URQ]H Ȃ ǿȅ9ȁ ĭǿȁǿȆȆȅ& Ȁǹǿ&ǹȇ %DUKlXSWLJH GUDSLHUWH
3DQ]HUEVWHUHFKWV5Y&ǹȂǿ í ȍȃ)OXVVJRWW,PEUDVRVQOLQNVJHODJHUWLQGHU5HFKWHQ6FKLOI]ZHLJLP
O$UP)OOKRUQKDOWHQGXQGVLFKDXIDXVODXIHQGHV4XHOOJHIlVWW]HQG%0&61*&RS53&
9,,,RQOLQH,'J 6FKZDU]H3DWLQDYRU]JOLFK
([*RUQ\ 0RVFK /RV
7UDMDQXV 'HFLXV %URQ]H ǹ9ȉ ȉȇǹǿǹȃȅɋ ǻȯȀǿȅɋ 'UDSLHUWH 3DQ]HUEVWH PLW
/RUEHHUNUDQ]UHFKWV5Y&ǹȂǿ í ȍȃ)OXVVJRWW,PEUDVRVQOLQNVJHODJHUWLQGHU5HFKWHQ6FKLOIURKULP
O$UP)OOKRUQKDOWHQGXQGVLFKDXIDXVODXIHQGHV4XHOOJHIlVWW]HQG%0&53&,;J
6HKUVHOWHQH9DULDQWH6HKUVFK|Q
([0Q]HQ 0HGDLOOHQ 00$* %DVHO /RV
.$5,(1
$17,2&+(,$$00b$1'(5
3VHXGRDXWRQRPH 3UlJXQJ %URQ]H =HLW GHU 6HYHUHU '+02& .RSI GHV MXJHQG
OLFKHQ'HPRVPLW/RUEHHUNUDQ]UHFKWV5Y$17,2ȋǼȍȃ0$,$1'32&'HU)OXVVJRWW0DLDQGURVPLW
JHVFKXOWHUWHP6FKLOIURKUXQG)OOKRUQQOLQNVJHODJHUWDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW
%0&61*7ELQJHQJ 6HOWHQ'XQNOHROLYJUQH3DWLQD6HKUVFK|Q
$XV6OJ-35LJKHWWL$XNWLRQ0Q]HQ 0HGDLOOHQ*PE+1U /RV

573
*DOOLHQXV +H[DVVDULRQ " K $< . Ȇ ī$ ± ȁȁ ± ,+12& 3DQ]HUEVWH PLW +HOP
6WNU6SHHUXQG6FKLOGOLQNV5Yǹȃȉǿ±ȅȋǼȍȃ6HFKVERJLJH%UFNHEHUGHQ0lDQGHUPLW*HOlQGHU
XQG DEJHVFKUlJWHQ $XIIDKUWHQ OLQNV GHU PRQXPHQWDOH GUHLWRULJH 7RUEDX DXI GHU %UFNH )OXVVJRWW
0DLDQGURVPLW6FKLOIURKUQOLQNVJHODJHUWGDUXQWHU:HOOHQ3ULFH 7UHOOILJ61*$XOYDU
6WRUFKDXI7RU 61*0QFKHQYDU 6WRUFKDXI7RU -1ROOp*HSK\UD6$EEM
$YHUVVWJO J 6HKUVHOWHQH9DULDQWHRKQH6WRUFK/HLFKWJHJOlWWHWVRQVWYRU]JOLFK
([/HX1XPLVPDWLN /RV
(LQJXWJHSUlJWHVXQGXQJHZ|KQOLFKYROOVWlQGLJHV([HPSODUPLWDXHUJHZ|KQOLFKHQ'HWDLOV%HLGHUPRQXPHQWDOHQ
%UFNH KDQGHOW HV VLFK ZDKUVFKHLQOLFK XP GLH %UFNH GLH 6WUDER HQ SDVVDQW HUZlKQW EHYRU HU GLH EHUKPWHQ
JHWURFNQHWHQ)HLJHQDXVGHPNDULVFKHQ$QWLRFKLDSUHLVW 6WUDER;,,,
575
577
574
0</$6$
&DUDFDOOD%URQ]H >$9.@0$>3@±$9$17:1,12&'UDS3DQ]HUEVWHPLW
/RUEHHUNUDQ] UHFKWV 5Y >09@ȁ$&(:1 )OXVVJRWW .\EHUVRV PLW 0RKQ ]ZLVFKHQ ]ZHL bKUHQ XQG
)OOKRUQ Q OLQNV ODJHUQG %0& ,% )OXVVJ 61* Y$XO $ $NDUFD /HV PRQQDLHV
JUHFTXHVGH0\ODVD J 6HOWHQ2OLYJUQH3DWLQDVHKUVFK|Q
([-DFTXLHU /RV
/<',(1
%$*(,6
3VHXGRDXWRQRPH 3UlJXQJ %URQ]H =HLW GHU 6HYHUHU FD XQWHU GHP $UFKRQ *DLXV
'+02&.RSIGHVMXJHQGOLFKHQ'HPRVPLW/RUEHHUNUDQ]XQG'UDSLHUXQJUHFKWV5Y(3,ī$,2<$3;
%$ī+1:1(302&-XJHQGOLFKHU)OXVVJRWW+HUPRVPLWJHVFKXOWHUWHP6FKLOIURKUQOLQNVJHODJHUWDXI
4XHOOJHIl JHVWW]W GHP :DVVHU HQWVWU|PW %0& :HEHU 61* &RS ,% )OXVVJ
*53&J *UQVFKZDU]H3DWLQDIDVWYRU]JOLFK

%/$8'126
3VHXGRDXWRQRPH3UlJXQJ%URQ]H =HLWGHV0DUF$XUHOXQWHUGHP0DJLVWUDW&O9DOHULDQXV
'+02&±%ȁ$91'ȯ: 1%VWHGHVMXJHQGOLFKHQ'HPRVUHFKWV5Y&73.ȁ29$ȁȯ3,$129)OXVVJRWW
+LSSXULRV PLW JHVFKXOWHUWHP 6FKLOIURKU XQG )OOKRUQ Q OLQNV JHODJHUW DXI 4XHOOJHIl JHVWW]W GHP
:DVVHUHQWVWU|PW/LQGJUHQ,*53&J 6FKZDU]EUDXQH3DWLQDYRU]JOLFK
([*RUQ\ 0RVFK /RV

578 580 581
3KLOLSSXV , &DHVDU %URQ]H 0 ,29ȁ ĭ,ȁ,332& .$,&$3 'UDSLHUWH 3DQ]HUEVWH
UHFKWV5Y%ȁ$91'ȯ:10 ± $ ± .ȯ,33293,2&)OXVVJRWW+LSSXULRVPLWJHVFKXOWHUWHP6FKLOIURKUXQG
)OOKRUQ Q OLQNV JHODJHUW DXI 4XHOOJHIl JHVWW]W GHP :DVVHU HQWVWU|PW %0& YDU ,% )OXVVJ
YDU6OJ)DOWHU*53&J 6HKUVFK|Q
(UZRUEHQEHL5LWWHU'VVHOGRUILP)HEUXDU
579
+,(52.$,6$5(,$
&RPPRGXV DOV 0LWNDLVHU GHV 0DUF $XUHO %URQ]H FD XQWHU GHP (UVWHQ
$UFKRQ $HOLXV $UWHPLGRURV ǹ9ȉ Ȁǹǿ ȁ ǹ9 ± ȇǾ ȀȅȂȂȅǻȅ ± &3DQ]HUEVWHPLW/RUEHHUNUDQ]UHFKWV
5Y ȯ3, $,ȁ,29 $37ȯ0,':329 $3; $ ǿȯȇȅȀǹǿ&ǹȇȯȍȃ )OXVVJRWW *ODXNRV PLW 6FKLOIURKU XQG
)OOKRUQQOLQNVJHODJHUWDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW*53& GLHVHV([HPSODU
+RFKDUG GLHVHV([HPSODU 53&,9RQOLQH GLHVHV([HPSODU J 8QLFXP6HKUVFK|Q
$XV6DPPOXQJ0DUFHO%XUVWHLQ1HYDGD$XNWLRQ3HXV /RV
&RPPRGXV%URQ]H FDǹ9ȉȀǹǿȂǹ9ȇǾȀȅȂȂȅ ± ǻȅ௚.RSIPLW/RUEHHU

NUDQ]UHFKWV5Yǿ>ȯȇ@ȅȀǹ ± ǿ& ± ǹȇȯȍȃ)OXVVJRWW*ODXNRVPLW6FKLOIURKUQOLQNVJHODJHUWDXI4XHOO
JHIlJHVWW]WGHP:DVVHUHQWVWU|PW61*0QFKHQ*53&+RFKDUG53&,9RQOLQH
GLHVHV([HPSODUDEJHELOGHW J 6HOWHQ6HKUVFK|Q
([*RUQ\ 0RVFK /RV
-8/,$*25'26
-XOLD 'RPQD %URQ]H ,29/,$ ± &ȯ%$&7+ 'UDSLHUWH %VWH UHFKWV 5Y ī23'+1:1
,2<ȁ,ȯ :1 'HU )OXJRWW 3KU\JLRV PLW 6FKLOIURKU XQG )OOKRUQ Q OLQNV JHODJHUW GHQ O $UP DXI
4XHOOXUQHJHVWW]WDXVGHU:DVVHUIOLHW,%)OXVVJ ±%0&:HEHU61*&RS±61*Y
$XO±*53&J 6HKUVHOWHQ6FKZDU]H3DWLQDXQJHUHLQLJWJXWHVVHKUVFK|Q
([$XIKlXVHU /RV

582 583 584 585
586 587
0$*1(6,$$06,3</26
3VHXGRDXWRQRPH 3UlJXQJ %URQ]H FD -K ȂǹīȃǾȉȍ>ȃ@ ± ௚ǿȆȊȁȅȊ .RSI GHV +HUDNOHV
RGHU GHV %HUJ 6LS\ORV " UHFKWV 5Y ȯ302& )OXVVJRWW +HUPRV PLW )OOKRUQ Q OLQNV JHODJHUW DXI
4XHOOJHIl JHVWW]W GHP :DVVHU HQWVWU|PW %0& ,% )OXVVJ 61* Y $XO 61*
0QFKHQ*53&53&,,,$J 6HKUVFK|Q
(UZRUEHQLQ/RQGRQLP-XQL
6$,77$,
3VHXGRDXWRQRPH 3UlJXQJ %URQ]H =HLW GHU 6HYHUHU $=,27 ± 7+12& 'UDSLHUWH
%VWH GHV 0rQ $]LWHQRV PLW 0RQGVLFKHO XQG SKU\JLVFKHU 0W]H UHFKWV 5Y &$,77+1: ± 1 (302&
-XJHQGOLFKHU )OXVVJRWW +HUPRV PLW 6FKLOIURKU Q OLQNV JHODJHUW DXI 4XHOOJHIl JHVWW]W GHP :DVVHU
HQWVWU|PW%0&,%)OXVVJ61*Y$XO*53&J 6HKUVFK|Q
([*RUQ\ /RV
&DUDFDOOD%URQ]H >$97.0@±$9$17:1,123DQ]HUEVWHPLW/RUEHHUNUDQ]UHFKWV
5Y &$,77+1: 1 >9ȁ@ȁ2& )OXVVJRWW +\OORV PLW JHVFKXOWHUWHP 6FKLOIURKU XQG )OOKRUQ Q OLQNV
JHODJHUWDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW,%)OXVVJ ±61*&RS±61*Y$XO±
6OJ)DOWHU*53&+RFKDUGJ bXHUVWVHOWHQ6HKUVFK|Q
-XOLD 0DPDHD %URQ]H ,2< 0$ ± 0$,$ &ȯ% 'UDSLHUWH %VWH PLW 'LDGHP UHFKWV
5Y &$,77+1: ± 1 <ȁȁ2& )OXVVJRWW +\OORV PLW JHVFKXOWHUWHP 6FKLOIURKU XQG )OOKRUQ Q OLQNV
JHODJHUWDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW,%)OXVVJ ±61*&RS±61*Y$XO±
6OJ)DOWHU*53&+RFKDUGJ bXHUVWVHOWHQ6HKUVFK|Q
$XV6OJ'U-RLULV$XNWLRQ$*YDQGHU'XVVHQEY /RV
7UDQTXLOOLQD *HPDKOLQ GHV *RUGLDQXV ,,, %URQ]H ĭ293 73$1.9ȁȁȯ,1$ &$
'UDSLHUWH%VWHPLW'LDGHPUHFKWV5Y&$,77+1 ± :1<ȁȁ2&)OXVVJRWW+\OORVPLW6WNUJHVFKXOWHUWHP
6FKLOIURKU Q OLQNV JHODJHUW DXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW,%)OXVVJ61*Y
$XO6OJ)DOWHU*53&+RFKDUG53&9,,J 6HOWHQ6HKUVFK|Q
([/DQ] /RV
2WDFLOLD *HPDKOLQ GHV 3KLOLSSXV , %URQ]H 0 :7$. &ȯ%+3$ &$ 'UDSLHUWH %VWH
PLW 'LDGHP UHFKWV 5Y &$,77+1:1 <ȁȁ2& )OXVVJRWW +\OORV PLW JHVFKXOWHUWHP 6FKLOIURKU Q OLQNV
JHODJHUWDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW,%)OXVVJ ±%0&6OJ)DOWHUYDU
*53&YDU+RFKDUG53&9,,,RQOLQH,'J 6HKUVHOWHQ)DVWVHKUVFK|Q

588 590 591 592
7+<$7(,5$
3VHXGRDXWRQRPH 3UlJXQJ %URQ]H =HLW GHV &RPPRGXV FD %23(,7+1+ 'UDS
%VWH GHU $UWHPLV %RUHLWHQH PLW %RJHQ XQG .|FKHU OLQNV 5Y Ĭ9$7ȯ,3+ 1ȍ1 )OXVVJRWW /\NRV PLW
6FKLOIURKUQOLQNVJHODJHUWDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW%0&,%)OXVVJ
61*Y$XO*53&53&,9RQOLQHJ *UQVFKZDU]H3DWLQDJXWHVVHKUVFK|Q
589
75,32/,6
3VHXGRDXWRQRPH3UlJXQJ%URQ]H -K '+0±2&'UDSLHUWH%VWHGHVMXJHQGOLFKHQ'HPRV
UHFKWV 5Y 73,32ȁȯ ,7:1 0$,$1' 32& -XJHQGOLFKHU )OXVVJRWW 0DLDQGURV PLW JHVFKXOWHUWHP
6FKLOIURKU XQG )OOKRUQ Q OLQNV JHODJHUW DXI 4XHOOJHIl JHVWW]W GHP :DVVHU HQWVWU|PW %0&
:HEHU61*Y$XOYDU*53&J *XWHVVHKUVFK|Q
3+5<*,(1
$.021(,$
7UDMDQXV %URQ]H 0DJLVWUDW 0HQHPDFKRV $<72.3 ± 73$,$12& .RSI PLW /RUEHHU
NUDQ] UHFKWV 5Y ȯȆ, 0ȯ1ȯ0$;2< $.021ȯȍ1 )OXVVJRWW 6LQGURV LP +LPDWLRQ PLW QDFNWHP
2EHUN|USHU Q OLQNV JHODJHUW PLW GHU 5HFKWHQ 6FKLOIURKU VFKXOWHUQG GHU O $UP DXI VWU|PHQGHV
4XHOOJHIlVVJHVWW]W%0&61*&RS61*Y$XO53&,,, GLHVHV([DEJHELOGHW
J 6HOWHQ*XWHU6WLO)HLQHJUDXJUQH3DWLQDIDVWYRU]JOLFK
$XV6OJ-35LJKHWWL$XNWLRQHQ0Q]HQ 0HGDLOOHQ*PE+ VRZLH-DFTXLHU
$025,21
3VHXGRDXWRQRPH3UlJXQJ%URQ]H =HLWGHU6HYHUHU ,ȯ3$%29ȁ+'UDSLHUWH%VWHGHU%RXOH
PLW /RUEHHUNUDQ] LP ODQJHQ +DDU UHFKWV 5Y $023,$ 1:9 )OXVVJRWW .QHSHOHRV PLW JHVFKXOWHUWHP
6FKLOIURKU GHQ O (OOERJHQ DXI XPJHVWU]WHV 4XHOOJHIl JHVWW]W %0& ,% )OXVVJ 61*
0QFKHQJ )DVWYRU]JOLFK
(80(1(,$
3VHXGRDXWRQRPH3UlJXQJ%URQ]H FD-K '+02&ȯ9±0ȯ1(:1%VWHGHVMXJHQGOLFKHQ
'HPRVUHFKWV5Yīȁ$9.2&-XJHQGOLFKHU)OXVVJRWW*ODXNRVPLW]ZHLbKUHQ0RKQXQG6FKLOIURKUQ
OLQNV JHODJHUW DXI 4XHOOJHIl JHVWW]W GHP :DVVHU HQWVWU|PW GDUXQWHU GUHL )LVFKH Q UHFKWV
VFKZLPPHQG%0&,%)OXVVJYDU61*Y$XOYDUJ 6HKUVFK|Q

593 595 596 597
(80(1(,$
(LQ([HPSODUMHGRFK '+02& ± ȯ90ȯ1(:1 XQG'UDSLHUXQJDXIOLQNHU6FKXOWHU%0&61*Y
$XOJ 6HKUVFK|Q
(UZRUEHQEHL5LWWHU'VVHOGRUILP)HEUXDU
594
+,(5$32/,6$0&+5<6255+2$6
3VHXGRDXWRQRPH 3UlJXQJ %URQ]H K =HLW GHV (ODJDEDO '+ ± 02& %VWH GHV
'HPRV PLW /RUEHHUNUDQ] UHFKWV O 6FKXOWHU GUDSLHUW 5Y ,ȯ3$32ȁȯ,7:1 1ȯ:.23 :1 )OXVVJRWW
&KU\VRUUKRDVQOLQNVJHODJHUWLQGHU5HFKWHQ]ZHLbKUHQXQG0RKQKDOWHQGDXI4XHOOJHIlJHVWW]W
GHP:DVVHUHQWVWU|PW%0&YDU61*Y$XOYDU61*&RS0DUWLQ'HPRV«6
D GLHVHV([ 53&9,RQOLQHJ :XQGHUVFK|QHURWJUQH3DWLQD3UDFKWH[HPSODU
([7ULWRQ,; /RV
.,%<5$
(ODJDEDOXV%URQ]H $97.0$9±$17ȍ1(,2&'UDS3DQ]HUEVWHPLW6WNUUHFKWV
5Y.,%93$7ȍ1)OXVVJRWW,QGRVPLWJHVFKXOWHUWHP6FKLOIURKUQOLQNVJHODJHUWDXI4XHOOJHIlJHVWW]W
GHP :DVVHU HQWVWU|PW GDULQ ]ZHL)LVFKHVFKZLPPHQG,P)HOG:HLGHQNRUEGDUXQWHU .$,&$ 3( ȍ1
,%)OXVVJ61*&RS61*0QFKHQ VWHPSHOJOHLFK 6OJ)DOWHU53&9,RQOLQH
J )DVWYRU]JOLFK
3+,/20(/,21
7UDMDQ'HFLXV%URQ]H 8QWHUGHP0DJLVWUDW(XWXFKRV $97.ī0ȯ&.73$,ǻȯ.,2
&ȯ 'UDS 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV 5Y ĭ,ȁ20+ȁ(ȍ1 (Ȇ (9ȉ9ȋȅ % )OXVVJRWW *DOORV
PLW)OOKRUQLQGHU5HFKWHQGLH/LQNHDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW%0&61*
Y$XO53&,;J *XWHVVHKUVFK|Q
7UDMDQ'HFLXV%URQ]H 8QWHUGHP0DJLVWUDW(XWXFKRV $97.ī0ȯ&.73$,ǻȯ.,2

&ȯ 'UDS 3DQ]HUEVWH PLW 6WNU UHFKWV 5Y ĭ,ȁ20+ȁ(ȍ1 (Ȇ (9ȉ9ȋȅ9& % )OXVVJRWW *DOORV PLW
)OOKRUQ LQ GHU 5HFKWHQ GLH /LQNH DXI 4XHOOJHIl JHVWW]W DXV GHP HLQ GQQHU 6WUDKO :DVVHU ULQQW
%0&61*&RS61*0QFKHQ53&,;J *XWHVVHKUVFK|Q

598 599 600 601
602
(LQ([HPSODU 53&,;J 6HKUVFK|Q

([0Q]=HQWUXP /RV
7UHERQLDQXV*DOOXV%URQ]H 8QWHUGHP0DJLVWUDW7KHVHRV $9.ī29ȯ,%ī$ȁȁ21
&ȯ% EHLGH % UHWURJUDG 'UDSLHUWH 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV 5Y ĭ,ȁ20+ȁ(ȍ1 (Ȇ $93
Ĭ+&ȯ&&)OXVVJRWW*DOORVPLW)OOKRUQLQGHU5HFKWHQGLH/LQNHDXI4XHOOJHIlJHVWW]WGHP:DVVHU
HQWVWU|PW%0&61*Y$XO53&,;J 6HKUVFK|Q
(UZRUEHQLQ%UVVHOLP1RYHPEHU
6(%$67(
3VHXGRDXWRQRPH 3UlJXQJ %URQ]H FD IUKHV -K 'UDSLHUWH %VWH GHV MXJHQGOLFKHQ
'LRQ\VRVPLW(IHXNUDQ]UHFKWVGDYRU7K\UVRV5Y&ȯ%$&7+ 1ȍ1&,1ǻ32 &)OXVVJRWW6LQGURVPLW
JHVFKXOWHUWHP6FKLOIURKUQOLQNVJHODJHUWDXIXPJHVWU]WHV4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW
%0&,%)OXVVJ61*0QFKHQJ 6HKUVFK|Q
([-DFTXLHU /RV
7+(0,621,21
3VHXGRDXWRQRPH3UlJXQJ%URQ]H =HLWGHV0D[LPLQXV$9.±&ȍ=:1'UDS%VWH
GHV/\NDEDV6R]RQPLW6WUDKOHQELQGHUHFKWV5YĬ(0,&ȍ ± 1(ȍ1.$=$1+ &)OXVVJRWW.D]DQHVPLW
JHVFKXOWHUWHP6FKLOIURKUQOLQNVJHODJHUWDXIXPJHVWU]WHV4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW
%0&,%)OXVVJ61*0QFKHQ53&9,RQOLQHJ *XWHVVHKUVFK|Q
([*RUQ\ 0RVFK /RV
3$03+</,(1
$63(1'26
*RUGLDQXV ,,, 3LXV %URQ]H ǹȊȉ Ȁ Ȃ ǹȃȉ ± īȅȇǻǿǹ>1ȅ௚ ௚ȯǺ@ 'UDS
3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV GDYRU .RQWHUPDUNH $GOHU *,& 5Y ǹ௚Ȇȯȃ ± ' ± , ȍ1
)OXVVJRWW (XU\PHGRQ PLW 6FKLOIURKU Q OLQNV JHODJHUW DXI 4XHOOJHIl JHVWW]W GHP :DVVHU HQWVWU|PW
%0&±,%)OXVVJ±61*&RS±61*)UDQFH±61*Y$XO:DWVRQ53&9,,
J 6HOWHQ)DVWVHKUVFK|Q

603 604 605 606 608
0$*<'26
6HSWLPLXV 6HYHUXV %URQ]H $9 .$, ȁ &ȯ3 &(29+32& Ȇ@ ȯ37 %VWH PLW
/RUEHHUNUDQ]UHFKWV'UDSLHUXQJEHUGHUOLQNHQ6FKXOWHU5Y0$ī9'ȯȍ1.ī)OXVVJRWW.DWDUUDNWHV
PLW 6FKLOIURKU XQG )OOKRUQ Q OLQNV JHODJHUW DXI 4XHOOJHIl JHVWW]W GHP :DVVHU HQWVWU|PW
61*6FKZHL],, 6OJ5LJKHWWL VRQVWXQSXEOL]LHUWJ bXHUVWVHOWHQ)DVWVHKUVFK|Q
(UZRUEHQLQ%UVVHOLP6HSWHPEHU
3(5*(
6HSWLPLXV 6HYHUXV %URQ]H $9 . ȁ & &(29+ í 32& Ȇ(37 'UDS 3DQ]HUEVWH PLW
/RUEHHUNUDQ]UHFKWV5YȆ(3ī±$,ȍ1)OXVVJRWW.HVWURVPLW6FKLOIURKUXQG)OOKRUQQOLQNVJHODJHUW
DXI 4XHOOJHIl JHVWW]W GHP :DVVHU HQWVWU|PW %0& YDU ,% )OXVVJ YDU 61* )UDQFH ±
61*3I3V±J 6HOWHQ+HOOEUDXQH3DWLQDVHKUVFK|Q
3,6,',(1
$17,2&+,$
*HWD &DHVDU %URQ]H FD 32 6(3 ± *(7$6 & 'UDSLHUWH 3DQ]HUEVWH UHFKWV
5Y$17+,2$17,2&+&2/)OXJRWW$QWKLRVPLW)OOKRUQLQGHU5HFKWHQQOLQNVJHODJHUWGHQOLQNHQ
$UPDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PWGDYRUXQGGDKLQWHU6FKLOIURKU%0&±/LQGJUHQ±
61*&RS±61*Y$XO±61*)UDQFH±61*3I3V±.U]\ĪDQRZVND*UXSSH&±J
bXHUVWVHOWHQXQHGLHUW " *XWHVVHKUVFK|Q
6HYHUXV$OH[DQGHU%URQ]H ,0±&0$6(29 VLF ±$/(;$1'(5%VWHPLW/RUEHHU
NUDQ] UHFKWV 5Y $17+,26 $17,2&+ &2/ )OXJRWW $QWKLRV PLW )OOKRUQ LQ GHU 5HFKWHQ Q OLQNV
JHODJHUW GHQ OLQNHQ $UP DXI 4XHOOJHIl JHVWW]W GHP :DVVHU HQWVWU|PW GDKLQWHU 3DOP]ZHLJ
61*)UDQFH.U]\ĪDQRZVND9,53&9,RQOLQHJ *XWHVVHKUVFK|Q
6HYHUXV$OH[DQGHU%URQ]H ,03&$(66(9(5±$/(;$1'(5%VWHPLW/RUEHHUNUDQ]
UHFKWV5Y$17+,2$17,2&+&2/)OXJRWW$QWKLRVPLW)OOKRUQLQGHU5HFKWHQQOLQNVJHODJHUWGHQ
OLQNHQ$UPDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PWGDKLQWHU6FKLOIURKU61*)UDQFHYDU
.U]\ĪDQRZVND;,,53&9,RQOLQHJ 6HKUVFK|Q
3KLOLSSXV,$UDEV%URQ]H FD ,03&0,9/3+,/,3396$9'UDSLHUWH3DQ]HU
EVWHPLW6WNUUHFKWV5Y $17+,2 $17,2&+,&2/)OXJRWW$QWKLRVPLW)OOKRUQLQGHUHUKREHQHQ
5HFKWHQXQG6FKLOIURKUQOLQNVJHODJHUWGHQOLQNHQ$UPDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW
61*Y$XO.U]\ĪDQRZVND9,FRUU53&9,,,RQOLQH,'J *XWHVVHKUVFK|Q
([*RUQ\ 0RVFK /RVVRZLH5RPD1XPLVPDWLFV /RV
(LQ([HPSODU J )DVWVHKUVFK|Q


610 612 613 615
614
7UDLDQXV'HFLXV%URQ]H ,03&$(6&0(664'(&,275$,$93DQ]HUEVWHPLW6WNU
UHFKWV5Y$17,2&+,&2/&$65)OXJRWW$QWKLRVPLWJHVFKXOWHUWHP6FKLOIURKUXQG)OOKRUQQOLQNV
JHODJHUW GHQ OLQNHQ $UP DXI 4XHOOJHIl JHVWW]W GHP :DVVHU HQWVWU|PW .U]\ĪDQRZVND , 53& ,;
J 6HOWHQ2OLYJUQH3DWLQDJXWHVVHKUVFK|Q
([-DFTXLHU /RV
(LQ([HPSODU J 6FKZDU]H3DWLQDPLWU|WOLFKHP6DQGEHODJVHKUVFK|Q

([-DFTXLHU /RV
9ROXVLDQXV%URQ]H ,03&9,%$)*$/92/966,$$9*'UDS3DQ]HUEVWHPLW6WNU
UHFKWV 5Y $17,2&+, &2/ 6 5 )OXJRWW $QWKLRV PLW JHVFKXOWHUWHP 6FKLOIURKU XQG )OOKRUQ Q OLQNV
JHODJHUWGHQOLQNHQ$UPDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW61*Y$XO61*)UDQFH
.U]\ĪDQRZVND± YJO,, 'HFLXV 53&,;J 6HOWHQ6HKUVFK|Q
([*RUQ\ 0RVFK /RV
9DOHULDQXV,%URQ]H ,03&$(5$6//291$++,5 VLF 'UDS3DQ]HUEVWHPLW6WNU
UHFKWV5Y$17,2&+,± 2&/ VLF 65)OXJRWW$QWKLRVPLW)OOKRUQQOLQNVJHODJHUWGHQOLQNHQ$UP
DXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW61*)UDQFH± YJO$YHUVVWJO .U]\ĪDQRZVND±
YJO9,, 'HFLXV J $QVFKHLQHQGPLWGLHVHU5FNVHLWHXQHGLHUW6HKUVFK|Q
$32//21,$025',$,21
*DOOLHQXV $( 0HGDLOORQ >$<7 . Ȇ ȁ@ ± īǹȁȁǿǾȃȅ ± & 'UDS 3DQ]HUEVWH PLW
/RUEHHUNUDQ]UHFKWV5YǹȆȅȁȁȅȃ ± ǿ ǹȉȍȃȁȊĬȇǹȀȅ)OXVVJRWW+LSSRSKRUDVLP+LPDWLRQQOLQNV
JHODJHUWLQGHU5HFKWHQ6FKLOIURKUKDOWHQGGLH/LQNHPLW)OOKRUQDXIHLQHP4XHOOJHIlVVUXKHQG%0&
61*Y$XORFNYRQ$XORFN3LVLGLHQ,,61U61*)UDQFHJ 6HKUVFK|Q
,6,1'$
&DUDFDOOD±%URQ]H -DKU $9.0$$1±7:1,12&&.RSIPLW/RUEHHUNUDQ]
UHFKWV5Y,&,1'(:1)OXJRWW7DXURVPLWJHVFKXOWHUWHP6FKLOIURKUXQG)OOKRUQQOLQNVJHODJHUWGHQ
OLQNHQ$UPDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PWLP)HOGO= 9RQ$XORFN3LVLGLHQ,
61*)UDQFHJ 6FK|QHVFKZDU]JUQH3DWLQDJXWHVVHKUVFK|Q
([*RUQ\ 0RVFK /RVVRZLH$XIKlXVHU /RV

616 619
617
2/%$
/XFLXV 9HUXV %URQ]H ǹȊȉ Ȁǹǿ ȁȅȊ ǹȊȇ ȅȊǾȇȅ& %VWH PLW /RUEHHUNUDQ] UHFKWV
5Y ȅȁǺȯȍȃ'HU)OXVVJRWW.DOLNDGQRVPLW6FKLOIURKUXQG)OOKRUQQOLQNVJHODJHUWGHQOLQNHQ$UP
DXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW%0&53&,9J )DVWVHKUVFK|Q
6$*$/$6626
&ODXGLXV ,, +H[DVVDULRQ ǹ9 Ȁ Ȃ ǹ9ȇ Ȁȁǹ9ǻǿȅȃ 'UDS 3DQ]HUEVWH PLW
/RUEHHUNUDQ]UHFKWV5Y௚ǹīǹȁǹ௚௚ȯȍȃȀȯ௚ȉȇȅ௚)OXVVJRWW.HVWURVPLWQDFNWHP2EHUN|USHUQOLQNV
JHODJHUWLQGHU5HFKWHQ6FKLOIKDOWHQGGHQOLQNHQ$UPDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW
,P )HOG O :HUW]HLFKHQ 9 %0& 61* Y $XORFN YDU YJO 61* )UDQFH DQGHUHV
1RPLQDO J 6HOWHQ%UHLWHU6FKU|WOLQJVFKZDU]H3DWLQD9RU]JOLFK
618
7,0%5,$'$
-XOLD'RPQD%URQ]H ,29, ± $'2&ȯ%$& 7+'UDS%VWHUHFKWV5Y7,0%3,$'ȯȍȃ
)OXVVJRWW (XU\PHGRQ PLW QDFNWHP 2EHUN|USHU Q OLQNV JHODJHUW LQ GHU 5HFKWHQ SIHLOlKQOLFKHQ 6WDE
KDOWHQGGHQOLQNHQ$UPDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PWGDUXQWHUGUHL)LVFKH]X)HQ
6FKLOIEDXP %0& ± ,% )OXVVJ 61* Y $XO ± YRQ $XORFN 3LVLGLHQ ,, 61* )UDQFH
J 6HOWHQ%UHLWHU6FKU|WOLQJ6HKUVFK|Q
/<.$21,(1
6$9$75$
$QWRQLQXV3LXV%URQ]H ǹ9ȉȀǹǿɋǹǻȇǿǹȃȉ&ȃȯǿȃȅɋɋȯ%.RSIPLW/RUEHHUNUDQ]
UHFKWV 5Y &ǹȅ9ǹȉȇȯ&ȃ 0lQQOLFKH :DVVHUJRWWKHLW 6HHJRWW" QDFNW HQ IDFH VWHKHQG .RSI Q OLQNV
ODQJHV6FKLOIURKUXQG]ZHLbKUHQKDOWHQGLP)HOGOLQNV)LVFKUHFKWVNOHLQHUHV6FKLOIURKU9RQ$XORFN
/\NDRQLHQ61*&RS61*)UDQFH53&,9RQOLQHJ 6HKUVFK|Q
=XUEHU]HXJHQGHQ,QWHUSUHWDWLRQGHU5FNVHLWHQGDUVWHOOXQJYJO-1ROOp61*3I3V

623
620
624
621 622
.,/,.,(1
6(/(8.(,$$0.$/<.$'126
6HSWLPLXV 6HYHUXV %URQ]H $9 . ȁ ± &ȯ29+ 3DQ]HUEVWHPLW/RUEHHUNUDQ]UHFKWV
5Y &ȯȁȯ± 9. ȯȍ ± 1 .$ȁ9.$' 12& )OXVVJRWW .DO\NDGQRV PLW )OOKRUQ XQG 6FKLOIURKU Q OLQNV
JHODJHUWDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW%0&±,%)OXVVJ±61*&RS±61*Y
$XO±61*3I3V±61*)UDQFH±61*/HYDQWHJ 6HKUVHOWHQ6HKUVFK|QYRU]JOLFK
([*RUQ\ /RV
*RUGLDQXV,,,3LXV%URQ]H Ȃ$3ǹȃȉȍ ± ȃ īȅȇǻǿǹ1ȅ௚'UDS3DQ]HUEVWHPLW6WNU

UHFKWV GDYRU .RQWHUPDUNH .$ LQ 0RQRJUDPP *,& XQWHU GHP .LQQ .RQWHUPDUNH ǻ GDULQ
5LQJHO *,& 5Y&ȯȁȯ9.ȯȍ1.$ȁ9.$'1ȍ)OXVVJRWW.DO\NDGQRVQOLQNVJHODJHUWLQGHU
5HFKWHQ]ZHLbKUHQXQG0RKQKDOWHQGDXI4XHOOJHIlJHVWW]WGHP:DVVHUHQWVWU|PW%0&±,%
)OXVVJ ± 61* &RS ± 61* Y $XO ± 61* 3I3V ±61* )UDQFH ± 61* /HYDQWH ± 61* /HYDQWH
6XSSO53&9,, GLHVHV([HPSODU J 6HOWHQ6HKUVFK|Q
([*RUQ\ 0RVFK /RV
7$5626
&DUDFDOOD %URQ]H $97 .$, 0 $93 $17:1ȯ,12& &ȯ 3 ± 3'UDSLHUWH%VWHPLW
'HPLXUJHQNURQHUHFKWV5Y7$3&290+7 ± 3232ȁȯ± :&$0.ī%.9'12&ODJHUQGHU)OXVVJRWW
.\GQRV PLW )OOKRUQ LQ GHU 5HFKWHQ GHQ OLQNHQ $UP DXI HLQH 4XHOOXUQH JHVWW]W 61* $XO ± 61*
/HYDQWH61*)UDQFHYDUJ 5RWEUDXQH3DWLQDJXWHVVHKUVFK|Q
([*RUQ\ 0RVFK /RV
$1$=$5%26
3VHXGRDXWRQRPH 3UlJXQJ ó $VVDULRQ" ȯ7 33 -DKU 3IHUG Q UHFKWV JHKHQG
5Y $1$=$3 ± %ȯ )OXVVJRWW 3\UDPRV Q UHFKWV VFKZLPPHQG ,% )OXVVJ 61* /HYDQWH
=LHJOHU$QD]DUERV53&,9J 6HOWHQ3DWLQDPLWU|WOLFKHP6DQGEHODJVHKUVFK|Q
([-DFTXLHU /RV
/XFLXV9HUXV$VVDULRQ$97.ȁ$93+ȁ,2±&29+32&&ȯ%'UDS3DQ]HUEVWHUHFKWV
5Y .$, 7ȍ1 Ȇ3 ± 2 ± & 7ȍ $1$=$3%ȍ ȯ7 %Ȇ3 -DKU )OXVVJRWW 3\UDPRV Q OLQNV
ODJHUQG LQ GHU 5HFKWHQ 6FKLOIURKU LQ GHU /LQNHQ )OOKRUQ 61* /HYDQWH =LHJOHU $QD]DUERV
9V 5V ± GLHVHV ([HPSODU 61* )UDQFH VWHPSHOJOHLFK 61* 3I3V 53& ,9
RQOLQH GLHVHV([HPSODU J +EVFKHKHOOJUQH3DWLQD6HKUVFK|Q
([-DFTXLHU /RV

625 627 626
+,(5$32/,6.$67$%$/$
3VHXGRDXWRQRPH3UlJXQJ%URQ]H FD=HLWGHU)ODYLHU,ȯ32 ± 32ȁ,7:19HUVFKOHLHUWH%VWHGHU
7\FKHPLW0DXHUNURQHUHFKWV5Y ȉȍȃȆȇȅ௚ȉȍȆȊȇǹȂȍ)OXVVJRWW3\UDPRVQUHFKWVVFKZLPPHQG
LQ GHU 5HFKWHQ EUHQQHQGH )DFNHO KDOWHQG 5REHUW +LHUDSROLV 61* /HYDQWH61*)UDQFH
61*3I3V53&,,J )DVWYRU]JOLFK
9DOHULDQXV , 7ULDVVDULRQ $97 . 29$ȁȯ3,$12& .RSI PLW /RUEHHUNUDQ] UHFKWV
5Y ,ȯ3232ȁ ± .$&7$ ī )OXVVJRWW 3\UDPRV PLW 6FKLOIURKU XQG )OOKRUQ Q OLQNV JHODJHUW
5REHUW+LHUDSROLV7DI VWJO 61*/HYDQWH61*3I3VJ 6HKUVFK|Q
.2,/(6<5,(1
'$0$6.26
0DUFXV $XUHOLXV &DHVDU %URQ]H $93+ȁ,2& .$, $9ī > @ %DUKlXSWLJH GUDSLHUWH
-XJHQGEVWHUHFKWV5Y'$0$&.+>1&10+7323@;39&232'HUMXJHQGOLFKH)OXVVJRWW&KU\VRURDV
Q OLQNV JHODJHUW LQ GHU 5HFKWHQ GUHL bKUHQ XQG LP O $UP )OOKRUQ KDOWHQG 8QWHUDUP DXI 4XHOOXUQH
JHVWW]WDXVGHU:DVVHUIOLHW,%)OXVVJ±/LQGJUHQ,,, DOV&RPPRGXV&DHVDU J
6HKUVHOWHQ)HLQHJUQH3DWLQDOHLFKWGH]HQWULHUWYRU]JOLFK
628
3+2(1,.,(1
$.(372/(0$,6
6HYHUXV$OH[DQGHU%URQ]H >,03&$(6@0$95±6(9$/(;$1'(>5@'UDSLHUWH%VWH
PLW /RUEHHUNUDQ] UHFKWV 5Y >&2/21,$@ 372/( )OXVVJRWW %HORV PLW 6FKLOIURKU Q UHFKWV JHODJHUW
8QWHUDUP DXI 4XHOOXUQH JHVWW]W DXV GHU :DVVHU IOLHW %0& 5RXYLHU -,$1 ,%
)OXVVJ YDU .DGPDQ 7KH &RLQV RI $NNR3WROHPDLV &13 ,9 53& 9, RQOLQH
J 6HOWHQ6HKUVFK|Q

629 630 631 632
633 634
$/(;$1'5,$ b*<37(1
&ODXGLXV, 'LFKDONRQ ȉǿȀȁǹ9Ȁǹǿ௚ȯǺǹ௚īȯȇȂǹ/ǿǹ -DKU .RSIPLW
/RUEHHUNUDQ]UHFKWV5Yǹ9ȉȅ±Ȁȇǹ%VWHGHV1LOUHFKWV)OOKRUQDQU6FKXOWHU*HLVVHQ61*
)UDQFH53&J 6HKUVFK|Q
(UZRUEHQLQ9LHOVDOP%HOJLHQLP)HEUXDU
+DGULDQXV 'UDFKPH %URQ]H¡ PP ǹȊȉȀǹǿ±ȉȇǹǿǹǻȇǿ$&ȯǺ'UDS3DQ]HUEVWH

PLW/RUEHHUNUDQ]UHFKWV5Y/73,&.$, -DKU LP$EVFKQLWW1LOKDOEQDFNWLQ+LPDWLRQQOLQNVDXI
.URNRGLOQUUXKHQGKlOWPLWGHU/LQNHQ6FKLOIURKUPLWGHU5HFKWHQ)OOKRUQPLW*HQLXVGHUDXIGLH=DKO
,ࢪZHLVW'DWWDUL*HLVVHQ61*)UDQFH53&,,,J *XWHVVHKUVFK|Q
(UZRUEHQLQ/RXYDLQ /HXYHQLP0DL
+DGULDQXV 'UDFKPH %URQ]H¡ PP ǹȊȉȀǹǿ±ȉȇǹǿǹǻȇǿ$&ȯǺ'UDS3DQ]HUEVWH

PLW/RUEHHUNUDQ]UHFKWV5Y/ , Ȣ -DKU 1LOKDOEQDFNWLQ+LPDWLRQPLW6FKLOIURKUXQG)OOKRUQDXI
)HOVHQ Q OLQNV ODJHUQG O (OOERJHQ DXI .URNRGLO Q UHFKWV 'DWWDUL *HLVVHQ 61* )UDQFH
53&,,,J *XWHVVHKUVFK|Q IDVWYRU]JOLFK
([(OVHQ /RV
+DGULDQXV 7HWUDGUDFKPRQ $<7 .$,& 73$,$1 ± $ǻ3,$12& &ȯ%.RSIPLW/RUEHHU
NUDQ]OLQNV5Y/ ȯ1 ±1ȯ$.ǻ -DKU %VWHGHV1LOUHFKWV+LPDWLRQEHUO6FKXOWHU)OOKRUQ
'DWWDULYDU*HLVVHQ61*)UDQFH53&,,,J *XWHVVHKUVFK|Q
([0Q]=HQWUXP /RV
+DGULDQXV 7HWUDGUDFKPRQ $<7.$,&73$±$ǻ3,$12&&(%.RSIPLW/RUEHHUNUDQ]
OLQNV 5Y / . -DKU 1LO PLW 6FKLOI XQG )OOKRUQ Q OLQNV JHODJHUW GDUXQWHU .URNRGLO Q UHFKWV
'DWWDUL*HLVVHQ61*)UDQFH53&,,,J 6HKUVFK|Q
([0Q]=HQWUXP /RV
+DGULDQXV 7HWUDGUDFKPRQ $<7.$,&73$±$ǻ3,$12&&(%.RSIPLW/RUEHHUNUDQ]
UHFKWV5Y/ . % -DKU 1LOPLW6FKLOIXQG)OOKRUQQOLQNVJHODJHUWGDUXQWHU.URNRGLOQUHFKWV
'DWWDUL*HLVVHQ61*)UDQFH53&,,,J 6HKUVFK|Q
([0Q]=HQWUXP /RV

635 636 637 638 639
640 641 642
$QWRQLQXV3LXV 7HWUDGUDFKPRQ $17‫ڵ‬1,1 ± 2&&ȯ%(9&ȯ%%VWHPLW/RUEHHUNUDQ]

OLQNV'UDSLHUXQJDXIU6FKXOWHU5Y/, ± ' -DKU %VWHGHV1LOUHFKWV+LPDWLRQEHUO6FKXOWHU
)OOKRUQ GDYRU , Ȣ 'DWWDUL *HLVVHQ ± YJO 61* )UDQFH ± YJO 53& ,9 RQOLQH
J 6HOWHQ)DVWVHKUVFK|Q
([*%ODQoRQ+DQQRYHU/LVWH
$QWRQLQXV 3LXV 7HWUDGUDFKPRQ $17‫ڵ‬1,12 ± & &ȯ% (9&ȯ %VWH PLW /RUEHHUNUDQ]
UHFKWV 'UDSLHUXQJ DXI OLQNHU 6FKXOWHU 5Y / . ± % -DKU 1LO PLW 6FKLOI XQG )OOKRUQ Q OLQNV
JHODJHUW GDUXQWHU .URNRGLO Q UHFKWV 'DWWDUL *HLVVHQ YDU %VWH 61* )UDQFH YDU
%VWH 53&,9RQOLQH GLHVHV([HPSODU J 6HKUVHOWHQH9DULDQWH6HKUVFK|Q
$QWRQLQXV 3LXV 7HWUDGUDFKPRQ $17&1,12 ± & &ȯ% (9&ȯ% 'UDS 3DQ]HUEVWH PLW
/RUEHHUNUDQ] OLQNV 5Y >/ . @ % -DKU 1LO PLW 6FKLOI XQG )OOKRUQ Q OLQNV JHODJHUW GDUXQWHU
.URNRGLOQUHFKWV'DWWDULYDU*HLVVHQ61*)UDQFH53&,9RQOLQH± YJO
GRUW.RSIVWDWW%VWH J 6HOWHQ)DVWVHKUVFK|Q
&RPPRGXV 7HWUDGUDFKPRQ Ȃ ǹ ȀȅȂ ǹȃȉ& ± &ȯ% (9&ȯ%.RSIPLW/RUEHHUNUDQ]
UHFKWV5Y/. ± Ȣ -DKU %VWHGHV1LOUHFKWV+LPDWLRQEHUO6FKXOWHUO)OOKRUQ'DWWDUL
*HLVVHQ53&,9RQOLQHJ *XWHVVHKUVFK|Q
&RPPRGXV 7HWUDGUDFKPRQ Ȃ ǹ ȀȅȂ ǹȃȉ& ± &ȯ% ȯ9&ȯ%.RSIPLW/RUEHHUNUDQ]

UHFKWV5Y/. ± Ĭ -DKU 1LOPLW6FKLOIXQG)OOKRUQDXI)HOVHQQOLQNVVLW]HQGGDUXQWHU.URNRGLO
QUHFKWV'DWWDUL*HLVVHQ53&,9RQOLQHJ 6HKUVFK|Q
&RPPRGXV 7HWUDGUDFKPRQ Ȃ ǹ ȀȅȂ ǹȃȉ& ± &ȯ% ȯ9&ȯ%.RSIPLW/RUEHHUNUDQ]
UHFKWV5Y/ȁ ± $ -DKU %VWHGHV1LOUHFKWV+LPDWLRQEHUO6FKXOWHUO)OOKRUQ'DWWDUL
*HLVVHQ53&,9RQOLQHJ 6HKUVFK|Q
(ODJDEDOXV 7HWUDGUDFKPRQ ǹ Ȁǹǿ௚ǹȇ Ȃǹ ǹ9ȇ ǹȃȉ&ȃǿȃȅ௚ ± ȯ9&ȯ% %VWH PLW
/RUEHHUNUDQ]UHFKWV5Y/ ' -DKU 1LOPLW6FKLOIXQG)OOKRUQDXI)HOVHQQOLQNVVLW]HQG'DWWDUL
*HLVVHQ53&9,RQOLQHJ 6HKUVFK|Q
(UZRUEHQLQ%UVVHOLP6HSWHPEHU
6HYHUXV $OH[DQGHU 7HWUDGUDFKPRQ ǹ Ȁǹ Ȃǹ ǹȊȇ ௚ȯȊ ǹȁȯȄǹȃǻȇȅ௚ ȯȊ 'UDS
3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV 5Y / 6 -DKU 1LO Q OLQNV JHODJHUW KlOW PLW GHU 5HFKWHQ
6FKLOIURKUPLWGHU/LQNHQ)OOKRUQPLW*HQLXVGHULKQEHNUlQ]W'DWWDUL*HLVVHQ53&9,
RQOLQHJ 6HKUVFK|Q

539 565
577
573
594
617
618

643 644 646 647
648 649
0D[LPLQXV7KUD[ 7HWUDGUDFKPRQ ǹ9ȉȅȂǹȄǿȂǿȃȅ௚ȯ9௚௚ȯȊǺ'UDS3DQ]HUEVWH

PLW /RUEHHUNUDQ] UHFKWV 5Y / % -DKU %VWH GHV 1LO UHFKWV +LPDWLRQ EHU O 6FKXOWHU GDYRU
)OOKRUQ'DWWDUL*HLVVHQ53&9,RQOLQHJ 6HKUVFK|Q
([3HXV /RV
0D[LPXV &DHVDU 7HWUDGUDFKPRQ ī ǿȅ9ȁ ȅ9Ǿȇ ȂǹȄǿȂȅ௚ Ȁǹǿ 'UDS 3DQ]HUEVWH
UHFKWV 5Y / ī -DKU 1LO PLW )OOKRUQ XQG 6FKLOIURKU Q OLQNV JHODJHUW $UP DXI 1LOSIHUGNRSI
'DWWDUL*HLVVHQ53&9,RQOLQHJ 6HKUVFK|Q
([3HXV /RV
645
%DOELQXV $SULO -XOL 7HWUDGUDFKPRQ ǹ Ȁ ǻȯȀ Ȁǹǿȁ ǺǹȁǺǿȃȅ௚ ௚ȯǺ'UDSLHUWH3DQ]HUEVWHPLW
/RUEHHUNUDQ]UHFKWV5Y/$ -DKU 1LOPLW)OOKRUQXQG6FKLOIURKUQOLQNVJHODJHUW'DWWDUL
GLHVHV([HPSODU *HLVVHQ± YJO 53&9,,J 6HOWHQ*XWHVVHKUVFK|Q
([1$&1 /RV )LJDUL 0RVFRQL 'DWWDUL
*RUGLDQXV,,,3LXV7HWUDGUDFKPRQ ǹȀȂǹȃīȅȇǻǿǹȃȅ௚ȯ9௚ȯ'UDS3DQ]HUEVWH
PLW /RUEHHUNUDQ] UHFKWV 5Y / ī -DKU 1LO PLW )OOKRUQ XQG 6FKLOIURKU Q OLQNV JHODJHUW 'DWWDUL
*HLVVHQ±53&9,,J 6HKUVFK|Q
*RUGLDQXV ,,, 3LXV 7HWUDGUDFKPRQ $ . 0 $17 ī23ǻ,$12& ȯ9 3DQ]HUEVWH PLW
/RUEHHUNUDQ]UHFKWV5Y/ ± Ȣ -DKU %VWHGHV1LOUHFKWV+LPDWLRQEHUO6FKXOWHU)OOKRUQDQU
6FKXOWHU'DWWDUL±*HLVVHQ53&9,,J 6HKUVHOWHQ6HKUVFK|Q
([&*% /RV
3KLOLSSXV , 7HWUDGUDFKPRQ ǹ Ȁ Ȃ ǿȅ9 ĭǿȁǿȆȆȅ௚ ȯȊ௚ȯǺ 3DQ]HUEVWH PLW
/RUEHHUNUDQ]UHFKWV5Y/ī -DKU %VWHGHV1LOUHFKWV+LPDWLRQEHUO6FKXOWHUGDYRU)OOKRUQ
'DWWDUL±*HLVVHQ±53&9,,,RQOLQH,'J 6HOWHQ6HKUVFK|Q
3KLOLSSXV , 7HWUDGUDFKPRQ ǹ Ȁ Ȃ ǿȅ9 ĭǿȁǿȆȆȅ௚ ȯ9௚ 'UDSLHUWH 3DQ]HUEVWH PLW
/RUEHHUNUDQ] UHFKWV 5Y / ȯ -DKU 1LO PLW 6FKLOI XQG )OOKRUQ Q OLQNV JHODJHUW LP $EVFKQLWW
.URNRGLOQUHFKWV'DWWDUL*HLVVHQ±53&9,,,RQOLQH,'J 6HOWHQ6HKUVFK|Q

5g0,6&+(0h1=(1
650
2:1 2:1
,03(5$725(1'(5%h5*(5.5,(*6=(,7
&1$(863203(,860$*186-81,25Y&KU
0 0LQDWLXV 6DELQXV SURTXDHVWRU 'HQDU 6RPPHU ± )UKMDKU +HHUHVP]VW GHU 3RPSHMDQHU LQ
6SDQLHQ &RUGXED" &1 0$*196 ± ,03 .RSI GHV lOWHUHQ 3RPSHLXV UHFKWV 5Y 35 4 0 0,1$>7
6$%,@'HUMQJHUH&Q3RPSHLXVLQ)HOGWUDFKWHQIDFHUHLFKWVLFKGLH+DQGPLW6WDGWJ|WWLQPLW&DGXFHXV
XQGZLUGEHNUlQW]WYRQHLQHUZHLWHUHQ6WDGWJ|WWLQPLWJHVFKXOWHUWHP7URSDHXP%DE 3RPSHLD YDU
& YDU )U 6\GHQKDP 79 %XWWUH\ 7KH'HQDULLRI&Q3RPSHLXV-UDQG00LQDWLXV
6DELQXV$16 01 67\S' 2 5 K 6HDU,PSHUDWRUV:R\WHN$UPDHW1XPPL6
&UDZIRUGG5%:J bXHUVWVHOWHQ)HLQJHW|QWIDVWYRU]JOLFK
&QDHXV 3RPSHLXV 3RPSHLXV -XQLRU lOWHVWHU 6RKQ YRQ 3RPSHLXV 0DJQXV XQG VHLQ %UXGHU 6H[WXV ZXFKVHQ LP
6FKDWWHQGHV5XKPVLKUHV9DWHUVGHVJU|WHQ)HOGKHUUQVHLQHU=HLWDXI'RFKLP.DPSIXPGLH+HUUVFKDIWEHUGLH
5HSXEOLN JHJHQ VHLQHQ IUKHUHQ 9HUEQGHWHQ &DHVDU ZDU 3RPSHLXV JH]ZXQJHQ ,WDOLHQ PLW VHLQHU )DPLOLH ]X
YHUODVVHQXQGZXUGHLQGHU6FKODFKWYRQ3KDUVDOXVY&KUYHUQLFKWHQGJHVFKODJHQ%HVLHJWIORKHQ3RPSHLXVXQG
VHLQH )DPLOLH QDFK bJ\SWHQ %HL LKUHU $QNXQIW LQ bJ\SWHQ ZXUGH 3RPSHLXV MHGRFK DXI %HIHKO GHV lJ\SWLVFKHQ
.|QLJV KHLPWFNLVFK HUPRUGHW XP GDGXUFK HLQHQ ZHLWHUHQ %UJHUNULHJ ]X YHUKLQGHUQ XQG VLFK EHL &DHVDU
HLQ]XVFKPHLFKHOQ
&QDHXVXQG6H[WXVVFKORVVHQVLFKGHP5HVWGHV:LGHUVWDQGVJHJHQ&DHVDULQ$IULNDDQXQGQDFKGHU1LHGHUODJHEHL
7KDSVXVIORKHQGLH%UGHUDXIGLH%DOHDUHQYRQZRVLHPLW/DELHQXVHLQHPHKHPDOLJHQ/HXWQDQW&DHVDUVDXIGDV
VSDQLVFKH)HVWODQGEHUVHW]WHQ
'LHVH 0Q]H GLH ZRKO LQ &RUGXED GHP +DXSWTXDUWLHU GHU SRPSHMDQLVFKHQ 6WUHLWNUlIWH JHSUlJW ZXUGH LVW YROOHU
6\PEROLN 'DV 5HYHUV LVW VR SKDQWDVLHYROO ZLH DOOH 5FNVHLWHQ GHU UHSXEOLNDQLVFKHQ 'HQDUH XQG SURSDJLHUW GLH
$XIQDKPH GHU %UGHU LQ 6SDQLHQ 'DV $YHUV ]HLJW GDV HUVWH VLFKHU GDWLHUEDUH 3RUWUDLW LKUHV YHUVWRUEHQHQ 9DWHUV
3RPSHLXV0DJQXVGHVVHQ(UIROJEHLGHU%HHQGLJXQJGHV6HUWRULDQLVFKHQ.ULHJHVLP-DKUY&KULQ6SDQLHQQRFK
LQ (ULQQHUXQJ JHEOLHEHQ VHLQ GUIWH 'LH /HJHQGH QHQQW &QDHXV 0DJQXV ,PSHUDWRU HLQ +LQZHLV GDUDXI GDVV GLH
$XWRULWlW GLH KLQWHU GHU 3UlJXQJ GLHVHU 0Q]H VWHKW GLH GHV XQJHUHFKW EHKDQGHOWHQ XQG HUPRUGHWHQ 3RPSHLXV
0DJQXVLVWLQGHVVHQ1DPHQGHU:LGHUVWDQGJHJHQ&DHVDUYRQVHLQHP6RKQDXIJHQRPPHQZXUGH
'LHVH0Q]HPXVVHUVWNXU]YRUGHP$XIHLQDQGHUWUHIIHQGHUSRPSHMDQLVFKHQXQGFlVDULVFKHQ$UPHHQDP0lU]
Y&KUJHSUlJWZRUGHQVHLQGLHH[WUHPH6HOWHQKHLWGLHVHV0Q]W\SVVSULFKWIUHLQHEHJUHQ]WH3URGXNWLRQVPHQJH
,QGHU6FKODFKWYRQ0XQGDWUDIHQHWZD0DQQXQWHUGHP.RPPDQGRYRQ&QDHXV6H[WXVXQG/DELHQXVDXI
&DHVDUVNDPSIHUSUREWH9HWHUDQHQWUXSSHYRQ0DQQ'DV(UJHEQLVGHV.DPSIHVZDUHLQHQWVFKHLGHQGHU6LHJ
IU&DHVDU/DELHQXVZXUGH]XVDPPHQPLWHWZDSRPSHMDQLVFKHQ6ROGDWHQJHW|WHWXQGGLH%UGHU&QDHXVXQG
6H[WXVZDUHQHUQHXWJH]ZXQJHQ]XIOLHKHQ&QDHXVZXUGHVFKQHOOJHIDQJHQJHQRPPHQXQGKLQJHULFKWHWDEHU6H[WXV
EHUOHEWHVHLQHQ%UXGHULQ6L]LOLHQIUPHKUDOVHLQ-DKU]HKQW

2:1
651
4&2518),&,86Y&KU
'HQDU VXEDHUDW 0Q]VWlWWH LQ 1RUG$IULFD 8WLFD" )UKMDKU )UKVRPPHU .RSI GHV -XSLWHU
$PPRQOLQNV5Y>4&251@ ± 9),&, ± $9*95,03'HUYHUVFKOHLHUWH4&RUQXILFLXVPLW/LWXXVQOLQNV
VWHKHQGJHNU|QWYRQ-XQR6RVSLWDGLHGDKLQWHUVWHKWXQG6FKLOGXQG6SHHUKlOWDXILKUHU6FKXOWHUHLQH
.UlKH%DE &RUQXILFLD 6\GHQKDP6HDU,PSHUDWRUV&UDZIRUG5%:±J
9RQJU|WHU6HOWHQKHLWXQGHLQHGHUVHOWHQVWHQ3UlJXQJHQGHU5|PLVFKHQ5HSXEOLN
6SHNWDNXOlUHV3RUWUDLW*HIWWHUW IRXUUpH 0DWHULDOIHKOHULP5HYHUVVHKUVFK|Q
$OVHUY&KU]XP6WDWWKDOWHUYRQ$IULFDHUQDQQWZXUGHKDWWH4XLQWXV&RUQXILFLXVEHUHLWVHLQHJOlQ]HQGH.DUULHUH
LQ GHQ 5HJLHUXQJVJHVFKlIWHQ VRZLH DOV 'LFKWHU XQG 5HGQHU KLQWHU VLFK (U ]lKOWH &DWXOO XQG &LFHUR ]X VHLQHQ
)UHXQGHQXQGZDUHLQWUHXHU9HUEQGHWHUYRQ&DHVDULQGHVVHQ.DPSIJHJHQGLH3RPSHMDQHU1DFKGHU(UPRUGXQJ
&DHVDUV VSUDFK VLFK &RUQXILFLXV JHJHQ GLH 7ULXPYLUQ DXV (U VFKOXJ VLFK LP .ULHJ YRQ 0XWLQD
Y&KU DXIGLH6HLWHGHV6HQDWVZHLJHUWHVLFKVLFKYRQ$QWRQLXV .DQGLGDWHQDOV6WDWWKDOWHUDEO|VHQ]XODVVHQ
XQGZXUGHGHVKDOELQGHQ3URVNULSWLRQHQGHU7ULXPYLUQJHQDQQW9RQVHLQHP6WW]SXQNWLQ$IULNDDXVXQWHUVWW]WHHU
6H[WXV 3RPSHLXV XQG HUP|JOLFKWH HV YLHOHQ GLH HEHQIDOOV JHlFKWHW ZRUGHQ ZDUHQ LQ VHLQHP *HELHW =XIOXFKW ]X
VXFKHQ
,P 6RPPHU Y &KU VSLW]WHQ VLFK GLH 6SDQQXQJHQ ]X QDFKGHP HV LP 2NWREHU GHVVHOEHQ -DKUHV LQ 3KLOLSSL ]XP
HQGJOWLJHQ =XVDPPHQVWR ]ZLVFKHQ GHQ .UlIWHQ YRQ 2FWDYLDQ XQG 0DUFXV $QWRQLXV GLH GLH FlVDULVFKH )UDNWLRQ
DQIKUWHQXQGGHQHQGHUÄ%HIUHLHU³%UXWXVXQG&DVVLXVNRPPHQVROOWH&RUQXILFLXV :LGHUVWDQGJHJHQGLH7ULXPYLUQ
ZXUGH LKP EDOG ]XP 9HUKlQJQLV GHQQ Y &KU ZXUGH HU YRQ 7LWXV 6H[WLXV GHP 6WDWWKDOWHU GHU EHQDFKEDUWHQ
$IULFD1RYD GHUQHXHQ3URYLQ] DQJHJULIIHQ'LH7DWVDFKHGDVV&RUQXILFLXVDOV,PSHUDWRUJHIHLHUWZXUGHXQGHLQH
IDV]LQLHUHQGH 0Q]SUlJXQJ PLW VHLQHP 7LWHO KHUVWHOOHQ NRQQWH OlVVW GDUDXI VFKOLHHQ GDVV VHLQH 9HUWHLGLJXQJ
]XQlFKVWHUIROJUHLFKZDUEHYRUHU(QGHGHV-DKUHVLQGHU1lKHYRQ8WLFDEHVLHJWXQGDXIGHP6FKODFKWIHOGJHW|WHW
ZXUGH
:LH GLH EULJHQ VHOWHQHQ 0Q]HQ GLH &RUQXILFLXV LQ GLHVHU =HLW SUlJHQ OLH EH]LHKW VLFK DXFK GLHVHU 7\S DXI GLH
3URYLQ]$IULFD9HWXV'LH9RUGHUVHLWH]HLJW-XSLWHU$PPRQHLQHQV\QNUHWLVWLVFKHQ*RWWGHUGHQU|PLVFKHQ*RWWPLW
HLQHU *RWWKHLW lJ\SWLVFKHQ RGHU OLE\VFKHQ 8UVSUXQJV YHUELQGHW XQG KlXILJ DXI JULHFKLVFKHQ 0Q]HQ GHU .\UHQDLND
XQGDXI%URQ]HQGHUSWROHPlLVFKHQ.|QLJHbJ\SWHQVHUVFKHLQW$XIGHU5FNVHLWHLVW&RUQXILFLXVLP*HZDQGHLQHV
$XJXUHQGDUJHVWHOOW]XGHPHUY&KUYRQ-XOLXV&DHVDUHUQDQQWZRUGHQZDU(UZLUGYRQ-XQR6RVSLWDJHNU|QW
HLQHU *|WWLQ GLH YRU DOOHP LQ GHU 5HJLRQ /DQXYLXP LQ ,WDOLHQ YHUHKUW ZXUGH ZDV DOV +LQZHLV DXI VHLQH
ZDKUVFKHLQOLFKH+HUNXQIWDXVGHU)DPLOLHGHU/DQXYLQHUDQJHVHKHQZHUGHQVROOWH
'DHVDQ6LOEHUPDQJHOWHZXUGHQYLHOHGHU0Q]HQGHV&RUQXILFLXVSODWWLHUW

652 655 656
654
0$7,86%$/%863UDHWRU
%URQ]H 6DUGLQLHQ 8VHOLV" FD 6RQGHUSUlJXQJ GHV 3UDHWRUV IU GHQ 8PODXI LQ GHU
3URYLQ] 0$7,96%$/%9635%DUKlXSWLJHU.RSIGHV0$WLXV%DOEXVOLQNV5Y6$5'3$7(5.RSI
GHV 6DUGXV 3DWHU 6DUGRSXQLVFKH *RWWKHLW PLW +HOP UHFKWV 6SHHU EHU GHU O 6FKXOWHU 61*
&RSHQKDJHQ61*0QFKHQ53&J 6HKUVHOWHQ6HKUVFK|Q
653
0$5&86$1721,86XQG2&7$9,$186
0 %DUEDWLXV TXDHVWRU 'HQDU )UKMDKU6RPPHU +HHUHVP]VW GHV 0DUF $QWRQ LQ .OHLQDVLHQ
(SKHVXV" 0 x $17 x ,03 x $9* x ,,, x 9,5 x 5 x 3 x & x 0 %$5%$7 x 4 x 3 .RSI GHV 0DUF $QWRQ UHFKWV
5Y &$(6$5 x ,03 x 3217 x ,,, x 9,5 x 5 x 3 x & x .RSI GHV 2FWDYLDQXV UHFKWV %DE $QWRQLD &
6\GHQKDP6HDU,PSHUDWRUV&UDZIRUG5%:J 6HOWHQ)DVWYRU]JOLFK
2&7$9,$186
'XSRQGLXVVGLWDOLVFKH0Q]VWlWWH 3DHVWXP" ',9, ).RSIGHV2FWDYLDQUHFKWVLPUHFKWHQ)HOG
6WHUQ 5Y ',926 ,9/,96 LP /RUEHHNUDQ] & 2FWDYLDQ 6\GHQKDP &UDZIRUG 53&
5%:J 6FK|QHKHOOHROLYJUQH3DWLQD$EVFKUIXQJLP5HYHUVVHKUVFK|Q
'HQDULWDOLVFKH0]VW 5RP" .RSIGHV2FWDYLDQDOV$SROOR/HXFDGLXVPLW/RUEHHUNUDQ]UHFKWV
5Y ,03 ± &$(6$5 6WDWXH GHV 2FWDYLDQ PLW 6SHHU XQG 3DUD]RQLXP DXI FROXPQD URVWUDWD &
%0& 5(%1&6HDU,PSHUDWRUV5,&J *HW|QWVHKUVFK|Q
'DV 5HYHUV ]HLJW GDV DQOlVVOLFK GHV 6HHVLHJHV EHL 1DXORFKRV EHU 6H[WXV 3RPSHLXV Y &KU DXI GHP )RUXP
HLQJHZHLKWH6LHJHVPRQXPHQW

657 658 659 660 661
662
5g0,6&+(.$,6(5=(,7
$8*86786YQ&KU
&LVWRSKRU 3HUJDPXP Y &KU ,03 ,; 75 32 9 %DUKlXSWLJHU .RSI UHFKWV 5Y 0$57 ± 9/72
7HPSHOGHV0DUV8OWRUDXIGHP&DSLWRO9LHUVlXOLJHU5XQGWHPSHODXIIQIVWXILJHP3RGLXPLP,QQHUHQ
GHV7HPSHOV)HOG]HLFKHQ&%0& 5(5,&53&J *HW|QWVHKUVFK|Q
'HQDUXQJHVLFKHUWH0]VWLQ+LVSDQLD &RORQLD3DWULFLD" FDY&KU &$(6$5,±$9*9672.RSIPLW
/RUEHHUNUDQ]UHFKWVGDYRUHLQJHULW]WHU35Y63±45 LQGHQ)HOGHUQ 7HWUDVW\OH5XQGWHPSHOIURQWGHV
0DUV 8OWRU LP ,QWHUFROXPQLXP 7ULXPSKZDJHQ &XUUXV 7ULXPSKDOLV Q UHFKWV GDUDXI $TXLOD &
%0& 5(5,&J )HLQJHW|QWJXWHVVHKUVFK|Q VHKUVFK|Q
'HQDUXQJHVLFKHUWH0]VWLQ+LVSDQLD &RORQLD3DWULFLD" FDY&KU%DUKlXSWLJHU.RSIUHFKWV
5Y$9*96796&DSULFRUQPLW)OOKRUQDXIGHP5FNHQUHFKWV]ZLVFKHQVHLQHQ9RUGHUEHLQHQ*OREXV
XQG5XGHU&%0& 5(%1&5,&J )HLQJHW|QWVHKUVFK|Q
'DV&DSULFRUQ 6WHLQERFN ZDUGDV6WHUQ]HLFKHQGHV$XJXVWXV
'HQDU5RPY&KU0Q]PHLVWHU33HWURQLXV7XUSLOLDQXV7953,/,$196,,,9,5)( ± 521'UDSLHUWH
%VWH GHU )HURQLD PLW 'LDGHP XQG 3HUOHQNHWWH UHFKWV 5Y &$(6$5 $9*96796 6,*1 5(&( %lUWLJHU
3DUWKHULQ/DQGHVWUDFKWQUHFKWVNQLHQGLQGHUDXVJHVWUHFNWHQ5HFKWHQ)HOG]HLFKHQKDOWHQGDQGHPHLQ
9H[LOOXPPLWGHU,QVFKULIW;EHIHVWLJWLVW&%0& 5(%1&5,&.WHU6IJ
)HLQVWH7|QXQJ.UDW]HUVHKUVFK|Q
'LH YRQ&UDVVXVY&KUDQGLH3DUWKHUYHUORUHQHQ)HOG]HLFKHQKDEHQGLH5|PHUY&KUDXIGLSORPDWLVFKHP
:HJH ]XUFNHUKDOWHQ =XU 'DWLHUXQJ VLHKH .WHU $OH[D =ZLVFKHQ 5HSXEOLN XQG .DLVHU]HLW 'LH 0Q]PHLVWHU
SUlJXQJXQWHU$XJXVWXV%HUOLQ6
'HQDU/XJGXQXPY&KU $9*96796±',9,)%DUKlXSWLJHU.RSIUHFKWV5Y,03;,,$QJUHLIHQGHU
6WLHUQOLQNV&%0& 5(%1&5,&D*LDUGJ *HW|QWVHKUVFK|Q
'HQDU /XJGXQXP FD Y Q &KU &$(6$5 $9*96796 ± ',9, ) 3$7(5 3$75,$( .RSI PLW
/RUEHHUNUDQ] UHFKWV 5Y & / &$(6$5(6 $9*967, ) &26 '(6,* 35,1& ,99(17 &DLXV XQG /XFLXV
&DHVDU PLW /DQ]H XQG 6FKLOG QHEHQHLQDQGHU HQ IDFH VWHKHQG GDUEHU /LWXXV XQG 6LPSXOXP &
5,&%0& 5(%1&*LDUG/\RQJ )HLQJHW|QWVHKUVFK|Q
'XSRQGLXV1HPDXVXVFD ,03',9,)3±3.RSIGHV$XJXVWXVPLW/RUEHHUNUDQ]UHFKWVXQG
GHV$JULSSDPLWFRURQDURVWUDWDOLQNV5Y &2/ ± 1(0.URNRGLOQUHFKWVDQ3DOPEDXPJHNHWWHW&
5,&53&J +EVFKH3DWLQDJXWHVVHKUVFK|Q

663 665 664
'LYXV$XJXVWXV
6HVWHU] 5RP ',92 $9*9672 6 3 4 5 6FKLOG PLW GUHL]HLOLJHU ,QVFKULIW 2% &,9(6 6(5
XPJHEHQ YRQ HLQHP (LFKHQNUDQ] GHU YRQ ]ZHL 6WHLQE|FNHQ DXI .XJHO JHWUDJHQ ZLUG5Y 7, &$(6$5
',9,$9*)$9*9673075327;;;9,,XPJURHV6&LP)HOG&%0& 5( 7LEHULXV %1&
7LEHULXV 5,& 7LEHULXV J 6HKUVFK|Q
$V5RP ',996$9*967963$7(5.RSIGHV$XJXVWXVPLW6WNUOLQNV5Y3529,'(176±&

$OWDU&%0& 5( 7LEHULXV %1& 7LEHULXV 5,& 7LEHULXV J 6HKUVFK|Q
7,%(5,86
'HQDU /XJGXQXP 7, &$(6$5 ',9, ± $9* ) $9*96796 .RSI PLW /RUEHHUNUDQ] UHFKWV
5Y3217,)±0$;,0:HLEOLFKH*HVWDOW /LYLDDOV3D[RGHU-XVWLFLD" PLW=ZHLJXQG=HSWHUDXI7KURQ
EHU HLQIDFKHU %RGHQOLQLH Q UHFKWV VLW]HQG & 5,& %0&5( %1& *LDUG /\RQ
J )HLQJHW|QWIDVWYRU]JOLFK
666 667
*(50$1,&869DWHUGHV&DOLJXOD
$V5RPXQWHU&DOLJXOD *(50$1,&96&$(6$57,$9*967)',9,$9*1%DUKlXSWLJHU.RSI
OLQNV5Y&&$(6$5$9**(50$1,&96321075327XPJURHV6&&%0& 5( &DOLJXOD
%1& &DOLJXOD 5,& &DOLJXOD J 9RU]JOLFK
$V 5RP XQWHU &ODXGLXV JHSUlJW *(50@1,&96 &$(6$5 7, $9* ) ',9, $9* 1 %DUKlXSWLJHU
.RSIUHFKWV5Y7,&/$9',96&$(6$5$9**(5030753,0333XPJURHV6&&%0& 5(
%1& &ODXGLXV 5,& &ODXGLXV J 9RU]JOLFK

668
&/$8',86,
6HVWHU] 5RP 7, &/$9',96 &$(6$5 $9* 3 0 75 3 ,03 .RSI PLW /RUEHHUNUDQ] UHFKWV
5Y 1(52 &/$9',96 '59696 *(50$1 ,03 6 ± & 7ULXPSKERJHQ GDUDXI 5HLWHUVWDWXH GHV 1HUR
'UXVXV9DWHUGHV&ODXGLXVPLW6SHHUQUHFKWV]ZLVFKHQ]ZHL7URSDLD&%0& 5(%1&
5,&Y.DHQHO7\SJ 6HOWHQ)HLQHV3RUWUDLW9RU]JOLFK
669
6HVWHU] 5RP 7, &/$9',96 &$(6$5 $9* 3 0 75 3 ,03 3 3 .RSI PLW /RUEHHUNUDQ] UHFKWV
5Y63(6$9*967$6&6SHVPLW%OWHLQGHUOHLFKWHUKREHQHQ5HFKWHQQOLQNVVFKUHLWHQGXQGPLWGHU
/LQNHQLKU*HZDQGDQKHEHQG&%0& 5(%1&5,&Y.DHQHO7\SJ
6FK|QHEUDXQJUQH3DWLQDYRU]JOLFK
671 672
670
$V5RP7,&/$9',96&$(6$5$9*30753,0333%DUKlXSWLJHU.RSIOLQNV5Y/,%(57$6
$9*967$ 6 ± & /LEHUWDV LP ODQJHQ *HZDQG HQ IDFH VWHKHQG GHQ .RSI Q UHFKWV JHZDQGW LQ GHU
5HFKWHQ 3LOHXV KDOWHQG GHU OLQNH 8QWHUDUP DXVJHVWUHFNW & 5,& %0& 5( %1& Y
.DHQHOJ *XWHVYRU]JOLFK
'HQDU/XJGXQXP7,&/$9'&$(6$5$9*30753,,,,.RSIPLW/RUEHHUNUDQ]UHFKWV5Y3$&,
±$9*967$(*HIOJHOWH3D[1HPHQVLVPLW&DGXFHXVQUHFKWVVWHKHQGYRULKU6FKODQJH&5,&
%1&*LDUG/\RQJ 6HOWHQ*HW|QW.UDW]HUIDVWVHKUVFK|Q
1(52
$XUHXV 5RP 1(52 &$(6$5 ± $9*96796 .RSI PLW /RUEHHUNUDQ] UHFKWV 5Y ,933,7(5
±&96726-XSLWHUPLW%OLW]EQGHOXQG=HSWHUDXI7KURQQOLQNVVLW]HQG&%0& 5(%1&
5,&&DOLFyJ 6HKUVFK|Q

673 674 675 676
'HQDU 5RP 1(52 &$(6$5 ± $9*96796 .RSI PLW /RUEHHUNUDQ] UHFKWV 5Y 520$ LP
$EVFKQLWW 5RPDDXI%UXVWSDQ]HUQOLQNVVLW]HQG9LFWRULDDXIGHUDXVJHVWUHFNWHQ5HFKWHQGLH/LQNHDQ
5XQGVFKLOGDQOHKQHQG&:&1%1&5,&J 6HKUVFK|Q
6HPLV5RP 1(52&$(6$5±$9*,03.RSIPLW/RUEHHUNUDQ]UHFKWV5Y&(5749,1±4520
&21 6& 5HFKWHFNLJHU 3UHLVWLVFK GDUDXI 8UQH XQG 3UHLVNUDQ] & 5,& $YHUV XQG
5HYHUV J 6HKUVFK|Q
4XDGUDQV 5RP 1(52 &/$9 ± &$( $9* (XOH PLW DXVJHEUHLWHWHQ 6FKZLQJHQ DXI $OWDU VWHKHQG
5Y*(53075±3,03336±&/RUEHHU]ZHLJ&5,&J )DVWYRU]JOLFK
4XDGUDQV 5RP 1(52 &/$9 ± &$( $9* (XOH PLW DXVJHEUHLWHWHQ 6FKZLQJHQ DXI $OWDU VWHKHQG
5Y30753±,03336±&/RUEHHU]ZHLJ&5,&J )DVWYRU]JOLFK
677
6HVWHU] /XJGXQXP 1(52 &/$9' &$(6$5 $9* *(5 3 0 75 3 ,03 3 3 .RSI PLW /RUEHHUNUDQ]
UHFKWVDP+DOVDEVFKQLWW*OREXV5Y520$ LP$EVFKQLWW 6±&5RPDPLW9LFWRULDDXIGHU5HFKWHQ
XQG3DUD]RQLXPLQGHU/LQNHQDXI%UXVWSDQ]HUQOLQNVVLW]HQGGDKLQWHUGUHL6FKLOGH&%0& 5(
:&1%1&*LDUG/\RQ5,&J %UHLWHV([HPSODUYRU]JOLFK
678
6HVWHU] /XJGXQXP 1(52 &/$9' &$(6$5 $9* *(5 3 0 75 3 ,03 3 3 .RSI PLW /RUEHHUNUDQ]
OLQNVDP+DOVDEVFKQLWW*OREXV5Y 3$&( 3 5 7(55$ 0$5,43$57$,$190&/96,76±&7HPSHO
GHV -DQXV PLW JHVFKORVVHQHQ 7RUHQ & %0& 5( :&1 %1& ± YJO .RSI UHFKWV
*LDUG/\RQ5,&J %UHLWHV([HPSODUYRU]JOLFK

679 680
9,7(//,86-DQ'H]HPEHU
'HQDU5RP(QGH$SULO 'H]HPEHU$9,7(//,96*(50$1,03753.RSIPLW/RUEHHUNUDQ]UHFKWV
5Y 6$&5 )$& ± ;9 9,5 4XLQGHFLP YLUL VDFULV IDFLXQGLV 'UHLIX PLW /|ZHQIVVHQ .HVVHO XQG
KDOEUXQGHP'HFNHOGDUDXI'HOSKLQQUHFKWVXQWHQDXIGHU4XHUVWUHEH5DEHQUHFKWVVWHKHQG&
%0& 5(%1&5,&J 9RU]JOLFK
'UHLIX XQG 'HOSKLQ VLQG DOV 6\PEROH GHV 3ULHVWHUWXPV GHU 4XLQGHFLPYLUL ]X VHKHQ 'LH 4XLQGHFLPYLUL VDFULV
IDFLXQGL ZDUHQ GLH +WHU GHU VLE\OOLQLVFKHQ %FKHU 'DV 0Q]ELOG YHUZHLVW DXI $SROOR DOV 6HKHUJRWW :LH LQ GHU
)UK]HLWGHV3ULQ]LSDWVGDV$XJXUHQV\PERO /LWXXV DXIGDV$XJXULXP$XJXVWXPKLQZHLVWGDVGLH+HUUVFKDIWGHU
-XOLHU J|WWOLFK OHJLWLPLHUW KDWWH VR GUIWH KLHU GDV =HLFKHQ GHU 4XLQGHFLPYLUL +LQZHLV DXI GLH (UIOOXQJ YRQ
9HUKHLVVXQJHQVHLQGLHHLQHQHXH+HUUVFKHUG\QDVWLHDQNQGLJHQ
9(63$6,$186
'HQDU 5RP ,03 &$(6$5 9(63$6,$196 $9* .RSI PLW /RUEHHUNUDQ] UHFKWV 5Y ,9'$($
9HUVFKOHLHUWHWUDXHUQGH,XGDHDQUHFKWVVLW]HQGGDKLQWHU7URSDHXPDXVYHUVFKLHGHQHQ:DIIHQ&
%0& 5(%1&5,&,,ðJ )DVWYRU]JOLFK
681 682 683
6HVWHU] 5RP ,03 &$(6 9(63$6,$1 $9* 3 0 75 3 3 3 &26 ,,, .RSI PLW /RUEHHUNUDQ] UHFKWV
5Y ,9'$($ ± &$37$ 6 & LP $EVFKQLWW 7UDXHUQGH -XGDHD DXI %UXVWSDQ]HU Q UHFKWV VLW]HQG OLQNV
MGLVFKHU *HIDQJHQHU PLW JHEXQGHQHQ +lQGHQ Q UHFKWV VWHKHQG GD]ZLVFKHQ 3DOPH LP +LQWHUJUXQG
UHFKWVXQGOLQNV6FKLOGH&%0& 5(±%1&5,&,,ðJ 6HOWHQ)DVWYRU]JOLFK
6HVWHU]5RP ,03&$(69(63$6$9*3075333&26,,,.RSIPLW/RUEHHUNUDQ]UHFKWV5Y3$;

$9*967, 6 ± & 3D[ PLW =ZHLJ LQ GHU 5HFKWHQ XQG )OOKRUQ LP OLQNHQ $UP Q OLQNV VWHKHQG &
%0& 5(%1&5,&,,ðJ /HLFKWJHJOlWWHWYRU]JOLFK
6HVWHU] 5RP ,03 &$(6 9(63$6,$1 $9* 3 0 75 3 3 3 &26 ,,, .RSI PLW /RUEHHUNUDQ] UHFKWV
5Y6 ± &6SHVPLW%OWHLQGHUDXVJHVWUHFNWHQ5HFKWHQQOLQNVVFKUHLWHQGPLWGHU/LQNHQLKU*HZDQG
DQKHEHQG&±%0& 5(±%1&±5,&,,ð±J 8QHGLHUW9RU]JOLFK

684 686
685 688 689
$V5RP ,03&$(69(63$6,$1$9*&26,,,.RSIPLW/RUEHHUNUDQ]UHFKWV5Y6±&9LFWRULDDXI

3URUD Q UHFKWV VWHKHQG .UDQ] XQG 3DOP]ZHLJ KDOWHQG & %0& 5( ± %1& 5,& ,,ð
J 6HOWHQ*XWHVVHKUVFK|Q
'HQDU 5RP ,03 &$(6 9(63 $9* 3 0 &26 ,,,, .RSI PLW /RUEHHUNUDQ] UHFKWV 5Y 9,&725,$ ±
$9*967,9LFWRULDVWHKWPLW3DOP]ZHLJXQG.UDQ]YRU7URSDHXP&%0& 5(%1&5,&,,ð
J *HW|QW6HKUVFK|Q
'XSRQGLXV 5RP ,03 &$(6 9(63$6,$1 $9* &26 ,,,, %VWH PLW 6WNU UHFKWV 5Y )(/,&,7$6
39%/,&$ 6 ± & )HOLFLWDV PLW JHIOJHOWHP &DGXFHXV XQG )OOKRUQ Q OLQNV VWHKHQG& ± %0& 5( ±
%1&± 5,&,,ðJ 6HOWHQ9RQIHLQHP6WLOYRU]JOLFK
687
1,5:1 1,5:1
$XUHXV 5RP ,03 &$(6$5 ± 9(63$6,$196 $9*.RSIPLW/RUEHHUNUDQ]UHFKWV5Y )25791$ ±

$9*967)RUWXQDDXIJLUODQGHQJHVFKPFNWHP$OWDUQOLQNVVWHKHQGLQGHUUHFKWHQ+DQGHLQHQ6WHXHU
UXGHU LQ GHU OLQNHQ HLQ )OOKRUQ KDOWHQG & %0& 5( %1& 5,& ,,ð &DOLFy
J 6HOWHQ*XWHV3RUWUDLW9RU]JOLFK
'LYXV9HVSDVLDQXV
'HQDU 5RP XQWHU 7LWXV ',996 $9*96796 9(63$6,$196 .RSI PLW /RUEHHUNUDQ] UHFKWV
5Y(;6& LP$EVFKQLWW 4XDGULJDPLW:DJHQLQ)RUPHLQHV7HPSHOV 7HQVD GLH6HLWHJHVFKPFNW
PLW ]ZHL )LJXUHQ GLH )URQWVHLWH PLW HLQHU *LUODQGH GDUEHU HLQ *LHEHO PLW 4XDGULJD ]ZLVFKHQ ]ZHL
9LFWRULHQ&%0& 5(%1&5,&,,ðJ 6HKUVFK|Q
7,786
'HQDU5RP ,037,796&$(69(63$6,$1$9*30.RSIPLW/RUEHHUNUDQ]UHFKWV5Y7539,,,,
,03 ;,,,, &26 9,, 3 3 &DSULFRUQ 6WHLQERFN Q OLQNV GDUXQWHU *OREXV & %0& 5( %1&
5,&J *HW|QW$EVFKUIXQJLP5HYHUVJXWHVVHKUVFK|Q

690
6HVWHU] 5RP ,03 7 &$(6 9(63 $9* 3 0 75 3 3 3 &26 9,,, .RSI PLW /RUEHHUNUDQ] OLQNV
5Y,9'±&$36& LP$EVFKQLWW 7UDXHUQGH-XGDHDEHU+HOP/DQJVFKLOGXQGRYDOHP6FKLOGQOLQNV
VLW]HQG XQG GHQ .RSI PLW GHP UHFKWHQ $UP VWW]HQG UHFKWV MGLVFKHU *HIDQJHQHU PLW JHIHVVHOWHQ
+lQGHQ XQG ]XUFNJHZDQGWHP .RSI Q UHFKWV VWHKHQG GD]ZLVFKHQ 3DOPH UHFKWV LP )HOG /DQJVFKLOG
XQG+HOP& )U %0& 5(%1&5,&,,ðJ 6HKUVHOWHQ)DVWYRU]JOLFK
'LHVHUZXQGHUVFK|QH-XGDHD&DSWD6HVWHU]ZXUGHQ&KUJHSUlJW]HKQ-DKUHQDFKGHPIODYLVFKHQ6LHJEHU
-XGDHD XQG LP VHOEHQ -DKU LQGHPGDV.RORVVHXPLQ5RPIHUWLJJHVWHOOWZXUGH'LHVH0Q]HZXUGHRIIHQVLFKWOLFK
]XP *HGHQNHQ DQ GHQ 6LHJ DXVJHJHEHQ GHU PLW GHU %HXWH DXV GHP MGLVFKHQ 7HPSHO GLH 0LWWHO IU GHQ %DX GHV
EHUKPWHQ$PSKLWKHDWHUVOLHIHUWH
691 692 693 694
$V5RP ,037&$(69( ± 63$9*30753&269,,,.RSIPLW/RUEHHUNUDQ]OLQNV5Y6±&6SHV

PLW%OWHLQGHUDXVJHVWUHFNWHQ5HFKWHQQOLQNVVFKUHLWHQGPLWGHU/LQNHQLKU*HZDQGDQKHEHQG&
%0& 5(%1&5,&,,ðJ 6FK|QHURWEUDXQH3DWLQDYRU]JOLFK
'20,7,$186&DHVDU
'HQDU 5RP &$(6$5 $9* ) ± '20,7,$196 .RSI PLW /RUEHHUNUDQ] UHFKWV 5Y &26 9 LP
$EVFKQLWW %HKHOPWHU5HLWHUQUHFKWVJDORSSLHUHQGGLH5HFKWHHUKREHQ&%0& 5(%1&
5,&,,ð 9HVSDVLDQ J 6HKUVFK|Q
'20,7,$186
$V 5RP ,03 &$(6 '20,7,$1 $9* *(50 &26 ;, .RSI PLW /RUEHHUNUDQ] XQG $HJLV UHFKWV
5Y6$/97,$9*967,6±&$OWDU&%0& 5(%1&5,&,,ðJ 9RU]JOLFK
$V 5RP ,03 &$(6 '20,7,$1 $9* *(50 &26 ;, .RSI PLW /RUEHHUNUDQ] XQG $HJLV UHFKWV
5Y9,5797,±$9*967,6±&9LUWXVPLW6SHHUXQG3DUD]RQLXPQOLQNVVWHKHQG& ±%0& 5(
%1&±5,&,,ðJ 6HOWHQ9RU]JOLFK

699
695
696 697 698
$V 5RP 6HSW'H]HPEHU ,03 &$(6 '20,7 $9* *(50 3 0 75 3 9,,, &(16 >3(5 3 3@.RSIPLW
/RUEHHUNUDQ]UHFKWV5Y&26;,,,±/9'6$(&)(&6&.DLVHULQ7RJDQOLQNVVWHKHQGXQGDXV3DWHUD
EHU $OWDU RSIHUQG LKP JHJHQEHU $XORV XQG .LWKDUDVSLHOHU KLQWHUHLQDQGHU VWHKHQG LP +LQWHUJUXQG
VHFKVVlXOLJHU7HPSHO%DXWHQ5RPV 7HPSHOGHV-XSLWHU2SWLPXV0D[LPXVDXIGHP&DSLWRO &
%0& 5(%1&5,&,,ðJ 6HKUVFK|Q
4XDGUDQV 5RP ,03 '20,7 ± $9* *(50 'UDSLHUWH %VWH GHU 0LQHUYD PLW +HOP UHFKWV
5Y6 ± &2OLYHQ]ZHLJ&%0&%1&5,&,,ðJ 6HKUVFK|QIDVWYRU]JOLFK
4XDGUDQV 5RP 5KLQR]HURV Q OLQNV VFKUHLWHQG 5Y ,03 '20,7 $9* *(50 XP 6 & &
%0&%1&5,&,,ðJ 6HKUVFK|Q
6HPLV 5RP ,03 '20,7 $9* *(50 &26 ;9 'UDS %VWH GHV $SROOR PLW /RUEHHUNUDQ]
UHFKWVGDYRU=ZHLJ5Y6 & LP$EVFKQLWW 5DEHDXI/RUEHHU]ZHLJQUHFKWVVWHKHQG&%0&
%1&5,&,,ðJ 6HKUVFK|Q
$V5RP ,03&$(6'20,7$9**(50&26;9,&(163(533.RSIPLW/RUEHHUNUDQ]UHFKWV

5Y021(7$±$9*967,6±&0RQHWDPLW:DDJHXQG)OOKRUQQOLQNVVWHKHQG&%0& 5(
%1&5,&,,ðJ 9RU]JOLFK
700
701 701
1(59$
'HQDU 5RP ,03 1(59$ &$(6 $9* 3 0 75 327 ,, .RSI PLW /RUEHHUNUDQ] UHFKWV 5Y &26 ,,,
3$7(53$75,$(6LPSXOXP$VSHUJLOOXP&DSLVX/LWXXVQHEHQHLQDQGHU&5,&J 6HKUVFK|Q
75$,$186
6HVWHU] 5RP ,03 &$(6 1(59$ 75$,$1 ± $9* *(50 3 0 .RSI PLW /RUEHHUNUDQ] UHFKWV
5Y75327±&26,,336&3D[PLW=ZHLJXQG=HSWHUQOLQNVVLW]HQG&%0& 5(%1&
5,&:R\WHN 0,5DJ 9RU]JOLFKHV([HPSODU

706
702 707
708
703
704 705
$V5RP ,03&$(61(59$75$,$ ± 1$9**(5030.RSIPLW/RUEHHUNUDQ]UHFKWV$HJLVDQ

GHUO6FKXOWHU5Y75 327±&26,,336±&9LFWRULDQOLQNVVFKZHEHQG&OLSHXVPLWGHU$XIVFKULIW
63 45KDOWHQG&%0& 5(%1&5,&:R\WHN 0,5FJ 9RU]JOLFK
4XDGUDQV %HUJZHUNVSUlJXQJ 5RP FD ,03 &$(6 1(59$ 75$,$1 $9* *(50 .RSI PLW
/RUEHHUNUDQ] UHFKWV 5Y '$5'$1,&, :HLEOLFKH *HVWDOW PLW =ZHLJ Q OLQNV VWHKHQG & 5,&
:R\WHNJ 6HKUVFK|Q
6HPLV5RPFD,03&$(61(59$±75$,$1$9*.RSIPLW/RUEHHUNUDQ]UHFKWVO6FKXOWHU
GUDSLHUW 5Y 6& LP $EVFKQLWW 6WDWXH GHV +HUFXOHV DXI %DVLV HQ IDFH VWHKHQG GHQ .RSI Q UHFKWV
JHZDQGW LQ GHU JHVHQNWHQ 5HFKWHQ .HXOH LQ GHU /LQNHQ bSIHO EHU GHQ O $UP /|ZHQIHOO KDOWHQG
&5,&:R\WHN 0,5EJ 6HOWHQ6HKUVFK|Q
6HPLV5RPQDFKFD ,03&$(61(59$75$,$1$9*.RSIPLW/RUEHHUNUDQ]UHFKWVO6FKXOWHU
GUDSLHUW 5Y 6& LP $EVFKQLWW :|OILQ DXI %RGHQOLQLH Q OLQNV VWHKHQG & 5,& FRUU
1RPLQDO :R\WHN 0,5EJ 6HOWHQ(WZDVNRUUIDVWYRU]JOLFK
6HVWHU]5RPFD ,03&$(61(59$(75$,$12$9**(5'$&30753&26933%VWH
PLW/RUEHHUNUDQ]UHFKWVO6FKXOWHUGUDSLHUW5Y6345237,0235,1&,3,6±&7UDXHUQGH'DFLDVLW]W
DXI :DIIHQKDXIHQ YRU 7URSDHXP & YDU %0& 5( %1& 5,& YDU %VWH
0,5 E&J 9RU]JOLFK
$V 5RP ,03 &$(6 1(59$( 75$,$12 $9* *(5 '$& 3 0 75 3 &26 9 3 3 .RSI PLW
/RUEHHUNUDQ] UHFKWV 'UDSLHUXQJ DQ GHU O 6FKXOWHU 5Y 6345 237,02 ± 35,1&,3, 6 ± & 5RPD PLW
9LFWRULD XQG 6SHHU Q OLQNV VWHKHQG & %0& 5( %1& 5,& :R\WHN 0,5 E
J *OlQ]HQGHGXQNHOJUQH3DWLQD9RU]JOLFK
6HVWHU]5RP ,03&$(61(575$,$12237,02$9**(5'$&3$57+,&230753&269,33
'UDSLHUWH%VWHPLW/RUEHHUNUDQ]UHFKWV5Y5(;3$57+,6'$7966&7UDMDQVLW]WLQ0LOLWlUWUDFKWDXI
VHOOD FDVWUHQVLV DXI 3RGLXP KLQWHU LKP HLQ 2IIL]LHU VHW]W 3DUWKHUN|QLJ 3DUWKDPDVSDWHV GDV .|QLJV
GLDGHPDXIGDYRU3HUVRQLILNDWLRQGHU3DUWKLD&5,&%1&:R\WHN 0,5J
9RU]JOLFK

709 711 712
713
710
6HPLV 5RP IU 6\ULHQ ,03 &$(6 1(5 75$,$12 237,0 $9* *(50 'UDS %VWH PLW 6WNU
UHFKWV5Y'$&3$57+,&23075327;;&269,33.UDQ]GDULQ6 & &YDU5,&0F$OHH
:R\WHN 0,5YJ +EVFKH6DQGSDWLQDVHKUVFK|Q
+$'5,$186
6HVWHU] ,03 &$(6$5 75$,$196 +$'5,$196 $9* %VWH PLW /RUEHHUNUDQ] UHFKWV O 6FKXOWHU
GUDSLHUW5Y32170$;7 ± 5327&26,,,6±&)HOLFLWDVPLW&DGXFHXVXQG)OOKRUQHQIDFHVWHKHQG
.RSIQOLQNVJHZDQGW&%0& 5(5,&,,J 9RU]JOLFKHV([HPSODU
6HPLV5RPIU6\ULHQFD +$'5,$196±$9*96796'UDS3DQ]HUEVWHPLW/RUEHHUNUDQ]

UHFKWV5Y&26±,,,6&/\UD&5,&5,&,,J 6HKUVFK|Q
6HPLV5RPIU6\ULHQFD +$'5,$196±$9*96796'UDS3DQ]HUEVWHPLW/RUEHHUNUDQ]

UHFKWV 5Y &26 ± ,,, 6& 5RPD PLW 9LFWRULD XQG 6SHHU DXI %UXVWSDQ]HU Q OLQNV VLW]HQG &
5,&5,&,,J )DVWYRU]JOLFK
'XSRQGLXV5RP+$'5,$196±$9*9679633%VWHPLW6WNUUHFKWV5Y+,/$5, ± 7$635

6 ± & LP $EVFKQLWW &26 ,,, +LODULWDV PLW 3DOP]ZHLJ XQG )OOKRUQ ]ZLVFKHQ ]ZHL .LQGHUQ Q OLQNV
VWHKHQG&5,&5,&,,J *XWHVVHKUVFK|Q
715
714
6HVWHU]5RP+$'5,$196±$9*96796%VWHPLW/RUEHHUNUDQ]UHFKWV5Y)(/,&,7$7,$9*
6±&&26,,,33*DOHHUHPLW6WDQGDUWH6WHXHUPDQQXQGVHFKV5XGHUHUQDXI:HOOHQQOLQNVIDKUHQG
&%0& 5(5,&5,&,,J 6FK|QHURWEUDXQH3DWLQDYRU]JOLFK
$V 5RP +$'5,$196 ± $9*96796 'UDSLHUWH 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV
5Y)(/,&,7$7,$9*6±&&26,,,33*DOHHUHPLW6WDQGDUWH6WHXHUPDQQ +RUWDWRU XQGVHFKV5XGHUHUQ
DXI:HOOHQQOLQNVIDKUHQGDP%XJ0DVWPLW6HJHO&5,&,,J 6HKUVFK|Q

717 716 718 719 720
+$'5,$186
'XSRQGLXVRGHU$V5RP +$'5,$196±$9*96796'UDSLHUWH%VWHPLW/RUEHHUNUDQ]OLQNV
5Y,967,7,$$9*±&26,,,336&-XVWLWLDPLW3DWHUDXQG=HSWHUQOLQNVWKURQHQG&%0& 5(
YDU5,&5,&,,J 6HOWHQ)DVWYRU]JOLFK
$(/,86&DHVDU
6HVWHU]5RP/$(/,96±&$(6$5%DUKlXSWLJHU.RSIUHFKWV5Y75±327±&26±,,3$112 ± 1,$
6±&3DQQRQLDHQIDFHVWHKHQG.RSIQUHFKWVJHZDQGWLQGHU5HFKWHQ9H[LOOXPKDOWHQGXQGPLWGHU
/LQNHQ*HZDQGEDXVFKDQKHEHQG&5,& +DGULDQ 5,&,,J 6HKUVFK|Q
$1721,1863,86
'HQDU ,037$(/&$(6+$'5,±$1721,196.RSIPLW/RUEHHUNUDQ]UHFKWV5Y$9*3,9630
753&26'(6,,$HTXLWDVPLW:DDJHXQG)OOKRUQQOLQNVVWHKHQG&± FIGRUWEDUKlXSWLJ 5,&±
FI %0& 5(± FI +LOOJ 6HOWHQH9DULDQWH9RU]JOLFK
(UZRUEHQLQ0QFKHQLQGHQIUKHQHUQ
'XSRQGLXV 5RP $1721,196 $9* 3, ± 96 3 3 75 3 &26 ,,, .RSI PLW 6WNU UHFKWV 5Y *(1,2
6(1$7966±&*HQLXVGHV6HQDWVPLW=ZHLJXQG=HSWHUQOLQNVVWHKHQG&%0& 5(5,&
DJ )DVWYRU]JOLFK
6HVWHU]5RP $1721,196$9*±3,9633753.RSIPLW/RUEHHUNUDQ]UHFKWV5Y& ± 26±,,,±,
3$; ± $9* 6 ± & 3D[ PLW )OOKRUQ Q OLQNV VWHKHQG XQG PLW HLQHU )DFNHO :DIIHQ LQ %UDQG VHW]HQG
&YDU%0& 5(5,&J 9RU]JOLFK
721 722
$V5RP $1721,196$9*3, ± 9633753&26,,,,.RSIPLW/RUEHHUNUDQ]UHFKWV5Y6345

237,0235,1&,3,6 &LQYLHU=HLOHQXQGLP/RUEHHUNUDQ]&%0& 5(5,&DJ
)DVWYRU]JOLFK
$V5RP$1721,196$9*±3,9633753;,.RSIPLW/RUEHHUNUDQ]UHFKWV5Y35,0,'(&(1
1$/(6&26,,,,6&LQ(LFKHQNUDQ]&%0& 5(5,&DJ 6HKUVFK|Q

723 724 725 726 727
728 729 730
'HQDU5RP$1721,196$9*±3,9633753;;,,.RSIPLW/RUEHHUNUDQ]UHFKWV5Y&26±
,,,, =ZHLVlXOLJH $HGLFXOD PLW 5XQGERJHQ XQG 9LFWRULHQ DOV (FNDNURWHULHQ GDULQ 6WDQGELOG GHV
$QWRQLQXVPLW=ZHLJXQG=HSWHUDXI5XQGEDVLV&5,&J 6HKUVFK|Q
'LYXV$QWRQLQXV
'HQDU5RP ',996±$1721,196%DUKlXSWLJHU.RSIUHFKWV5Y&216(&5$7,2$GOHUQUHFKWV
DXIPLW*LUODQGHQJHVFKPFNWHP$OWDU&%0& 5(5,&J )DVWYRU]JOLFK
$QRQ\PH3UlJXQJHQ=HLWGHV$QWRQLQXV3LXV
6HPLV5RP3DQ]HUEVWHGHV0DUVPLW+HOPUHFKWV5Y6 ± &%UXVWSDQ]HUPLW3WHU\JHVHQIDFH&I
5,& ,, YDQ +HHVFK 6WXGLH RYHU GH 6HPLV HQ GH 4XDGUDQV YDQ 'RPLWLDQXV WRW HQ PHW
$QWRQLQXV3LXV 1U:HLJHO)LJJ *XWHV3RUWUDLW)DVWYRU]JOLFK
4XDGUDQV 5RP 'UDSLHUWH %VWH GHU 9HQXV PLW 6WHSKDQH UHFKWV 5Y 6 ± & 7DXEH Q UHFKWV VWHKHQG
&5,&,,YDQ+HHVFKRSFLW1UJ 6HKUVFK|Q
4XDGUDQV5RP'UDSLHUWH%VWHGHU0LQHUYDPLW+HOPUHFKWV5Y6±& LP$EVFKQLWW (XOHQUHFKWV

VWHKHQG.RSIIURQWDO&5,&,,YDQ+HHVFKRSFLW1UJ 6HKUVFK|Q
4XDGUDQV 5RP %lUWLJHU .RSI GHV 7LEHU PLW 6FKLOINUDQ] UHFKWV 5Y 6 ± & LP$EVFKQLWW 'LH:|OILQ
Q UHFKWV VWHKHQG XQG GLH =ZLOOLQJH VlXJHQG & 5,& ,, YDQ +HHVFK RS FLW 1U
J 6HOWHQ6HKUVFK|Q
0HWDOOD3UlJXQJHQ
6HPLV %HUJZHUNVSUlJXQJ XQJHVLFKHUWH0]VW=HLWGHV$QWRQLQXV3LXV 52 ± 0$'UDS%VWHGHU
5RPDPLWDWWLVFKHP+HOPUHFKWV5Y '$5'$ ± 1,&,ZHLEOLFKH*HVWDOWQOLQNVVWHKHQG]ZHLbKUHQLQ
GHU JHVHQNWHQ 5HFKWHQ KDOWHQG & %0& +DGULDQ 5,& +DGULDQ :R\WHN
1=*UXSSH9,$QPJ 6HOWHQ6HKUVFK|Q
=XGHU'DWLHUXQJGHUDQRQ\PHQ%HUJZHUNPQ]HQXQWHU$QWRQLQXV3LXVVLHKH-YDQ+HHVFK6WXGLHRYHUGH6HPLVHQ
GH 4XDGUDQV YDQ 'RPLWLDQXV WRW HQ PHW $QWRQLQXV 3LXV 6 % :R\WHN 'LH 0HWDOOD3UlJXQJ GHV
.DLVHUV7UDLDQXQGVHLQHU1DFKIROJHU1=6$QP
6HPLV %HUJZHUNVSUlJXQJ XQJHVLFKHUWH 0]VW =HLW GHV $QWRQLQXV 3LXV 'UDS %VWH GHV $SROOR
UHFKWV 5Y 0(7$/ $95(/,$ 1,6 GUHL]HLOLJ LP .UDQ] & +DGULDQ 5,& 0DUF $XUHO
:R\WHN1=*UXSSH9,,,$QPJ 6HKUVHOWHQ6HKUVFK|Q

731 732 734 736
735
6HPLV %HUJZHUNVSUlJXQJ XQJHVLFKHUWH 0]VW =HLW GHV $QWRQLQXV 3LXV %HKHOPWHU .RSI GHV 0DUV
UHFKWV 5Y 0(7$/ '(>/0@ %UXVWSDQ]HU 5,& +DGULDQ YDQ +HHVFK RS FLW 1U :R\WHN
1=*UXSSH;,,$QPJ 6HKUVHOWHQ6HKUVFK|Q
4XDGUDQV %HUJZHUNVSUlJXQJ XQJHVLFKHUWH 0]VW =HLW GHV $QWRQLQXV 3LXV %VWH GHU 'LDQD PLW
JHVFKXOWHUWHP .|FKHU UHFKWV 5Y 0(7$/ '(/0 +LUVFK Q OLQNV VWHKHQG 5,& +DGULDQ YDQ
+HHVFKRSFLW1U:R\WHN1=*UXSSH;,,,$QPJ 6HKUVHOWHQ6HKUVFK|Q
733
1,5:1 1,5:1
',9$)$867,1$XQG*$/(5,86$1721,186
%URQ]H $VRGHU'XSRQGLXVPP QDFK " .RLQRQYRQ.\SURV ĬȯǹĭǹȊ±&ȉȯǿȃ'UDSLHUWH
XQG YHUVFKOHLHUWH %VWH GHU 'LYD )DXVWLQD UHFKWV 5Y Ȃ īǹȁȯȇǿȅ௚ ǹȃȉ&ȃǿȃȅ௚ ǹȊȉȅȀȇǹȉȅȇȅ௚
ǹȃȉ&ȃǿȃȅȊȊǿȅ௚'UDSLHUWH%VWHGHV*DOHULXV$QWRQLQXVUHFKWV& *DOHULXV$QWRQLQXVXQG)DXVWLQD
)U 3DUNV%2YHUEHFN0*DOHULXV$QWRQLQXV%9EO 653&,9RQOLQH
WHPSRU\ J bXHUVWVHOWHQXQGP|JOLFKHUZHLVHGDVVFK|QVWHEHNDQQWH([HPSODU
6FK|QHJUQH3DWLQDXQGYRQYRU]JOLFKHU(UKDOWXQJ
'LHVH3URYLQ]DXVJDEHYRQGHUGLH6WHPSHOK|FKVWZDKUVFKHLQOLFKLQ5RPKHUJHVWHOOWZXUGHQLVWGLHHLQ]LJH0Q]H
GLHGHQMXQJHQ*DOHULXVQDPHQWOLFKQHQQW
0$5&86$85(/,86
'HQDU 5RP ,03 0 $1721,196 ± $9* 75 3 ;;9 .RSI PLW /RUEHHUNUDQ] UHFKWV 5Y 35,0,
'(&(11$/(6&26,,,LQ.UDQ]&%0& 5(5,&J 6HKUVFK|Q
$V 5RP 0 $1721,196 ± $9* 75 3 ;;9,, .RSI PLW /RUEHHUNUDQ] UHFKWV 5Y 6(&95,7$6
39%/, ± &$ ,039,&26,,,6±&6HFXULWDVKDOEUHFKWVVWHKHQGVLFKVHOEVWNU|QHQGXQG3DOPHKDOWHQG
&5,&J )DVWYRU]JOLFK
0LW /XFLXV 9HUXV 5HVWLWXWLRQVGHQDU 5RP $1721,96 $9*95 ,,, 9,5 5 3 & *DOHHUH PLW
5XGHUHUQXQG6WHXHUPDQQEHU:HOOHQOLQLHQQOLQNVIDKUHQG5Y$1721,196(79(596$9*5(67
/(*9,/HJLRQVDGOHU]ZLVFKHQ]ZHL6WDQGDUWHQ& 0DUFXV$QWRQLXV %0& 5(5,&0,5
J 6HOWHQ6HKUVFK|Q
'LHVH 3UlJXQJ HKUW GLH /HJLR 9, )HUUDWD GLH QDFK GHU 1LHGHUODJH GHV 0DUF $QWRQ ]XQlFKVW YRQ $XJXVWXV QDFK
6\ULHQ GDQQ QDFK 3DOlVWLQD YHUVHW]W ZRUGHQ ZDU XQG GLH ZDKUVFKHLQOLFK LP 3DUWKHUIHOG]XJ GHV /XFLXV 9HUXV HLQH
5ROOHVSLHOWH

666
667
668
669 679 2:1 677
686
690 710

741 737
742
739 740 738
'LYXV0DUFXV$XUHOLXV
'HQDU5RPJHSUlJWXQWHU&RPPRGXV ',9960>$17 @ ± 21,1963,96%DUKlXSWLJHU.RSIUHFKWV
5Y&216(&5$7,2$GOHUPLWDXVJHEUHLWHWHQ6FKZLQJHQDXI%OLW]EQGHOQUHFKWVVWHKHQG.RSIQOLQNV
JHZDQGW&%0& 5(5,&0,5J *XWHVVHKUVFK|Q
6HVWHU]5RP',9960$1 ± 721,1963,96%DUKlXSWLJHU.RSIUHFKWV5Y&216(&5>$@7,26 ± &

'LYXV0DUFXV$XUHOLXVPLWHUKREHQHU5HFKWHUXQG=HSWHUDXIGHP5FNHQHLQHV$GOHUVPLW%OLW]EQGHO
LQ GHQ .UDOOHQ GHU Q UHFKWV JHQ +LPPHO IOLHJW & %0& 5( 5,& &RPPRGXV 0,5
J 6HOWHQ9RU]JOLFK
)$867,1$-81,25*HPDKOLQGHV0DUF$XUHO
6HVWHU] 5RP )$967,1$ ± $9*967$ PLW +DDUNQRWHQ UHFKWV 5Y ,9121, /9&,1$( 6 ± &
)DXVWLQD DOV -XQR PLW .OHLQNLQG DXI GHP $UP Q OLQNV VWHKHQG VHLWOLFK ]ZHL ZHLWHUH .LQGHU &
%0& 5(5,&J 6HKUVFK|Q
/8&,869(586
$V5RP ,03&$(6/$95(/9(596$9*3DQ]HUEVWHUHFKWV5Y)2575('±753,,,6±&
&26 ,, LP $EVFKQLWW )RUWXQD PLW 6WHXHUUXGHU XQG )OOKRUQ Q OLQNV VLW]HQG & %0& 5(
5,&J )DVWYRU]JOLFK
'HQDU5RP/9(596$9*$50±3$57+0$;.RSIPLW/RUEHHUNUDQ]UHFKWV5Y7539,,03,,,,
&26,,3$;3D[PLW=ZHLJXQG)OOKRUQQOLQNVVWHKHQG&5,&J )DVWYRU]JOLFK
'HQDU5RP /9(596$9*$50±3$57+0$;.RSIPLW/RUEHHUNUDQ]UHFKWV5Y7539,±,03

,,,, &26 ,, 9LFWRULD PLW 3DOP]ZHLJ Q UHFKWV VWHKHQG 6FKLOG PLW GHU ,QVFKULIW 9,& 3$5 DXI 3DOPH
KDOWHQG&%0& 5(5,&J )HLQJHW|QWYRU]JOLFK

743
744 745
746 747 748
'LYXV/XFLXV9HUXV
'HQDU 5RP ',996 9(596 %DUKlXSWLJHU .RSI UHFKWV 5Y &216(&5$7,2 $GOHU PLW ]XUFN
JHZDQGWHP.RSIQUHFKWVVWHKHQG&%0& 5(5,&DJ *XWHVVHKUVFK|Q
/8&,//$*HPDKOLQGHV/XFLXV9HUXV
6HVWHU] 5RP /9&,//$( $9* ± $1721,1, $9* ) 'UDSLHUWH %VWH PLW +DDUNQRWHQ UHFKWV
5Y3,( ± 7$6$9*6 ± &3LHWDVQOLQNVVWHKHQGXQGDQ$OWDURSIHUQG&%0& 5(5,&
0,5J 9RU]JOLFK
6HVWHU] 5RP /9&,//$( $9* ± $1721,1, $9* ) 'UDSLHUWH %VWH PLW +DDUNQRWHQ UHFKWV
5Y 9( ± 196 6 ± &9HQXVPLW$SIHOXQG=HSWHUQOLQNVVWHKHQG&%0& 5(5,&
0,5J *XWHVVHKUVFK|Q
&2002'86&DHVDU$XJXVWXV
6HVWHU]5RP/$95(/&2002'2&$(6$9*),/*(506$50-XJHQGOLFKH3DQ]HUEVWHPLW
3DOXGDPHQWXPUHFKWV5Y63(639%/,&$ 6 ± &6SHVPLW%OWHLQGHUDXVJHVWUHFNWHQ5HFKWHQQOLQNV
VFKUHLWHQG PLW GHU /LQNHQ LKU *HZDQG DQKHEHQG & %0& 5( $XUHOLXV 5,&
$XUHOLXV 0,5J 6HOWHQ%UHLWHU6FKU|WOLQJ9RU]JOLFK
(LQ([HPSODUJ :XQGHUVFK|QHKHOOJUQH3DWLQD6FKU|WOLQJVULVVVHKUVFK|Q
6HVWHU]5RP/$(/$95(/&2± 00$9*3)(/.RSIPLW/RUEHHUNUDQ]UHFKWV5Y30753;9,,
,±03 9,,, &2±6 9,, 3 3 6&5RPDPLW6SHHUQUHFKWVVWHKHQGXQG)LGHVPLW=HSWHUQOLQNVVWHKHQG
UHLFKHQVLFKGLH+DQGGD]ZLVFKHQ6WHUQ&%0& 5(5,&J )DVWYRU]JOLFK

750
749
752
751 753 754
6HVWHU]5RP /$(/$95(/&2 ± 00$9*3)(// VLF .RSIPLW/RUEHHUNUDQ]UHFKWV5Y+(5&±

9/,520$12$9*6±&+HUFXOHVPLW.HXOHXQG/|ZHQIHOOQOLQNVVWHKHQGXQG+DQGDXI7URSDHXP
OHJHQG&5,&6]DLYHUWJ 6HOWHQ*UQH3DWLQDYRU]JOLFK
&5,63,1$*HPDKOLQGHV&RPPRGXV
$V 5RP &5,63,1$ ± $9*967$ 'UDSLHUWH %VWH UHFKWV 5Y ,912 ± /±9&,1$ 6 ± &
9HUVFKOHLHUWH-XQRHQIDFHVWHKHQGGHQ.RSIQOLQNVJHZDQGWLQGHU5HFKWHQ3DWHUDXQGLQGHU/LQNHQ
=HSWHUKDOWHQG&5,&0,5DJ 9RU]JOLFK
3(57,1$;-DQXDU 0lU]
'HQDU 5RP ,03 &$(6 3 +(/9 ± 3(57,1 $9* .RSI PLW /RUEHHUNUDQ] UHFKWV 5Y /$(7,7,$
7( ± 0325 &26 ,, /DHWLWLD PLW .UDQ] XQG =HSWHU Q OLQNV VWHKHQG & )U %0& 5(5,&D
J 6HOWHQ*HW|QWVHKUVFK|Q
&/2',86$/%,186&DHVDU$XJXVWXV
6HVWHU]5RP'&/6(37$/±%,1&$(6%DUKlXSWLJH%VWHUHFKWV'UDSLHUXQJDXIOLQNHU6FKXOWHU
5Y)(/,&,±7$±6&26,,6±&)HOLFLWDVQOLQNVVWHKHQGLQGHU5HFKWHQ&DGXFHXVXQGPLWGHU/LQNHQ
=HSWHUKDOWHQG& )U %0&5(5,& F J *HJOlWWHW VPRRWKHG VRQVWYRU]JOLFK
6(37,0,866(9(586
'HQDU5RP ,03&$(/6(37±6(93(57$9*.RSIPLW/RUEHHUNUDQ]UHFKWV5Y/(*;,,,,*(0
0 9 753 &26 LP $EVFKQLWW /HJLRQVDGOHU Q OLQNV ]ZLVFKHQ ]ZHL 6WDQGDUWHQ & %0& 5(
5,&J 6HOWHQ*XWHVVHKUVFK|Q
'LH/HJLR;,,,,*HPLQDVSLHOWHEHLGHU.DLVHUSURNODPDWLRQGHV6HSWLPLXV6HYHUXVGLHLQ&DUQXQWXPVWDWWIDQGHLQH
EHGHXWHQGH5ROOH
'HQDU(PHVD ,03&$(/6(36(93(57$9*&26,,.RSIPLW/RUEHHUNUDQ]UHFKWV5Y021(7±
$9*0RQHWDPLW:DDJHXQG)OOKRUQQOLQNVVWHKHQG&5,& D%0& 5(J
)DVWYRU]JOLFK

755 762
757 756 758 759 760
6HVWHU] 5RP / 6(37 6(9 3(57 ± $9* ,03 9 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV 5Y 3$57
$5$% 3$57 $',$% &26 ,, 33 6 ± & 7URSDHXP ]ZLVFKHQ ]ZHL *HIDQJHQHQ & %0& 5(
5,&EJ 6HOWHQ6HKUVFK|Q
'HQDU5RP 6(9(5963,96$9*.RSIPLW/RUEHHUNUDQ]UHFKWV5Y9,&725,$($9**9LFWRULD
PLW3HLWVFKHLQ%LJDQUHFKWVIDKUHQG&%0& 5(5,&J 6HKUVFK|Q
'HQDU5RP 6(9(596±3,96$9*%VWHPLW/RUEHHUNUDQ]UHFKWV5Y30753;9,,,&26,,,33
.DLVHUPLW6SHHU]X3IHUGQOLQNVUHLWHWJHIDOOHQHQ)HLQGQLHGHU&5,&J )DVWYRU]JOLFK
'LYXV6HSWLPLXV6HYHUXV
'HQDU5RPJHSUlJWXQWHU&DUDFDOOD ',926(9(523,2%DUKlXSWLJHU.RSIUHFKWV5Y&216(&5$7,2
$GOHU PLW DXVJHEUHLWHWHQ 6FKZLQJHQ DXI *OREXV OHLFKW Q UHFKWV VWHKHQG .RSI ]XUFNJHZDQGW &
%0& 5(5,& &DUDFDOOD &J /HLFKWJHW|QWIDVWYRU]JOLFK
'HQDU5RPJHSUlJWXQWHU&DUDFDOOD ',926(9(523,2%DUKlXSWLJHU.RSIUHFKWV5Y&216(&5$7,2
9LHUVWXILJHU6FKHLWHUKDXIHQREHQ4XDGULJD&%0& 5(5,& &DUDFDOOD )J
6HOWHQ*XWHVVHKUVFK|Q
-8/,$'201$*HPDKOLQGHV6HSW6HYHUXV
'HQDU5RP ,9/,$±$9*967$'UDS%VWHUHFKWV5Y0$7(5±'(90&\EHOHPLW=HSWHUXQG
=ZHLJ]ZLVFKHQ]ZHL/|ZHQQOLQNVVLW]HQG&5,&J )DVWYRU]JOLFK
761
$V5RP ,9/,$±$9*967$'UDS%VWHUHFKWV5Y+, ± /$5,7$66±&+LODULWDVPLW3DOP]ZHLJ
XQG)OOKRUQQOLQNVVWHKHQG&%0& 5(5,&J *OlQ]HQGH3DWLQD9RU]JOLFK
6HVWHU]5RP ,9/,$3,$±)(/,;$9*'UDSLHUWH%VWHUHFKWV5Y0$7$9**0$76(103$75
6 &-XOLD'RPQDPLW=HSWHUXQG/RUEHHU]ZHLJQOLQNVVLW]HQG& )U %0& 5(5,&
J 6HOWHQ)DVWYRU]JOLFK

765
763 767
766 768 769
$V 5RP ,9/,$ 3,$ ± )(/,; $9* 'UDSLHUWH %VWH PLW 'LDGHP UHFKWV 5Y 9 ( 6 ± 7 $ 9LHU
9HVWDOLQQHQRSIHUQLQ%HJOHLWXQJYRQ]ZHL.LQGHUQEHUHLQHP$OWDUYRU5XQGWHPSHOGHU9HVWD&
%0& 5(5,&+LOO0RQXPHQWV6I$EEJ 6HOWHQ6HKUVFK|Q
764
6HVWHU] 5RP XQWHU &DUDFDOOD ,9/,$ 3,$ ± )(/,; $9* 'UDSLHUWH %VWH PLW 6WHSKDQH UHFKWV
5Y/91$/9&,)(5$6&/XQDPLWNOHLQHU0RQGVLFKHOEHUGHP+DXSWXQGKRFKZHKHQGHP6FKOHLHU
LQGHU5HFKWHQ=JHOKDOWHQGLQJDORSSLHUHQGHU%LJDQOLQNVIDKUHQG& )U %0& 5( QRWH
S 5,&J bXHUVWVHOWHQ9RU]JOLFKHV3UDFKWH[HPSODU
&$5$&$//$&DHVDU$XJXVWXV
'HQDU5RP$1721,1963,96$9*%5,7.RSIPLW/RUEHHUNUDQ]UHFKWV5Y/,%(5$/,±7$6$9*
9,/LEHUDOLWDVPLW$EDFXVXQG)OOKRUQQOLQNVVWHKHQG&5,&J )DVWYRU]JOLFK
'HQDU 5RP $1721,196 3,96 $9* %5,7 .RSI PLW /RUEHHUNUDQ] UHFKWV 5Y 352)(&7,2 $9*
.DLVHULQ)HOGWUDFKWPLW6SHHUQUHFKWVVWHKHQGGDKLQWHU6WDQGDUWHQWUlJHU&%0& 5(5,&
J )DVWYRU]JOLFK
$V5RP$1721,1963,96$9**(50.RSIPLW/RUEHHUNUDQ]UHFKWV5Y30753;9,,,&26,,,,
3 3 6 ± & $HVFXODSLXV HQ IDFH VWHKHQG .RSI Q OLQNV 6FKODQJHQVWDE KDOWHQG ]X )HQ *OREXV DOV
VWLOLVLHUWHU2PSKDOORV OLQNV7HOSKRUXV&%0& 5(QRWH5,&DJ 9RU]JOLFK
'HQDU5RP$1721,1963,96$9**(50.RSIPLW/RUEHHUNUDQ]UHFKWV5Y30753;9,,,,&26
,,,,33-XSLWHUPLW%OLW]EQGHOXQG=HSWHUHQIDFHVWHKHQGGHQ.RSIQOLQNVJHZDQGW&5,&D
&%0&5(9SJ )HLQJHW|QWIDVWYRU]JOLFK
3/$87,//$*HPDKOLQGHV&DUDFDOOD
'HQDU 5RP 3/$97,//$ ± $9*967$ 'UDSLHUWH %VWH UHFKWV 5Y 9(196 9,&75,; 9HQXV PLW
$SIHO XQG 3DOP]ZHLJ DXI 6FKLOG JHVWW]W Q OLQNV VWHKHQG ]X LKUHQ )HQ &XSLGR PLW +HOP &
5,&J 6HKUVFK|Q

770 772 771 773 774
775 776 777
*(7$&DHVDU$XJXVWXV
'HQDU5RP 36(37,0,96±*(7$&$(6'UDSLHUWH%VWHUHFKWV5Y3217,)&26,,3ULQ]FDSLWH
YHODWRPLW3DWHUDXQG=HSWHUQOLQNVEHU'UHLIXRSIHUQG&5,&EJ *HW|QWYRU]JOLFK
0$&5,186
$QWRQLQLDQ 5RP 0DL -XQL ,03 & 0 23(/ 6(9 0$&5,196 $9* 3DQ]HUEVWH PLW 6WNU UHFKWV
5Y )(/,&,7$6 7(032590 )HOLFLWDV PLW &DGXFHXV XQG =HSWHU Q OLQNV VWHKHQG & %0& 5(
5,&J *HW|QWVHKUVFK|Q
'HQDU 5RP 0DL $XJ ,03 & 0 23(/ 6(9 0$&5,196 $9* 3DQ]HUEVWH PLW NXU]HP %DUW XQG
/RUEHHUNUDQ]UHFKWV5Y927$39%/30753-XSLWHUPLW%OLW]EQGHOXQG=HSWHUQOLQNVVWHKHQG]X
)HQNOHLQH)LJXUGHV0DFULQXVQUHFKWV&%0& 5(5,&J *HW|QWIDVWYRU]JOLFK
'HQDU 5RP 0DL $XJ ,03 & 0 23(/ 6(9 0$&5,196 $9* 3DQ]HUEVWH PLW NXU]HP %DUW XQG
/RUEHHUNUDQ]UHFKWV5Y6(&95,7$67(0325906HFXULWDVPLWJHNUHX]WHQ%HLQHQDQ6lXOHOHKQHQGQ
OLQNVLQGHU5HFKWHQODQJHV=HSWHU&%0& 5(5,&J 6HKUVFK|Q
',$'80(1,$186&DHVDU
'HQDU 5RP 6HSW )HEUXDU 0 23(/ $17 ',$'90(1,$1 &$(6 'UDSLHUWH %VWH UHFKWV
5Y35,1&,99(1797,6'HU3ULQ]PLW6WDQGDUWHXQG=HSWHUHQIDFHVWHKHQGQUHFKWVEOLFNHQGGDKLQWHU
]ZHL6WDQGDUWHQ&%0& 5(5,&DJ )HLQJHW|QWIDVWYRU]JOLFK
'HQDU 5RP 0lU] -XQL 0 23(/ $17 ',$'90(1,$1 &$(6 'UDSLHUWH %VWH UHFKWV 5Y 63(6
39%/,&$ 6SHV Q OLQNV JHKHQG LQ GHU 5HFKWHQ HLQH %OWH KDOWHQG XQG PLW GHU /LQNHQ LKU *HZDQG
UDIIHQG&%0& 5(5,&DJ *HW|QWJXWHVVHKUVFK|Q
(/$*$%$/86
$QWRQLQLDQ 5RP ,03 &$(6 0 $95 $1721,196 $9* 'UDSLHUWH %VWH PLW 6WNU UHFKWV
5Y 6$/96 $1721,1, $9* 6DOXVQUHFKWVVWHKHQGXQG6FKODQJHLQLKUHQ$UPHQDXV3DWHUDIWWHUQG
&%0& 5(5,&J *HW|QWYRU]JOLFK
'HQDU$QWLRFKLD ,03$1721,196$9*'UDS3DQ]HUEVWHPLW/RUEHHUNUDQ]UHFKWV5Y&2169/
,,33$HTXLWDVPLW:DDJHXQG)OOKRUQQOLQNVVWHKHQG&5,&J *HW|QWYRU]JOLFK

778 779 780 781 782 783
784 785 786
'HQDU5RP ,03$1721 ± ,196$9*'UDSLHUWH3DQ]HUEVWHPLW/RUEHHUNUDQ]UHFKWV5Y3529,'

'(25903URYLGHQWLDPLW6WDEXQG)OOKRUQDXI6lXOHJHVWW]WQOLQNVVWHKHQG]XLKUHQ)HQ*OREXV
&5,&J 'XQNOH7|QXQJ9RU]JOLFK
'HQDU 5RP ,03 $1721,196 3,96 $9* 'UDSLHUWH %VWH PLW /RUEHHUNUDQ] UHFKWV
5Y )25791$( 5('9&, )RUWXQD PLW 5XGHU EHU *OREXV XQG )OOKRUQ Q OLQNV VWHKHQG & YDU
%0& 5(5,&$J /HLFKWLULVLHUHQGH7|QXQJ9RU]JOLFK
5Y $%91'$17,$ $9* $EXQGDQWLD Q OLQNV VWHKHQG XQG )OOKRUQ OHHUHQG LP )HOG O 6WHUQ &
5,&J 'XQNOH7|QXQJ9RU]JOLFK
5Y /,%(57$6 $9* /LEHUWDV PLW 3LOHXV XQG =HSWHU Q OLQNV VWHKHQG LP )HOG UHFKWV 6WHUQ &
5,&J 'XQNOH7|QXQJ9RU]JOLFK
'HQDU 5RP ,03 $1721,196 3,96 $9* /HLFKW ElUWLJH GUDS 3DQ]HUEVWH PLW /RUEHHUNUDQ]
UHFKWV5Y30753,,,,&26,,,33.DLVHUQUHFKWVLQSULHVWHUOLFKHP*HZDQGPLW3DWHUDXQG.HXOHDQ
$OWDURSIHUQGLP)HOGO6WHUQ&5,&E(DX]HJ 9RU]JOLFK
-8/,$3$8/$HUVWH*HPDKOLQGHV(ODJDEDO
'HQDU5RP ,9/,$3$9/$$9*'UDSLHUWH%VWHUHFKWV5Y&21&25',$&RQFRUGLDPLW3DWHUDQ
OLQNVVLW]HQGLP)HOG6WHUQ&%0& 5(5,&J /HLFKWJHW|QWIDVWYRU]JOLFK
-8/,$62$(0,$60XWWHUGHV(ODJDEDO
'HQDU 5RP ,9/,$ 62$(0,$6 $9*'UDSLHUWH%VWHUHFKWV5Y 9(196 &$(/(67,69HQXV
$SIHOXQG=HSWHUKDOWHQGXQGQOLQNVVWHKHQGLP)HOG6WHUQ&5,&J )DVWYRU]JOLFK
-8/,$0$(6$*URPXWWHUGHV(ODJDEDO
'HQDU5RP,9/,$0$(6$$9*'UDSLHUWH%VWHUHFKWV5Y6$(&9/,)(/,&,7$6)HOLFLWDVPLW
&DGXFHXVDQ$OWDUQOLQNVRSIHUQGOLQNVLP)HOG6WHUQ&%0& 5(5,&J
/HLFKWJHW|QWYRU]JOLFK
6(9(586$/(;$1'(5
'HQDU5RP ,03&0$956(9$/(;$1'$9*'UDSLHUWH%VWHPLW/RUEHHUNUDQ]UHFKWV5Y30
7539,&26,,330DUVPLW6SHHUXQGJHVFKXOWHUWHP7URSDHXPQUHFKWVVFKUHLWHQG&%0& 5(
5,&J *HW|QWIDVWYRU]JOLFK

787 788 789 790 791
792 793 794
'HQDU5RP ,03 6(9 $/( ± ;$1' $9*%VWHPLW/RUEHHUNUDQ]UHFKWV5Y30 7539,,&26,,

33.DLVHUDOV5RPXOXVLQ)HOGWUDFKWPLW6SHHUXQGJHVFKXOWHUWHP7URSDHXPQUHFKWVVFKUHLWHQG&
%0& 5(5,&J )HLQH7|QXQJIDVWYRU]JOLFK
'HQDU5RP,03$/(;$1'(53,96$9*%VWHPLW/RUEHHUNUDQ]UHFKWVO6FKXOWHUOHLFKWGUDSLHUW
5Y 3529,'(17,$ $9* $QQRQD PLW bKUHQ XQG )OOKRUQ Q OLQNV VWHKHQG ]X LKUHQ )HQ 0RGLXV
&%0& 5(5,&EJ *HW|QWYRU]JOLFK
'XSRQGLXV5RP ,036(9$/( ± ;$1'(5$9*%VWHPLW6WNUUHFKWV5Y5(67,79 ± 725021
6±& .DLVHULQ)HOGWUDFKWPLWDXVJHVWUHFNWHU5HFKWHUXQG6SHHUQOLQNVVWHKHQG&%0& 5(
5,&J 6HOWHQ6HKUVFK|Q
'LH 5HYHUV/HJHQGH 5(67,79725 021 (7$( ZLUG YHUVWDQGHQ DOV HLQ 9HUVXFK GHV 6HYHUXV $OH[DQGHU GDV
PRQHWlUH 6\VWHP ]X YHUEHVVHUQ (V JLEW LQ GHU +LVWRULD $XJXVWD HLQHQ HQWVSUHFKHQGHQ +LQZHLV 'LH DXIJHVWHOOWH
%HKDXSWXQJVWLPPWMHGRFKQLFKW
25%,$1$*HPDKOLQGHV6HYHUXV$OH[DQGHU
'HQDU 5RP 6$// %$5%,$ ± 25%,$1$ $9*'UDS%VWHPLW6WHSKDQHUHFKWV5Y &21&25',$
$9**&RQFRUGLDPLW3DWHUDXQG'RSSHOIOOKRUQQOVLW]HQG&5,&J *HW|QWVHKUVFK|Q
-8/,$0$0$($0XWWHUGHV6HYHUXV$OH[DQGHU
'HQDU5RP ,9/,$0$±0$($$9*'UDS%VWHPLW'LDGHPUHFKWV5Y9(67$9HVWDPLW3DWHUD
XQG=HSWHUQOLQNVVWHKHQG&5,&J 6FK|QHJROGEODXLULVLHUHQGH7|QXQJ9RU]JOLFK
'HQDU5RP ,9/,$0$±0$($$9*'UDS%VWHPLW'LDGHPUHFKWV5Y)(&91'±$9*967$(
)HFXQGLWDVVLW]WQOLQNVXQGVWUHFNWHLQHP.LQGGLH+DQGHQWJHJHQ&5,&J 9RU]JOLFK
'HQDU5RP,9/,$0$±0$($$9*'UDS%VWHPLW'LDGHPUHFKWV5Y9(1969 ± ,&75,;9HQXV
PLW +HOP =HSWHU XQG 6FKLOG DQ LKUHU 6HLWH HQ IDFH VWHKHQG GHQ .RSI QDFK OLQNV JHZDQGW &
%0& 5(5,&J 'XQNOH7|QXQJ9RU]JOLFK
0$;,0,186,7+5$;
'HQDU 5RP ,03 0$;,0,196 3,96 $9* 'UDSLHUWH 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV
5Y 3529,'(17,$ $9* 3URYLGHQWLD PLW 6WDE XQG )OOKRUQ Q OLQNV VWHKHQG ]X LKUHQ )HQ *OREXV
&%0& 5(5,&0,5J /HLFKWJHW|QWIDVWYRU]JOLFK

795 796 797 798
799 800
3$8/,1$*HPDKOLQGHV0D[LPLQXV7KUD[
'HQDU 5RP ',9$ 3$9/,1$ 'UDSLHUWH XQG YHUVFKOHLHUWH %VWH UHFKWV 5Y &216(&5$7,2
'LYD3DXOLQDPLWHUKREHQHU5HFKWHUXQG=HSWHUDXI3IDXQUHFKWV]XP+LPPHOHPSRUVFKZHEHQG&
%0&5(5,&0,5J 6HOWHQ6HKUVFK|Q
0$;,086&DHVDU
6HVWHU]6RPPHU 0$;,096&$(6*(50'UDSLHUWH%VWHUHFKWV5Y35,1&,3,,99(1797,6 6 ± &
0D[LPXV LQ )HOGWUDFKW PLW 6WDE XQG 6SHHU Q OLQNV VWHKHQG GDKLQWHU ]ZHL 6WDQGDUWHQ & 5,&
%0& 5(0,5J +HUUOLFKHKHOOJUQH3DWLQD)DVWYRU]JOLFK
383,(186$SULO-XOL
$QWRQLQLDQ 5RP ,03 &$(6 393,(1 0$;,096 $9* 'UDSLHUWH 3DQ]HUEVWH PLW 6WNU UHFKWV
5Y&$5,7$60979$$9**+DQGVFKODJ&%0&5(5,&J 'XQNOH7|QXQJ9RU]JOLFK
%$/%,186$SULO-XOL
$QWRQLQLDQ 5RP ,03 &$(6 ' &$(/ %$/%,196 $9* 'UDSLHUWH 3DQ]HUEVWH PLW 6WNU UHFKWV
5Y&21&25',$$9**+DQGVFKODJ&%0& 5(5,&J /HLFKWJHW|QWIDVWYRU]JOLFK
6HVWHU]5RP ,03&$(6'&$(/%$/%,196$9*'UDSLHUWH3DQ]HUEVWHPLW/RUEHHUNUDQ]UHFKWV
5Y /,%(5$/,7$6 $9*9672590 6 & %DOELQXV *RUGLDQXV &DHVDU XQG 3XSLHQXV LQ 7RJD PLW
DXVJHVWUHFNWHU 5HFKWHU DXI NXUXOLVFKHQ 6WKOHQ DXI 3RGLXP Q OLQNV VLW]HQG KLQWHU LKQHQ 2IIL]LHU PLW
6SHHU YRU LKQHQ /LEHUDOLWDV PLW $EDFXV 9HUWHLOEUHWW XQG )OOKRUQVWHKHQGOLQNVGDUXQWHU%UJHUPLW
DXIJHKDOWHQHP *HZDQGEDXVFK GLH 7UHSSH ]XP 3RGLXP KLQDXIVWHLJHQG & %0&5( 5,&
J bXHUVWVHOWHQ*HJOlWWHW VPRRWKHG VRQVWYRU]JOLFK
*25',$186,,,3,86
6HVWHU]5RP,03*25',$1963,96)(/$9*'UDSLHUWH3DQ]HUEVWHPLW/RUEHHUNUDQ]UHFKWV
5Y/$(7,7,$$9*16±&/DHWLWLDPLW.UDQ]XQG$QNHUQOLQNVVWHKHQG&5,&DJ
9RU]JOLFK

801 802 803 804
805 806 807 808
$QWRQLQLDQ5RP,03*25',$1963,96)(/$9*'UDSLHUWH3DQ]HUEVWHPLW6WNUUHFKWV5Y,29,
67$725, -XSLWHU PLW =HSWHU XQG %OLW]EQGHO HQ IDFH VWHKHQG GHQ .RSI Q UHFKWV JHZDQGW &
5,&J 9RU]JOLFK
$QWRQLQLDQ$QWLRFKLD-XOL$XJ 'H] ,03&$(60$17*25',$196$9*'UDS3DQ]HUEVWH
PLW 6WNU UHFKWV 5Y ),'( ± 6 0,/,790 )LGHV PLW 6WDQGDUWH XQG )OOKRUQ Q OLQNV VWHKHQG &
5,&D%ODQG J )DVWYRU]JOLFK
PLW 6WNU UHFKWV 5Y /,%(5$/,7$6 $9* /LEHUDOLWDV PLW 3LOHXV XQG =HSWHU Q OLQNV VWHKHQG &
5,&D%ODQG J )DVWYRU]JOLFK
PLW6WNUUHFKWV 5Y 3 0 75 3 ,, &26 3 33URYLGHQWLDPLW*OREXVXQG=HSWHUQOLQNVVWHKHQG&
5,&E%ODQG J )DVWYRU]JOLFK
$QWRQLQLDQ $QWLRFKLD ,03 *25',$196 3,96 )(/ $9* 3DQ]HUEVWH PLW 6WNU UHFKWV
5Y 6$(&9/, )±(/,&,7$6 *RUGLDQXV LQ )HOGWUDFKW PLW =HSWHU XQG *OREXV Q UHFKWV VWHKHQG &
5,& H%ODQG J 5HYHUVDXVPGHP6WHPSHO9RU]JOLFKVHKUVFK|Q
3+,/,3386,$5$%6
$QWRQLQLDQXQEHVW|VWOLFKH0Q]VWlWWH $QWLRFKLD" (P)UKVRPPHU ,03&0,9/3+,/,3396
3 ) $9* 3 0'UDS3DQ]HUEVWHPLW6WNUUHFKWV5Y 63(6 )(/,&,7$7,6 25%,66SHVPLW%OWHLQGHU
5HFKWHQQOVFKUHLWHQGPLWGHU/LQNHQLKU*HZDQGDQKHEHQG&5,&J 6HOWHQ6HKUVFK|Q
$QWRQLQLDQ5RP ,030,9/3+,/,3396$9*'UDS3DQ]HUEVWHPLW6WNUUHFKWV5Y),'(6
0,/,790)LGHVPLW]ZHL6WDQGDUWHQQOLQNVVWHKHQG&5,&EJ 9RU]JOLFK
$QWRQLQLDQ5RP ,030,9/3+,/,3396$9*'UDS3DQ]HUEVWHPLW6WNUUHFKWV5Y$(49,7$6
$9**$HTXLWDVPLW:DDJHX)OOKRUQQOLQNV&5,&EJ )HLQHU6FKU|WOLQJVULVVYRU]JOLFK

809 810 811 812
813 814 815 816
3+,/,3386,$5$%6
$QWRQLQLDQ5RP ,033+,/,3396$9*'UDS3DQ]HUEVWHPLW6WNUUHFKWV5Y9,5796$9**(
3KLOLSSXV,XQG3KLOLSSXV,,QHEHQHLQDQGHUQUHFKWVUHLWHQG&5,&J 6HKUVFK|Q
$QWRQLQLDQ 5RP ,03 3+,/,3396 $9* 'UDS 3DQ]HUEVWH PLW 6WNU UHFKWV 5Y 6$(&9/$5(6
$9** ,/|ZHQUHFKWVVFKUHLWHQG&5,&J )DVWYRU]JOLFK
$QWRQLQLDQ 5RP ,03 3+,/,3396 $9* 'UDS 3DQ]HUEVWH PLW 6WNU UHFKWV 5Y 6$(&9/$5(6
$9** 9+LUVFKQUHFKWVVFKUHLWHQG&5,&J )DVWYRU]JOLFK
$QWRQLQLDQ 5RP ,03 3+,/,3396 $9* 'UDS 3DQ]HUEVWH PLW 6WNU UHFKWV 5Y $(7(51,7$6
$9**(OHSKDQWPLW7UHLEHUQOLQNVVFKUHLWHQG&5,&J 6HKUVFK|Q
$QWRQLQLDQ5RP,033+,/,3396$9*'UDS3DQ]HUEVWHPLW6WNUUHFKWV5Y)(/,&,7$6,033
LP.UDQ]&5,&J 6HOWHQ)HLQH7|QXQJIDVWYRU]JOLFK
$QWRQLQLDQ $QWLRFKLD ,03 0 ,9/ 3+,/,3396 $9* 'UDSLHUWH 3DQ]HUEVWH PLW 6WNU UHFKWV
5Y ),'(6 (;(5&,796 9LHU 6WDQGDUWHQ QHEHQHLQDQGHU GLH ]ZHLWH YRQ UHFKWV HLQ /HJLRQVDGOHU & ±
5,&$FRUU %VWH J 9RU]JOLFK
$XV6DPPOXQJ-0-RVVH
$QWRQLQLDQ$QWLRFKLD,030,9/3+,/,3396$9*'UDSLHUWH3DQ]HUEVWHPLW6WNUUHFKWV5Y50
VLF 75 3 9, &26 3 3 )HOLFLWDV PLW &DGXFHXV XQG )OOKRUQ Q OLQNV VWHKHQG & 5,& YDU
J /HLFKWJHW|QW9RU]JOLFK
$XV6DPPOXQJ-0-RVVH5FNVHLWHPLWLQWHUHVVDQWHP6FKUHLEIHKOHU 50VWDWW30
3+,/,3386,,&DHVDU$XJXVWXV
$QWRQLQLDQ $QWLRFKLD ,03 0 ,9/ 3+,/,3396 $9* 'UDSLHUWH 3DQ]HUEVWH PLW 6WNU UHFKWV
5Y6$(&9/90129906HFKVVlXOLJHU7HPSHODXI]ZHLVWXILJHP3RGLXPGDULQ5RPDPLW3DOODGLXPXQG
=HSWHUHQIDFHWKURQHQG&± YJO%VWHQO 5,&± YJO3KLOLSSXV, J 9RU]JOLFK

817
1,5:1 1,5:1
-27$3,$1868VXUSDWRULQ6\ULHQFD+HUEVW
$QWRQLQLDQFD+HUEVWXQJHVLFKHUWH0Q]VWlWWHP|JOLFKHUZHLVH1LFRSROLVLQ6HXOHXFLDLQ6\ULHQ
,0&0)59,27$3,$1963DQ]HUEVWHGHV-RWDSLDQXVPLW6WNUUHFKWV5Y9,&7±25,$$9 ± *9LFWRULD
PLW .UDQ] LQ GHU HUKREHQHQ 5HFKWHQ XQG JHVFKXOWHUWHP 3DOP]ZHLJ LQ GHU /LQNHQ Q OLQNV VFKUHLWHQG
& )U 5,& F YDU $Y/HJHQGH 5 %ODQG 7KH &RLQDJH RI -RWDSLDQ (VVD\V LQ KRQRXU RI
5&DUVRQDQG.-HQNLQV 6XQG7DI ;;;9E GLHVHV([HPSODU 5%ODQG7KH&RLQDJH
RI-RWDSLDQ$5HDVVHVVPHQWLQ1&67DI ,,,GLHVHV([HPSODU J
6HKUVHOWHQ)DVWVHKUVFK|Q
$XV7KH&RQWL&ROOHFWLRQ([7KRPDV%HQWOH\&HGHUOLQGLQYHQWRU\5,$*0DOOR\9 0lU]
-RWDSLDQ IKUWH LP +HUEVW Q &KU HLQHQ NXU]OHELJHQ $XIVWDQG JHJHQ 3KLOLSS , DQ DOV 5HDNWLRQ EHU GLH
6WHXHUSROLWLNGHVUHFWRU2ULHQWLV3ULVFXVGHU%UXGHUGHV.DLVHUV1DFKGHP7RG3KLOLSSVZXUGHGLH5HEHOOLRQXQWHU
VHLQHP1DFKIROJHU'HFLXVVFKQHOOQLHGHUJHVFKODJHQXQG-RWDSLDQYRQGHQHLJHQHQ6ROGDWHQHUPRUGHW
hEHU GHQ +LQWHUJUXQG YRQ -RWDSLDQ LVW ZHQLJ EHNDQQW (V KHLW HU KDEH VLFK HLQHU 9HUZDQGWVFKDIW PLW 6HYHUXV
$OH[DQGHU JHUKPW XQG VHLQ XQJHZ|KQOLFKHU 1DPH LVW LQ GHU ZHLEOLFKHQ )RUP -RWDSH LQ GHP .|QLJVKDXV YRQ
.RPPDJHQHEH]HXJW
5 %ODQG 7KH &RLQDJH RI -RWDSLDQ LQ (VVD\V LQ +RQRXU RI &DUVRQ DQG -HQNLQV /RQGRQ 6 7DI
YHUPXWHW DXV VWLOLVWLVFKHQ *UXQGHQ GDVV HV VLFK EHL GHU 6WDGW 1LFRSROLV LQ 6HOHXFLD XP GLH 0Q]VWlWWH GHV
8VXUSDWRUV KDQGHOW 'LH 6WDGW KDWWH ]XYRU VHOWHQH 3URYLQ]LDOEURQ]HQ IU 3KLOLSSXV , JHSUlJW 'HU $XIVWDQG
NRQ]HQWULHUWHVLFKYHUPXWOLFKDXI1RUGV\ULHQ.DSSDGRNLHQXQGYLHOOHLFKWDXFK.LOLNLHQ %ODQG6
,Q VHLQHP &RUSXV GHU 0Q]HQ GHV -RWDSLDQ NDQQWH %ODQG LQVJHVDPW DFKW]HKQ HFKWH $QWRQLQLDQL GDUXQWHU GLHVH
0Q]H 0LWWOHUZHLOH VLQG $QWRQLQLDQH GHV -RWDSLDQ EHNDQQW V 5 %ODQG 7KH &RLQDJH RI -RWDSLDQ
$5HDVVHVVPHQWLQ1&67DI 6XSSOHPHQW-XQL
1HEHQ HLQLJHQ VFKULIWOLFKHQ (UZlKXQJHQ $XUHOLXV 9LFWRU &DHVDUHV ;;,; =RVLPXV , XQG , DQG
3ROHPLXV6LOYLXV/DWHUFXOXV VLQGGLH0Q]HQXQVHUHHLQ]LJH4XHOOH]XGLHVHP*HJHQNDLVHUV]X-RWDSLDQXV%ODQG
D26II00HFNOHU&KU.|UQHU-RWDSLDQXVVY3KLOLSWKH$UDEDQG5LYDO&ODLPDQWVRIWKHODWHUVLQ
',5
818
75$,$186'(&,86
6HVWHU]5RP ,03&0475$,$196'(&,96$9*'UDSLHUWH3DQ]HUEVWHPLW/RUEHHUNUDQ]UHFKWV
5Y 9,5±79±6 $9* 6 & 9LUWXV PLW =ZHLJ XQG =HSWHU DXI 3DQ]HU Q OLQNV VLW]HQG & 5,&
J )DVWYRU]JOLFK

819 820 821 822
823 824 825 826
&RQVHFUDWLRQVSUlJXQJHQXQWHU7UDLDQ'HFLXV
$QWRQLQLDQ 5RP ',92 75$,$12 %VWH GHV 'LYXV 7UDLDQXV PLW 6WNU UHFKWV O 6FKXOWHU
GUDSLHUW 5Y &216(&5$7,2 6FKUHLQDUWLJHU EUHQQHQGHU $OWDU & 7UDMDQXV +XQWHU 5,&D
J 9RU]JOLFK
$QWRQLQLDQ5RP ',923,2.RSIGHV'LYXV$QWRQLQXVPLW6WNUUHFKWV5Y&216(&5$7,2
6FKUHLQDUWLJHUEUHQQHQGHU$OWDU& $QWRQLQXV3LXV +XQWHU5,&J 9RU]JOLFK
75(%21,$186*$//86
$QWRQLQLDQ 5RP ,03 &$( & 9,% 75(% *$//96 $9* 'UDSLHUWH 3DQ]HUEVWH PLW 6WNU UHFKWV
5Y$32//6$/97$5,$SROOR6DOXWDULVQOLQNVVWHKHQGKlOW2OLYHQ]ZHLJXQGDXI)HOVHQJHVHW]WH/\UD
&5,&J 9RU]JOLFK
$QWRQLQLDQ 5RP ,03 &$( & 9,% 75(% *$//96 $9* 'UDSLHUWH 3DQ]HUEVWH PLW 6WNU UHFKWV
5Y /,%(57$6 $9** /LEHUWDV PLW JHNUHX]WHQ %HLQHQ DQ QLHGULJH 6lXOH JHOHKQW HQ IDFH VWHKHQG GHQ
.RSIQOLQNVJHZDQGWLQGHUDXVJHVWUHFNWHQ5HFKWHQ3LOHXVLQGHU/LQNHQ=HSWHUKDOWHQG&5,&
J )HLQJHW|QWYRU]JOLFK
$QWRQLQLDQ $QWLRFKLD >,03 & &@ 9,% 75(% *$//96 3 ) $9*3DQ]HUEVWHPLW6WNUUHFKWV
GDUXQWHU xxx 5Y 6$(&9//90 VLF 12990 6HFKVVlXOLJHU 7HPSHO DXI 3RGLXP GDULQ 5RPD " PLW
=HSWHUHQIDFHWKURQHQGLP$EVFKQLWWxxx &5,&J 6HOWHQ)DVWYRU]JOLFK
92/86,$186
$QWRQLQLDQ 5RP ,03 &$( & 9,% 92/96,$12 $9* 'UDSLHUWH 3DQ]HUEVWH PLW 6WNU UHFKWV
5Y,9121,0$57,$/,-XQRLQ5XQGWHPSHOVLW]HQG&5,&J 9RU]JOLFKIDVWYRU]JOLFK
5Y3,(7$6±$9**3LHWDVLPODQJHQ*HZDQGXQGPLW6FKOHLHUQHEHQHLQHP$OWDUHQIDFHVWHKHQG.RSI
QOLQNVEHLGH$UPHHUKREHQ&5,&J )HLQJHW|QWYRU]JOLFK
5Y6$/96$9**6DOXVQUHFKWVVWHKHQGLQGHU/LQNHQHLQH3DWHUDKDOWHQGDXVGHUVLHHLQH6FKODQJH
LQLKUHU5HFKWHQIWWHUW&5,&J )HLQJHW|QWYRU]JOLFK

827 828 829 830
831 832 833 834
$(0,/,$186-XOL$XJXVW6HSW2NWREHU
$QWRQLQLDQ 5RP ,03 $(0,/,$196 3,96 )(/ $9* 'UDSLHUWH 3DQ]HUEVWH PLW 6WNU UHFKWV
5Y',$1$(9,&75,'LDQDPLW3IHLOXQG%RJHQHQIDFHVWHKHQG.RSIQOLQNVJHZDQGW&5,&E
J 6HOWHQ6HKUVFK|Q
9$/(5,$186
$QWRQLQLDQ .|OQ 9$/(5,$1963)$9* 'UDSLHUWH 3DQ]HUEVWH PLW 6WNU UHFKWV 5Y '(2
92/.$12 9LHUVlXOLJHU 7HPSHO GDULQ 9XOFDQXV PLW +DPPHU XQG =DQJH Q OLQNV VWHKHQG ]X VHLQHQ
)HQ$PERVV&5,&(OPHU0,5GJ *HW|QWVHKUVFK|Q
*$//,(186
$QWRQLQLDQ.|OQ *$//,(196$9**(509*HSDQ]HUWH/LQNVEVWHPLW6WNUJHVFKXOWHUWHP
6SHHU XQG 6FKLOG 5Y *(50$1,&96 0$; 97URSDHXP]ZLVFKHQ]ZHLVLW]HQGHQ*HIDQJHQHQ&
5,&(OPHU0,5 TJ )HLQJHW|QWIDVWYRU]JOLFK
$QWRQLQLDQ 0DLODQG ,03 *$//,(196 $9* .RSI PLW 6WNU OLQNV 5Y ',$1$ )(/,; 'LDQD
%RJHQKDOWHQGXQG3IHLODXVGHP.|FKHU]LHKHQGVFKUHLWHWQUHFKWVQHEHQLKU+XQGQUHFKWVVSULQJHQG
&5,&0,5 KJ (WZDVVFKZDFKDXVJHSUlJWVRQVWYRU]JOLFK
$QWRQLQLDQ0DLODQG*$//,(196$9*3DQ]HUEVWHPLW6WNUUHFKWVO6FKXOWHUGUDSLHUW5Y&2++
35$(79,39,)/|ZHPLW6WNUQUVFKUHLWHQG&5,&0,5QJ 6HOWHQ6HKUVFK|Q
$QWRQLQLDQ 0DLODQG *$//,(196 $9* 3DQ]HUEVWH PLW 6WNU UHFKWV 5Y /(* , $', 9, 3 9, )
&DSULFRUQQUHFKWV&5,&0,5J 6HOWHQ6HKUVFK|Q
'LH/HJLR,$GLXWUL[ZDUXQWHU*DOOLHQXVLQ3DQQRQLHQVWDWLRQLHUW
$V5RP ,03*$//,(1963)$9*3DQ]HUEVWHPLW/RUEHHUNUDQ]UHFKWV5Y927,6'(&(11$
/,%966&LP.UDQ]&5,&0,5J 6HOWHQ6HKUVFK|Q
$QWRQLQLDQ5RP*$//,(196$9*.RSIPLW6WNUUHFKWV5Y)25791$5('9;)RUWXQDPLW
5XGHU DXI *OREXV XQG )OOKRUQ Q OLQNV VLW]HQG XQWHU GHP 6LW] 5DG & YDU 5,& D YDU
0,5JJ 6HKUVHOWHQ3UlJHVFKZlFKHVRQVWYRU]JOLFK

835 836 837 838 839
840 841 842 843
$QWRQLQLDQ5RP*$//,(196$9*.RSIPLW6WNUUHFKWV5Y6(&95,73(53(7+6HFXULWDV
PLW=HSWHUDXI6lXOHJHVWW]WHQIDFHVWHKHQGGHQ.RSIQOLQNVJHZDQGW&5,&0,5 D
J 6SlWHUH3UlJXQJDXVQRFKJXWHP%LOORQJXWHVVHKUVFK|Q
'HQDU 5RP ,03 *$//,(196 $9* .RSI PLW /RUEHHUNUDQ] UHFKWV 5Y 25,(16 3$&,)(52
0DUVPLW=ZHLJ6SHHUXQG6FKLOGQOLQNVVWHKHQG&5,&0,5EJ 6HKUVFK|Q
'HQDU 5RP ,03 *$//,(196 $9* .RSI PLW /RUEHHUNUDQ] UHFKWV 5Y $%91'$17,$ $9*
$EXQGDQWLDQUHFKWVVWHKHQGPLWEHLGHQ+lQGHQ)OOKRUQKDOWHQGXQGDXVOHHUHQG&5,&0,5
QJ 6HOWHQ6HKUVFK|Q
'HQDU5RP ,03*$//,(196$9*.RSIPLW/RUEHHUNUDQ]UHFKWV5Y$(7(5±>1,7$@6$9*
6ROPLWHUKREHQHU5HFKWHUXQG*OREXVQOLQNVVWHKHQG&5,&0,5WJ 6HKUVFK|Q
'HQDU 5RP ,03 *$//,(196 $9* .RSI PLW /RUEHHUNUDQ] UHFKWV 5Y )25791$ 5('9;
)RUWXQDPLW6WHXHUUXGHUDXI*OREXVXQG)OOKRUQQOLQNVVWHKHQG&5,&0,5WJ
6HKUVFK|Q
'HQDU 5RP ,03 *$//,(196 $9* .RSI PLW /RUEHHUNUDQ] UHFKWV 5Y 6(&95,7 3(53(7
6HFXULWDVPLW=HSWHUDQ6lXOHJHOHKQWQOLQNV&5,&0,5WJ 6HOWHQ6HKUVFK|Q
'HQDU 5RP ,03 *$//,(196 $9* .RSI PLW /RUEHHUNUDQ] UHFKWV 5Y 9,&725,$ $(7
9LFWRULDPLW.UDQ]XQG3DOP]ZHLJQOLQNVVWHKHQG&5,&0,5WJ
6HOWHQ'QQHUXQGJHORFKWHU6FKU|WOLQJIDVWVHKUVFK|Q
6$/21,1$*HPDKOLQGHV*DOOLHQXV
$QWRQLQLDQ .|OQ 6$/21,1$ $9* 'UDSLHUWH %VWH PLW 'LDGHP DXI 0RQGVLFKHO UHFKWV
5Y'($(6(*(7,$(*|WWLQLQWHWUDVW\OHP7HPSHOVWHKHQGHQIDFH&5,&(OPHU0,5F
J )DVWYRU]JOLFK
'LH'HD6HJHWLDLVWGLH3HUVRQLILNDWLRQGHUUHLIHQGHQ6DDW
9$/(5,$186,,6RKQGHV*DOOLHQXV&DHVDU
$QWRQLQLDQ.|OQ9$/(5,$196&$(6'UDSLHUWH%VWHPLW6WNUUHFKWV5Y,29,&5(6&(17,
.LQGOLFKHU -XSLWHU PLW HUKREHQHU 5HFKWHU DXI =LHJH Q UHFKWV UHLWHQG & 6DORQLQXV 5,& (OPHU
0,5HJ *HW|QWIDVWYRU]JOLFK

844 845 846 847
848 849 850
6$/21,1866RKQGHV*DOOLHQXV&DHVDU
$QWRQLQLDQ5RP/,&&256$/9$/(5,$1961&$(6'UDSLHUWH%VWHPLW6WNUUHFKWV5Y35,1&
,99(176DORQLQXVLQ)HOGWUDFKWPLW*OREXVXQG=HSWHUQOLQNVVWHKHQG]X)HQ*HIDQJHQHULP)HOG
UHFKWV2II0DUNH3&5,&0,5LJ /HLFKWH7|QXQJ6FKU|WOLQJVULVVIDVWYRU]JLFK
0$&5,$1868VXUSDWRULP2VWHQ6HSW6SlWVRPPHU
$QWRQLQLDQ 6DPRVDWD ,03 & )9/ 0$&5,$196 3 ) $9* 3DQ]HUEVWH PLW 6WNU UHFKWV 5Y $32/,1,
&216(59$$SROORPLW=ZHLJXQGO+DQGDXI/\UDJHVWW]WQOLQNVVWHKHQG&5,& $QWLRFKLD
0,5EJ 6LOEHUVXG6HKUVFK|Q
$QWRQLQLDQ 6DPRVDWD ,03 & )9/ 0$&5,$196 3 ) $9* %VWH PLW 6WNU UHFKWV O 6FKXOWHU GUDSLHUW
5Y 520$( $(7(51$( 5RPD PLW 9LFWRULD XQG 6SHHU DXI 6FKLOG Q OLQNV VLW]HQG & 5,&
$QWLRFKLD 0,5 NJ 6HKUVFK|Q
$QWRQLQLDQ6DPRVDWD,03&)9/0$&5,$1963)$9*3DQ]HUEVWHPLW6WNUUHFKWV5Y62/,19,&72
6RO PLW HUKREHQHU 5HFKWHU XQG *OREXV Q OLQNV VWHKHQG & 5,& $QWLRFKLD 0,5 E
J )DVWYRU]JOLFKVHKUVFK|Q
$QWRQLQLDQ 6DPRVDWD ,03 & )9/ 0$&5,$196 3 ) $9* 3DQ]HUEVWH PLW 6WNU UHFKWV 5Y 63(6
39%/,&$6SHVPLW%OWHLQGHUDXVJHVWUHFNWHQ5HFKWHQQOLQNVVFKUHLWHQGPLWGHU/LQNHQLKU*HZDQG
DQKHEHQGLP)HOGO6WHUQ&5,& $QWLRFKLD 0,5 NJ 3UlJHVFKZlFKHYRU]JOLFK
48,(7868VXUSDWRULP2VWHQ6HSW6SlWKHUEVW
$QWRQLQLDQ 6DPRVDWD ,03 & )9/ 49,(796 3 ) $9*'UDSLHUWH3DQ]HUEVWHPLW6WNUUHFKWV5Y ,29,
&216(59$725,-XSLWHUPLW3DWHUDXQG=HSWHUQOLQNVWKURQHQG]X)HQ$GOHULP)HOGO6WHUQ&
5,& $QWLRFKLD 0,5 Q J 9RU]JOLFK
$QWRQLQLDQ6DPRVDWD,03&)9/49,(7963)$9*'UDSLHUWH3DQ]HUEVWHPLW6WNUUHFKWV5Y520$(
$(7(51$( 5RPD PLW 9LFWRULD XQG 6SHHU DXI 6FKLOG Q OLQNV VLW]HQG & 5,& $QWLRFKLD 0,5
IJ 6LOEHUVXG)DVWYRU]JOLFK

851 854
853
48,(7868VXUSDWRULP2VWHQ6HSW6SlWKHUEVW
$QWRQLQLDQ 6DPRVDWD ,03 & )9/ 49,(796 3 ) $9* 'UDSLHUWH 3DQ]HUEVWH PLW 6WNU UHFKWV 5Y 62/
,19,&72 6RO PLW HUKREHQHU 5HFKWHU XQG *OREXV Q OLQNV VWHKHQG LP )HOG O 6WHUQ & 5,&
$QWLRFKLD 0,5 QJ 6LOEHUVXG6HKUVFK|Q
852
32678086
6HVWHU] .|OQ ,03 & 32679096 3 ) $9* *HSDQ]HUWH /LQNVEVWH PLW /RUEHHUNUDQ] GLH 5HFKWH
]XP*UXHUKREHQ5Y+(5&',(96±21,(16,+HUFXOHVDXI.HXOHJHVWW]WPLW%RJHQXQG/|ZHQIHOOQ
UHFKWVVWHKHQG&(OPHU%DVWLHQJ 6HKUVHOWHQ)DVWYRU]JOLFK
'RSSHOVHVWHU] 0Q]VWlWWH ,, " ,03 & 0 &ȁ66 ,ȁ7 32679096 3 ȁ9 'UDS 3DQ]HUEVWH PLW 6WNU
UHFKWV5Y/$(7,7,$ $9**DOHHUHQOLQNVIDKUHQG%DVWLHQ±J 3DWLQD9RU]JOLFK
$XV6DPPOXQJ0LFKHO7K\V±$XNWLRQ-DFTXLHU /RV
$QWRQLQLDQ.|OQ ,03 & 32679096 3 )$9*'UDS3DQ]HUEVWHPLW6WNUUHFKWV5Y)25791$
$9* )RUWXQD Q OLQNV VLW]HQG 5XGHU LQ GHU 5HFKWHQ XQG )OOKRUQ LP O $UP KDOWHQG & $*.
(OPHU&XQHWLRJ 6HOWHQ*HW|QWIDVWYRU]JOLFK
([$XNWLRQ(OVHQ%UVVHO /RV
855
1,5:1 1,5:1
'HQDU %LOORQ$EVFKODJ YRP $XUHXVVWHPSHOQ .|OQ $QIDQJ 32679096 3,96 )(/,; $9*
3DQ]HUEVWHGHV3RVWXPXVPLW/RUEHHUNUDQ]UHFKWVXQG.RSIGHV+HUFXOHVPLW/RUEHHUNUDQ]QHEHQHLQDQGHU
UHFKWV 5Y +(5&9/, ,19,&72 +HUFXOHV QDFNW PLW .HXOH XQG /|ZHQIHOO VWHKW Q OLQNV EHU GHU
HUVFKODJHQHQ$PD]RQH+LSSRO\WHXQGQLPPWLKUGHQ=DXEHUJUWHODE& )U 5,& 5
(OPHU6FKXOWH3%DVWLHQ7UDYDX[G¶+HUFXOHGDQVOHPRQQD\DJHGH3RVWXPH516
IIJ 6HKUVHOWHQ*HW|QWJXWHVVHKUVFK|Q
$XVHLQHUPRVHOODQLVFKHQ6DPPOXQJHUZRUEHQLP)HEUXDU
(LQ 'HQDU DXV GHU LQWHUHVVDQWHQ (PLVVLRQ PLW GHQ $UEHLWHQ GHV +HUFXOHV HQWVWDQG $QIDQJ DQOlVVOLFK GHV
.RQVXODWHVXQGDOVHLQH$UW9RUDXVHPLVVLRQ]XGHQ'HFHQQDOLHQGHV3RVWXPXV(VZLUGXQWHUVWULFKHQZLHQDKGDV
9HUKlOWQLVYRQ3RVWXPXV]X+HUFXOHVZDU

856 857 858 859
861 862
860
$QWRQLQLDQ 7ULHU $QIDQJ ,03 & 32679096 3 ) $9* 'UDSLHUWH 3DQ]HUEVWH PLW 6WNU UHFKWV
5Y 3$&$725 25%,6 'UDSLHUWH %VWH GHV 6RO PLW 6WNU UHFKWV & $*. (OPHU &XQHWLR
J 6HOWHQ6LOEHUVXGIDVWYRU]JOLFKYRU]JOLFK
:RKO GLH OHW]WH 3UlJXQJ GHV 3RVWXPXV 0LW 3$&$725 25%,6 © :HOWEHIULHGHU ª ZLUG GLH %RWVFKDIW YRQ HLQHP
EDOGLJHQ 6LHJ EHU GHQ DEWUQQLJHQ /DHOLDQXV EHUPLWWHOW 1DFK GHU %HVHLWLJXQJ GHV *HJHQNDLVHUV LQ 0DLQ] ZLUG
MHGRFK3RVWXPXVGXUFKGLHHLJHQHQ7UXSSHQHUPRUGHW FD)HEUXDU 0lU]"
3UlJXQJHQGHV$XUHROXVLP1DPHQGHV3RVWXPXVLQ0DLODQG
$QWRQLQLDQ ,0332679096$9*'UDSLHUWH3DQ]HUEVWHPLW6WNUUHFKWV5Y>9,5@796 x (±49,7
9LUWXV PLW 6SHHU XQG 5XQGVFKLOG Q UHFKWV VFKUHLWHQG & $*. (OPHU &XQHWLR
J 6LOEHUVXGIDVWYRU]JOLFK
$QWRQLQLDQ ,03 32679096 $9* 'UDS 3DQ]HUEVWH PLW 6WNU UHFKWV 5Y &21&25' (49,7 6
&RQFRUGLDPLW3DWHUDXQG6WHXHUUXGHUDXI*OREXVQOLQNVVWHKHQG)XDXI3URUD&$*.E(OPHU
&XQHWLRJ *XWHVVHKUVFK|Q
$QWRQLQLDQ >,03 326@79096 $9* 'UDSLHUWH 3DQ]HUEVWH PLW 6WNU UHFKWV 5Y >9,57@96 x
(49,7 x 79LUWXVPLW6SHHUXQG5XQGVFKLOGQUHFKWVVFKUHLWHQG&$*.E(OPHU&XQHWLR
J 6HKUVFK|Q
&/$8',86,,*27+,&86
$QWRQLQLDQ0Q]VWlWWH 6345 6P\UQD(P(QGH $QIDQJ ,03&0$95&/$9',96$9*
'UDS3DQ]HUEVWHPLW6WNUUHFKWVGDUXQWHU x x 5Y3529,'(17,$$9*63450HUNXUPLW%|UVHXQG
&DGXFHXV Q OLQNV VWHKHQG & ± 5,& ± 5,&ð RQOLQH J bXHUVW VHOWHQ GDV EHNDQQWH
([HPSODU 6HKUVFK|Q
$QWRQLQLDQ &\]LFXV FD 0LWWH ,03 & 0 $95 &/$9',96 $9* 3DQ]HUEVWH PLW 6WNU UHFKWV
5Y 6(&95,7$6 3(53(7$9 VLF 0±&6HFXULWDVPLW=HSWHUXQGJHNUHX]WHQ%HLQHQQOLQNVVWHKHQG
GHQOLQNHQ$UPDXI6lXOHJHVWW]W&YDU5,&YDU5,&ðRQOLQH± YJODQGHUH%VWH J
6HKUVHOWHQH9DULDQWH6LOEHUVXGIDVWYRU]JOLFK
(UVWHU%HOHJPLWGHUIHKOHUKDIWHQ/HJ6(&95,7$63(53(7$9VWDWW6(&95,7$63(53(79$'LHZHQLJHQEHNDQQWHQ
([HPSODUH 5,&RQOLQH ]HLJHQDXIGHP$YHUVHLQH3DQ]HUEVWHPLW3DOXGDPHQWXP
$QWRQLQLDQ&\]LFXVFD0LWWH±(QGH ,03&0$95&/$9',96$9*'UDS3DQ]HUEVWHPLW6WNU
OLQNV 5Y )25791$ 5('9; 6345 )RUWXQD PLW 5XGHU EHU *OREXV XQG )OOKRUQ Q OLQNV VWHKHQG
&5,&5,&ðRQOLQHJ 6HOWHQ6FK|QHU6LOEHUVXGYRU]JOLFK

863 864 865 866
867 869
868
&/$8',86,,*27+,&86
$QWRQLQLDQ$QWLRFKLD(QGH (QGH ,03&&/$9',96$9*'UDS3DQ]HUEVWHPLW6WNUUHFKWV
5Y 6$/96 $9* ȯ ,VLV PLW 6LVWUXP XQG 6LWXOD Q OLQNVVWHKHQG&5,&5,&ðRQOLQH
J )DVWYRU]JOLFK
$85(/,$186
$QWRQLQLDQ 6LVFLD 6RPPHU ,03 & $95(/,$196 $9* 3DQ]HUEVWH PLW 6WNU UHFKWV
5Y&21&25',$0,/,790 6 ;;,9.DLVHULQ7RJDOXQG&RQFRUGLDUVWHKHQHLQDQGHUJHJHQEHUXQG
UHLFKHQVLFKGLH+DQG&5,&0,5F 5,&RQOLQHJ )DVWYRU]JOLFK
'HQDU5RP$QIDQJ 6HSWHPEHU ,03$95(/,$196$9*'UDS3DQ]HUEVWHPLW/RUEHHUNUDQ]UHFKWV
5Y 3529,'(1 $9* 3URYLGHQWLD PLW 6WDE XQG )OOKRUQ Q OLQNV VWHKHQG ]X )HQ *OREXV &
5,&0,5H5,&RQOLQHJ 6HOWHQ)DVWYRU]JOLFK
6(9(5,1$*HPDKOLQGHV$XUHOLDQXV
$QWRQLQDQ 5RP (QGH 6(9(5, ± 1$ $9* 'UDSLHUWH %VWH PLW 6WHSKDQH DXI 0RQGVLFKHO UHFKWV
5Y &21&25',$ $9* ± * ࢫ;;,5$XUHOLDQXVPLW.XU]]HSWHUXQG6HYHULQDVWHKHQHLQDQGHUJHJHQEHU
XQGUHLFKHQVLFKGLH+DQG&5,&0,5V5,&RQOLQHJ 9RU]JOLFK
'HQDU 5RP $QIDQJ6HSWHPEHU 6(9(5, ± 1$ $9* 'UDSLHUWH %VWH PLW 6WHSKDQH UHFKWV
5Y 9(196 ) ± (/,; ȯ 9HQXV PLW XQEHVWLPPWHP 2EMHNW $SIHO" &XSLGR" DXI GHU DXVJHVWUHFNWHQ
5HFKWHQXQG=HSWHUQOLQNVVWHKHQG&5,&0,5W5,&RQOLQHJ 9RU]JOLFK
$V 5RP $QIDQJ6HSWHPEHU 6(9(5, ± 1$ $9* 'UDSLHUWH %VWH PLW 6WHSKDQH UHFKWV 5Y ,912
5(*,1$ ࢫ -XQR PLW 6FKOHLHU 3DWHUD XQG =HSWHU ]X LKUHQ )HQ 3IDX & 5,& 0,5 Q
5,&2QOLQHJ 6HKUVFK|Q
7$&,786
$QWRQLQLDQ6LVFLD1RY 'H] ,03&0&/$7$&,796$9*'UDSLHUWH3DQ]HUEVWHPLW6WNUUHFKWV
5Y 3$; ± $±9* 4 3D[ PLW =ZHLJ XQG =HSWHU Q OLQNV VFKUHLWHQG & ± 5,& FRUU 5,& RQOLQH
GLHVHV([ J )DVWYRU]JOLFK
$XV6DPPOXQJ*\VHQ±(UZRUEHQLP-XQL

870 871 872 873 874
877
875 876
$QWRQLQLDQ5RP$QIDQJ -XQL ,03&0&/7$&,796$9*3DQ]HUEVWHPLW6WNUUHFKWV5Y),'(6

0,/,790 ;;,ࢫ )LGHV Q OLQNV VWHKHQG LQ MHGHU +DQG HLQ )HOG]HLFKHQ KDOWHQG & 5,& YDU
%VWH 5,&RQOLQHJ )DVWYRU]JOLFK
)/25,$186-XQL-XOL$XJXVW
$QWRQLQLDQ &\]LFXV -XOL$XJXVW ,03 )/25,$196 $9* 'UDSLHUWH 3DQ]HUEVWH PLW 6WNU UHFKWV
5Y&21&2±5',$0,/,79099LFWRULDPLW.UDQ]XQG3DOP]ZHLJXQG.DLVHUPLW=HSWHUXQGDXVJH
VWUHFNWHU5HFKWHUHLQDQGHUJHJHQEHUVWHKHQG&5,&5,&RQOLQHJ
*HW|QWHU6LOEHUVXGIDVWYRU]JOLFK
352%86
$QWRQLQLDQ /XJGXQXP 2NWREHU ,03 & 0 $95 352%96 $9* 3DQ]HUEVWH PLW 6WNU UHFKWV
5Y 7(032590 )(/,&,7$6 , )HOLFLWDV PLW ODQJHP &DGXFHXV XQG )OOKRUQ QUHFKWVVWHKHQG&
5,&%DVWLHQJ 6LOEHUVXG9RU]JOLFK
$QWRQLQLDQ /XJGXQXP +lOIWH ,03 & 352%96 3 ) $9* 3DQ]HUEVWH PLW 6WNU UHFKWV
5Y7(032±5)(/,&, ,)HOLFLWDVPLWODQJHP&DGXFHXVXQG)OOKRUQQUHFKWVVWHKHQG&5,&
%DVWLHQJ 6LOEHUVXG9RU]JOLFK
$QWRQLQLDQ7LFLQXP ,03&0$95352%96$9*.RQVXODUEVWHPLW6WNUXQG$GOHU]HSWHUOLQNV

5Y (5&9±/, 3$&,) 6;;7 +HUFXOHV PLW =ZHLJ XQG .HXOH /|ZHQIHOO EHU GHP O 8QWHUDUP Q OLQNV
VWHKHQG&5,&J 6LOEHUVXG9RU]JOLFK
$QWRQLQLDQ7LFLQXP,0±3&0$95352%96$9*.RQVXODUEVWHPLW6WNUXQG$GOHU]HSWHUOLQNV
5Y (5&9/±, 3$&,)(52 9;;7 +HUFXOHV PLW =ZHLJ XQG .HXOH /|ZHQIHOO EHU GHP O 8QWHUDUP Q
OLQNVVWHKHQG&5,&J 6LOEHUVXG)DVWYRU]JOLFK
$QWRQLQLDQ 5RP 352%9 ± 6 3 ) $9* 3DQ]HUEVWH PLW 6WNU UHFKWV 5Y 9,&725 ± ,$ *(50
5 $7URSDHXP]ZLVFKHQ]ZHL*HIDQJHQHQ&5,&J )DVWYRU]JOLFK
4XLQDU 5RP ,03 352±%96 $9* 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV 5Y 9,&725±,$ *(5
7URSDHXP]ZLVFKHQ]ZHL*HIDQJHQHQ&5,&.LQJ$J 6HOWHQ6HKUVFK|Q

878 879 880 881 882
883 884 885
352%86
$QWRQLQLDQ 6LVFLD ,03 & 0 $95 352%96 3 $9* 3DQ]HUEVWH PLW 6WNU JH]FNWHP 6SHHU XQG
*URVFKLOGLQ5FNHQDQVLFKWOLQNV3WHU\JHVDPU2EHUDUPVLFKWEDU5Y$'9(1796$9*;;,9.DLVHU
PLWHUKREHQHU5HFKWHUXQG=HSWHUQOLQNVUHLWHQG&± YJO 5,&J )DVWYRU]JOLFK
$XV6DPPOXQJ-0-RVVH
$QWRQLQLDQ6LVFLD ,03&0$95352%963)$9*'UDS3DQ]HUEVWHPLW6WNUJH]FNWHP6SHHU
XQG *URVFKLOG LQ 5FNHQDQVLFKW OLQNV 3WHU\JHV DP U 2EHUDUP VLFKWEDU 5Y 9,5796 35±2%, $9*
;;,7 0DUV PLW 6SHHUXQGJHVFKXOWHUWHP7URSDHXPQUHFKWVVFKUHLWHQG&5,&YDU %VWH
J 6HOWHQH9DULDQWH9RU]JOLFK
$XV6DPPOXQJ-0-RVVH
$QWRQLQLDQ 6HUGLFD (QGH ,03 & 0 $95 352%96 $9* 3DQ]HUEVWH PLW 6WNU UHFKWV 5Y 352±
9,'(1'±(25 .$ī)LGHVXQG6ROHLQDQGHUJHJHQEHUVWHKHQG&±5,&J 9RU]JOLFK
$QWRQLQLDQ&\]LFXVFD)UKVRPPHU ,03&0$95352%963)$9*.RQVXODUEVWHPLW6WNUXQG
$GOHU]HSWHU OLQNV 5Y 62±/, ,19,&7±2 &0 ;;,7 6RO PLW HUKREHQHU 5HFKWHU LQ 4XDGULJD HQ IDFH
&5,&J /HLFKWJHW|QWHU6LOEHUVXG9RU]JOLFK
$QWRQLQLDQ $QWLRFKLD ,03 & 0 $95 352%96 $9* 'UDSLHUWH 3DQ]HUEVWH PLW 6WNU UHFKWV
5Y &/(0(17,$ 7±(03 ǻ x ;;, .DLVHU Q UHFKWV VWHKHQG YRQ -XSLWHU HLQHQ *OREXV HPSIDQJHQG
&5,&YDUJ /HLFKWHU6LOEHUVXG)DVWYRU]JOLFK
$QWRQLQLDQ XQEHVW |VWOLFKH 0]VW ,03 & 0 $95 352%96 3 ) $9*'UDSLHUWH3DQ]HUEVWHPLW
6WNU UHFKWV 5Y &/(0(17,$ ± 7(03 $ x ;;, .DLVHU PLW .XU]]HSWHU Q UHFKWV YRQ -XSLWHU GHU PLW
=HSWHU Q O VWHKW HLQH 9LFWRULD DXI *OREXV HPSIDQJHQG 6 (VWLRW /¶HPSHUHXU HW O¶XVXUSDWHXU XQ H
DWHOLHU RULHQWDO VRXV 3UREXV LQ 6WXGLHV LQ $QFLHQW &RLQDJH LQ +RQRXU RI $QIUHZ %XUQHWW
1UIJ 9RU]JOLFK
&$586
$QWRQLQLDQ /XJGXQXP 1RY'H] ,03 & 0 $95 &$596 $9* 3DQ]HUEVWH PLW 6WNU UHFKWV
5Y3$;±$9*%3D[PLW2OLYHQ]ZHLJXQG=HSWHUHQIDFHVWHKHQGGHQ.RSIQOLQNVJHZDQGW&
5,&%DVWLHQJ )DVWYRU]JOLFKVHKUVFK|Q
0$*1,$85%,&$*HPDKOLQGHV&DULQXV
$QWRQLQLDQ5RP6RPPHU 0$*1 95%,&$ $9*'UDS%VWHPLW'LDGHPDXI0RQGVLFKHOUHFKWV
5Y9(1969,&75,;.$ࢫ9HQXVPLW+HOPDXIGHUDXVJHVWUHFNWHQ5HFKWHQ6SHHUXQG6FKLOGQOLQNV
VWHKHQG&5,&J 6HOWHQ9RU]JOLFK

886 888 889
$QWRQLQLDQ5RP6RPPHU 0$*1 95%,&$ $9*'UDS%VWHPLW'LDGHPDXI0RQGVLFKHOUHFKWV

5Y9(1969,&75,;.$ࢫ9HQXVPLW+HOPDXIGHUDXVJHVWUHFNWHQ5HFKWHQ6SHHUXQG6FKLOGQOLQNV
VWHKHQG&5,&J 6HOWHQ)DVWYRU]JOLFK
887
1,*5,1,$1866RKQGHV&DULQXV
$QWRQLQLDQ 5RP+HUEVW ',92 1,*5,1,$12%UXVWELOGPLW6WNUXQGQDFNWHP2EHUN|USHUUHFKWV
5Y &216(&5$7,2 .$$ $GOHU PLW DXVJHEUHLWHWHQ 6FKZLQJHQ HQ IDFH VWHKHQG GHQ .RSI Q OLQNV
JHZDQGW& )U 5,&J 6HOWHQ+EVFKH%VWHQGDUVWHOOXQJIDVWYRU]JOLFK
180(5,$186&DHVDU$XJXVWXV
$QWRQLQLDQ /XJGXQXP $QIDQJ ,03 190(5,$196 $9* 3DQ]HUEVWH PLW 6WNU JHVFKXOWHUWHP
6SHHU XQG 6FKLOG OLQNV 5Y 0$56 9,&725 & 0DUV PLW 6SHHU XQG JHVFKXOWHUWHP 7URSDHXP Q UHFKWV
VFKUHLWHQG&5,&%DVWLHQJ 6HOWHQ6LOEHUVXGIDVWYRU]JOLFK
$//(&786
$QWRQLQLDQ &DPXORGXQXP ,03 & $//(&796 3 ) $9* 3DQ]HUEVWH PLW 6WNU UHFKWV
5Y 3529,'(17,$ & 3URYLGHQWLD PLW*OREXVXQG)OOKRUQQOLQNVVWHKHQG&5,&%XUQHWW
J 6HOWHQ6HKUVFK|Q
890 891
',2&/(7,$186
$UJHQWHXV 5RP ',2&/(7, ± $196 $9* .RSI PLW /RUEHHUNUDQ] UHFKWV 5Y 9,5796 ±
0,/,790 $ 'LH YLHU 7HWUDUFKHQ RSIHUQ EHU 'UHLIX LP +LQWHUJUXQG VHFKVWUPLJHU 0DXHUNUDQ] PLW
RIIHQHP7RU&5,&D*DXWLHUJ )DVWYRU]JOLFK
$UJHQWHXV 5RP ',2&/(7, ± $196 $9* .RSI PLW /RUEHHUNUDQ] UHFKWV 5Y 9,&725, ± $
6$50$7 % 'LH YLHU 7HWUDUFKHQ RSIHUQ EHU 'UHLIX LP +LQWHUJUXQG VHFKVWUPLJHU 0DXHUNUDQ] PLW
RIIHQHP7RU&5,&D*DXWLHUJ /HLFKWJHW|QWYRU]JOLFK

893 895 892 896 897
',2&/(7,$186
1XPPXV7LFLQXP,03&',2&/(7,$1963)$9*.RSIPLW/RUEHHUNUDQ]UHFKWV5Y6$&5$
021(7 $9** (7 &$(66 12675 67Ɣ 0RQHWD PLW :DDJH XQG )OOKRUQ Q OLQNV VWHKHQG &
5,&DJ 9RU]JOLFK
0$;,0,$186+(5&8/,86XQG
$QWRQLQLDQ7LFLQXP,03&0$$95 VLF 9$/0$;,0,$1963)$9*'UDS3DQ]HUEVWHPLW6WNU
UHFKWV 5Y ,29, &216(59$7 6;;,7-XSLWHUPLW%OLW]EQGHOXQG=HSWHUQOLQNVVWHKHQG&YDU
5,&YDUJ ,QWHUHVVDQWHU/HJ)HKOHU6LOEHUVXGYRU]JOLFK
894
1,5:1 1,5:1
$QWRQLQLDQ/XJGXQXP$QIDQJ6RPPHU ,03&0$;,0,$1963$9*'UDS3DQ]HUEVWHPLW6WNU

UHFKWV 6SHHU DXI OLQNHU 6FKXOWHU 5Y +(5&9/, 3$&,)(52 % 60/ +HUFXOHV PLW =ZHLJ .HXOH XQG
/|ZHQIHOO EHU GHP O $UP Q OLQNV VWHKHQG & ± 5,& ± %DVWLHQ QXU ([SO EHNDQQW %DVWLHQ
6XSSO,±6XSSO,,±J bXHUVWVHOWHQ6LOEHUVXGIDVWYRU]JOLFK
(LQHU GHU VHOWHQVWHQ $QWRQLQLDQL IU GLH /\RQHU 0Q]SUlJXQJ 'LHVH %VWHQGDUVWHOOXQJ LVW lXHUVW VHOWHQ EHL GHQ
/\RQHU$QWRQLQLDQHQGHU'\DUFKLH
$QWRQLQLDQ/XJGXQXP ,03&0$;,0,$1963$9*3DQ]HUEVWHPLW+HOPXQG6WNUUHFKWV

5Y 9,5797, $9** +HUFXOHV LP .DPSI PLW GHP 1HPHLVFKHQ /|ZHQ OLQNV .HXOH XQWHQ O .HXOH
&5,&%DVWLHQJ )DVWYRU]JOLFK
$QWRQLQLDQ /XJGXQXP $QIDQJ ,03 0$;,0,$196 $9* 3DQ]HUEVWHPLW+HOPXQG6WNUUHFKWV
5Y 3$; ± $9* Ù $0LQHUYDPLW=ZHLJ6SHHUXQG6FKLOGQOLQNVVWHKHQG&5,&± FI
%DVWLHQ± FI2II% J 8QHGLHUWHV8QLNXP3UlJHVFKZlFKHIDVWYRU]JOLFK
$QWRQLQLDQ7ULSROLV ,03&0$959$/0$;,0,$1963)$9*3DQ]HUEVWHPLW6WNUUHFKWV
5Y ,29, &216(59$725±, $9** 7 5 ;;, .DLVHU O PLW .XU]]HSWHU HUKlOW 9LFWRULD DXI *OREXV YRQ
-XSLWHUPLW=HSWHUGHULKPJHJHQEHUVWHKW&5,&J +HUYRUUDJHQGHV3RUWUDLWYRU]JOLFK

898 900 901 899
902 903 904
$QWRQLQLDQ $QWLRFKLD ,03 & 0 $ 0$;,0,$196 3 ) $9* 3DQ]HUEVWH PLW 6WNU UHFKWV
5Y&21&25',$0,/,±790 = ;;,.DLVHUOPLW.XU]]HSWHUHUKlOW9LFWRULDDXI*OREXVYRQ-XSLWHUPLW
=HSWHUGHULKPJHJHQEHUVWHKW&5,&J )DVWYRU]JOLFK
$QWRQLQLDQ $QWLRFKLD ,03 & 0 $95 9$/ 0$;,0,$196 3 ) $9* 3DQ]HUEVWH PLW 6WNU UHFKWV
5Y,29(7+(5&9&216(5$9** % ;;,-XSLWHUOPLW*OREXVXQG=HSWHUXQG+HUFXOHVPLW9LFWRULD
XQG.HXOHHLQDQGHUJHJHQEHUVWHKHQG&5,&J )DVWYRU]JOLFK
1XPPXV /XJGXQXP ,03 0$;,0,$196 $9* 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV
5Y *(1,2 323±9/, 520$1, $ 3/* *HQLXV PLW 3DWHUD XQG )OOKRUQ Q OLQNV VWHKHQG DQ $OWDU
RSIHUQG5,&E%DVWLHQJ 6LOEHUVXG9RU]JOLFK
1XPPXV /XJGXQXP ,03 0$;,0,$196 3 $9* 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV
5Y *(1,2 323±9/, 520$1, % 3/* *HQLXV PLW 3DWHUD XQG )OOKRUQ Q OLQNV VWHKHQG DQ $OWDU
RSIHUQG5,&E%DVWLHQJ %UDXQH3DWLQDDXI6LOEHUVXG9RU]JOLFK
1XPPXV$TXLOHLD ,030$;,0,$1963)$9*.RSIPLW/RUEHHUNUDQ]UHFKWV5Y6$&5$ 021(7
$9**(7&$(66126759$430RQHWDPLW:DDJHX)OOKRUQ5,&EJ 9RU]JOLFK
1XPPXV $OH[DQGULD FD ,03 & 0$;,0,$196 3 ) $9* .RSI PLW /RUEHHUNUDQ] UHFKWV
5Y+(5&9/,9,&725,6±3%$/(+HUNXOHVPLW.HXOH/|ZHQIHOOXQGGHQbSIHOQGHU+HVSHULGHQ
HQIDFHVWHKHQG.RSIQOLQNVJHZDQGW&5,&J *UQH3DWLQDIDVWYRU]JOLFK
1XPPXV7ULHU ' 1 0$;,0,$12 %$($7,66,02 6(1 $9*%VWHPLW/RUEHHUNUDQ]7UDEHD
=ZHLJ XQG 0DSSD UHFKWV 5Y 3529,'(17,$ '(2590 49,(6 $9** 6 ± ) 375 3URYLGHQWLD PLW
HUKREHQHU5HFKWHUXQG4XLHVPLW=ZHLJXQG=HSWHUHLQDQGHUJHJHQEHUVWHKHQG&5,&
J )DVWYRU]JOLFK

905 906 907 909
910 911
&2167$17,86&+/2586&DHVDU$XJXVWXV
1XPPXV $TXLOHLD &2167$17,96 12% &$(6 .RSI PLW /RUEHHUNUDQ] UHFKWV5Y 6$&5 021(7
$9** (7 &$(66 12675 9 $4ī 0RQHWD PLW :DDJH XQG )OOKRUQ Q OLQNV VWHKHQG 5,& D
J *UQH3DWLQDYRU]JOLFK
1XPPXV7LFLQXP,03&&2167$17,963)$9*3DQ]HUEVWHPLW/RUEHHUNUDQ]UHFKWV5Y),'(6
0 ± , ± /,790 77 )LGHV Q OLQNV VLW]HQG LQ MHGHU +DQG HLQH 6WDQGDUWH KDOWHQG & 5,& D
J *UQH3DWLQDJXWHVVHKUVFK|Q
'LYXV&RQVWDQWLXV
1XPPXV/XJGXQXPXQWHU&RQVWDQWLQXVJHSUlJW ',92&2167$17,2$9*1DFNWH%VWHPLW
/RUEHHUNUDQ]UHFKWV5Y&216(&5$7,23/*$GOHUPLWRIIHQHQ6FKZLQJHQQUHFKWVVWHKHQGGHQ.RSI
]XUFNJHZDQGW&5,&%DVWLHQJ 6HOWHQ)DVWYRU]JOLFK
1XPPXV /XJGXQXP -DQ-XQL XQWHU &RQVWDQWLQXV JHSUlJW ',92 &2167$17,2 3,2 3DQ]HUEVWH
PLW6FKOHLHUXQG/RUEHHUNUDQ]UHFKWV5Y0(025, ± $)(/,;3/*9LHUVlXOLJHU7HPSHOGDULQ$GOHUHQ
IDFH VWHKHQG GHQ .RSI Q UHFKWV JHZDQGW LP *LHEHO .UDQ] REHQ $GOHU PLW RIIHQHQ 6FKZLQJHQ XQG
]XUFNJHZDQGWHPNRSIQOLQNVVWHKHQG&5,&%DVWLHQJ 6HOWHQ)DVWVHKUVFK|Q
1XPPXV 7ULHU XQWHU &RQVWDQWLQXV JHSUlJW ',92 &2167$17,2 3,2 'UDSLHUWH %VWH PLW
6FKOHLHUXQG/RUEHHUNUDQ]UHFKWV5Y0(025,$)(/,;375%UHQQHQGHUJLUODQGHQJHVFKPFNWHU$OWDU
IODQNLHUWYRQ]ZHL$GOHUQ&5,&J 6HKUVFK|QYRU]JOLFK
1XPPXV $TXLOHLD (QGH )UKMDKU XQWHU0D[HQWLXVJHSUlJW ',92 &2167$17,2 $9*.RSI
PLW6FKOHLHUUHFKWV5Y0(025,$',9 ± ,&2167$17,$46$OWDUPLWYHUVFKORVVHQHUPLW/|ZHQN|SIHQ
YHU]LHUWHU 'RSSHOWU REHQ GDUDXI $GOHU PLW .UDQ] LP 6FKQDEHO HQ IDFH & 5,& FRUU GRUW
LUUWPOLFKPLW3,2LQGHU$YHUVOHJHQGH 'URVWGJ )DVWYRU]JOLFK
1XPPXV7LFLQXP+HUEVW)UKMDKUXQWHU0D[HQWLXVJHSUlJW ',92&2167$17,2$9*.RSI
PLW 6FKOHLHU UHFKWV 5Y 0(0 ',9, ± &2167$17, 37 5XQGEDX PLW .XSSHOGDFK XQG JHVFKORVVHQHU
'RSSHOWUGDUDXI$GOHUPLW]XUFNJHZDQGWHP.RSIUHFKWV&5,&'URVWDJ
6HKUVFK|Q

912 913 914 915 916
917 918
0$;,0,$186*$/(5,86&DHVDU$XJXVWXV
$UJHQWHXV 7ULHU 0$;,0, ± $196 12% & .RSI PLW /RUEHHUNUDQ] UHFKWV 5Y 9,&725,$
6$50$7 ' 'LH YLHU 7HWUDUFKHQ RSIHUQ EHU 'UHLIX LP +LQWHUJUXQG VHFKVWUPLJHU 0DXHUNUDQ] PLW
RIIHQHP7RU&5,&E*DXWLHUJ 'XQNOH7|QXQJIDVWYRU]JOLFK
1XPPXV /XJGXQXP 0$;,0,$196 12% &$(6 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV
5Y*(1,2323±9/,520$1, % 3/**HQLXVPLW3DWHUDXQG)OOKRUQQOLQNVVWHKHQGDQ$OWDURSIHUQG
5,&E%DVWLHQJ *XWHVYRU]JOLFK
1XPPXV 7LFLQXP 0$;,0,$196 12% &$(6 .RSI PLW /RUEHHUNUDQ] UHFKWV 5Y 6$&5$
021(7 $9** (7 &$(66 12675 77Ɣ 0RQHWD PLW :DDJH XQG )OOKRUQ Q OLQNV VWHKHQG &
5,&EJ )DVWYRU]JOLFK
1XPPXV $OH[DQGULD FD *$/ 9$/ 0$;,0,$196 12% &$(6.RSI PLW /RUEHHUNUDQ] UHFKWV
5Y ,29, &2 ± 16 &$(6 ' 6 ± 3 $/( -XSLWHU PLW 9LFWRULD DXI *OREXV XQG =HSWHU Q OLQNV VWHKHQG
&5,&J /HLFKWHU6LOEHUVXGIDVWYRU]JOLFK
1XPPXV $OH[DQGULD ,03 & *$/ 9$/ 0$;,0,$196 3 ) $9* .RSI PLW /RUEHHUNUDQ] UHFKWV
5Y*(1,2,03 ± (5$725,6$±$ 3$/(*HQLXVPLW0RGLXV3DWHUDXQG)OOKRUQQOLQNVVWHKHQG
5,&J 6HOWHQ9RU]JOLFK
6(9(586,,&DHVDU$XJXVWXV
1XPPXV 7ULHU )/ 9$/ 6(9(596 12% & 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV 5Y *(1,2
3239±/, 520$1, 6 ± ) 375 *HQLXV PLW 0DXHUNURQH 3DWHUD XQG )OOKRUQ Q OLQNV VWHKHQG &
5,&DJ )DVWYRU]JOLFK
1XPPXV5RP 6(9(59612%&$(6.RSIPLW/RUEHHUNUDQ]UHFKWV5Y6$&02195%$9**(7
&$(6611 570RQHWDPLW:DDJHXQG)OOKRUQQOLQNVVWHKHQG5,&DJ 6HKUVFK|Q

919 920 921 922 923
924 925
6(9(586,,&DHVDU$XJXVWXV
1XPPXV+HUDFOHD )/ 9$/ 6(9(596 12% &$(6.RSIPLW/RUEHHUNUDQ]UHFKWV5Y *(1,2
3239±/±, 520$1, +7$ *HQLXV PLW 0RGLXV 3DWHUD XQG )OOKRUQ Q OLQNV VWHKHQG & 5,&
DJ 6HKUVFK|Q
0$;(17,86
1XPPXV$TXLOHLD)UKMDKU )UKVRPPHU ,030$;(17,963)$9*&216,,.RQVXODUEVWH
PLW /RUEHHUNUDQ] WUDEHD XQG $GOHU]HSWHU UHFKWV 5Y &216(59 ± 95% 69$( $46 6HFKVVlXOLJHU
7HPSHOGDULQ5RPDPLW*OREXVXQG=HSWHUQOLQNVVLW]HQGLP*LHEHO0RQGVLFKHO5,&'URVW
J *UQH3DWLQDIDVWYRU]JOLFK
1XPPXV 2VWLD 0LWWH $QIDQJ ,03 & 0$;(17,96 3 ) $9* .RSI PLW /RUEHHUNUDQ] UHFKWV
5Y$(7(51,7$6$9*102677'LH:|OILQQOLQNVVWHKHQGXQGGLH=ZLOOLQJHVlXJHQG5,&
'URVWJ 6HOWHQ6HKUVFK|Q
1XPPXV 2VWLD $QIDQJ ,03 & 0$;(17,96 3 ) $9* .RSI PLW /RUEHHUNUDQ] UHFKWV 5Y ),'(6
0, ± / ± , ± 790$9*102677)LGHVLQODQJHP*HZDQGQOLQNVVWHKHQGLQMHGHU+DQGHLQH6WDQGDUWH
KDOWHQG5,&'URVWFJ hEHUSUlJXQJVVSXUHQLP5HYHUVIDVWYRU]JOLFK
&RQVHFUDWLRQVSUlJXQJHQIUGLH'LYL0D[LPLDQXV+HUFXOLXVXQG&RQVWDQWLXV&KORUXV
1XPPXV5RP ,030$;(17,96',920$;,0,$123$75,.RSIGHV0D[LPLDQXVPLW6FKOHLHU
UHFKWV 5Y $(7(51$(± 0(025,$( 5(6 5XQGEDX PLW .XSSHOGDFK XQG 'RSSHOWU GDUDXI $GOHU PLW
]XUFNJHZDQGWHP.RSIUHFKWV5,&'URVWJ 6HOWHQ6HKUVFK|Q
1XPPXV5RP ,030$;(17,96',92&2167$17,2&2*1.RSIGHV0D[LPLDQXVPLW6FKOHLHU
UHFKWV 5Y $(7(51$(± 0(025,$( 5(6 5XQGEDX PLW .XSSHOGDFK XQG 'RSSHOWU GDUDXI $GOHU PLW
1XPPXV2VWLD ',920$;,0,$123$75,0$;(17,96$9*.RSIGHV0D[LPLDQXVPLW6FKOHLHU
UHFKWV5Y$(7(51$±0(025,$026745XQGEDXPLW.XSSHOGDFKXQG'RSSHOWUGDUDXI$GOHUPLW

926 927 928 929 930
931 932
1XPPXV2VWLD ,030$;(17,96',920$;,0,$123$75,.RSIGHV0D[LPLDQXVPLW6FKOHLHU

UHFKWV5Y$(7(51$±0(025,$026745XQGEDXPLW.XSSHOGDFKXQG'RSSHOWUGDUDXI$GOHUPLW
]XUFNJHZDQGWHP.RSIUHFKWV5,&'URVWJ 6HOWHQ9RU]JOLFK
1XPPXV2VWLD,030$;(17,96',92&2167$17,2$'),1,.RSIGHV&RQVWDQWLXVPLW6FKOHLHU
UHFKWV 5Y $(7(51$ ± 0(025,$ 02677 5XQGEDX PLW .XSSHOGDFK XQG 'RSSHOWU GDUDXI $GOHU Q
UHFKWV5,&'URVWJ 6HOWHQ6FKU|WOLQJVIHKOHUVRQVWYRU]JOLFK
5208/866RKQGHV0D[HQWLXV
1XPPXV 5RP ',92 5209/2 1 9 %,6 &216.RSIGHV'LYXV5RPXOXVUHFKWV5Y $(7(5
1$( ± 0(025,$( 5%7 5XQGWHPSHO PLW KDOE RIIHQHQ 7UHQ XQG .XSSHOGDFK GDUDXI $GOHU &
5,&'URVWD V7DIHOD J 6HOWHQ6HKUVFK|Q
0$;,0,186'$=$&DHVDU$XJXVWXV
1XPPXV 1LFRPHGLD FD 0LWWH ,03 & *$/ 9$/ 0$;,0,196 3 ) $9* .RSI PLW /RUEHHUNUDQ]
UHFKWV 5Y *(1,2 $9±*967, &0+ 601ȯ *HQLXV HQ IDFH VWHKHQG GHQ .RSI Q OLQNV JHZDQGW DXV
3DWHUDLQGHU5HFKWHQRSIHUQGXQGLPO$UP)OOKRUQKDOWHQG&5,&FJ
*XWHVYRU]JOLFK
([-DFTXLHU
1XPPXV $OH[DQGULD ,03 & *$/(5 9$/ 0$;,0,196 3 ) $9* .RSI PLW /RUEHHUNUDQ] UHFKWV
5Y%212*(1,23,,,03(5$725,6.±$3$/(*HQLXVPLW0RGLXV3DWHUDXQG)OOKRUQQOLQNV
VWHKHQG)HOGREHQO0RQGVLFKHO5,&EJ /HLFKWH.RUURVLRQVVSXUHQVRQVWYRU]JOLFK
1XPPXV$OH[DQGULD ,03&*$/(59$/0$;,0,1963)$9*.RSIPLW/RUEHHUNUDQ]UHFKWV

5Y%212*(1,23,,,03(5$725,6.±$;$/(*HQLXVPLW0RGLXV3DWHUDXQG)OOKRUQQOLQNV
VWHKHQG)HOGREHQO0RQGVLFKHO5,&EJ )DVWYRU]JOLFK
1XPPXV 6LVFLD VSlWHV ,03 0$;,0,196 3 ) $9* .RSI PLW /RUEHHUNUDQ] UHFKWV 5Y ,29,
&2 ± 16 ± (59$725, % 6,6 -XSLWHU PLW %OLW]EQGHO XQG =HSWHU Q OLQNV VWHKHQG LP )HOG UHFKWV
/RUEHHUNUDQ]5,&EJ 6HOWHQ9RU]JOLFK

933 934 935 937 940
938 939
/,&,1,86,
1XPPXV 1LFRPHGLD ,03 & 9$/ /,&,1 /,&,1,96 3 ) $9* .RSI PLW /RUEHHUNUDQ] UHFKWV
5Y *(1,2 $±9*967, = 601*HQLXVPLW3DWHUDXQG)OOKRUQQOLQNVVWHKHQGDQ$OWDURSIHUQG
5,&DJ *UQH3DWLQDDXI6LOEHUVXG3UlJHVFKZlFKHVRQVWYRU]JOLFK
1XPPXV $QWLRFKLD ,03 /,&,±1,96 $9* %HORUE %VWH LQ WUDEHD PLW PDSSD *OREXV XQG
=HSWHUOLQNV5Y,29,&216 ± (59$725,$9**%60$17-XSLWHUPLW9LFWRULDDXI*OREXVXQG=HSWHU
QOLQNVVWHKHQGGDYRU*HIDQJHQHU5,&J )DVWYRU]JOLFK
1XPPXV$UOHV ,03/,&,1 ± ,963)$9*.RSIPLW/RUEHHUNUDQ]UHFKWV5Y/,&,1,$9*967,6$
LP)HOG927,6;;5,&)HUUDQGRJ )DVWYRU]JOLFK
/,&,1,86,,&DHVDU
1XPPXV $TXLOHLD /,&,1,96 ,91 12% &$(6 'UDSLHUWH 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV
5Y&21&25±'±,$$9**11$46&RQFRUGLDPLW&DGXFHXVXQG)OOKRUQQOLQNVVWHKHQG&5,&
3DROXFFL =XEJ 6HOWHQ/HLFKWURWJROGIDUEHQH7|QXQJDXI6LOEHUVXGYRU]JOLFK
&2167$17,186,$XJXVWXV
1XPPXV 7ULHU ,03 &2167$17,196 3 ) $9* 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV
5Y 35,1&,3, ± ,9 ± 9(1797,6 6 ± $ 375 &RQVWDQWLQ PLW ]ZHL 6WDQGDUWHQ Q OLQNV VWHKHQG &
5,&J *UQH3DWLQDVHKUVFK|Q
1XPPXV /RQGRQ ,03 &2167$17,196 3 ) $9* 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV
5Y $'9(1 ± 796 $9* 3/1 .DLVHU PLW HUKREHQHU 5HFKWHU XQG =HSWHU Q OLQNV UHLWHQG GDYRU
*HIDQJHQHU5,&&ORNH 7RRQHJ *XWHVVHKUVFK|Q
+DOEQXPPXV 5RP )/ 9$/ &2167$17,196 $9*'UDSLHUWH%VWHPLW/RUEHHUNUDQ]UHFKWV
5Y 3$&, 3 ± ( ± 53(7 ;,, 54 3D[ PLW 2OLYHQ]ZHLJ XQG 6WDQGDUWH HQ IDFH VWHKHQG .RSI Q OLQNV
JHZDQGW&5,&J 6HOWHQ)DVWYRU]JOLFK

941 942 943 944 945
946 947 948 949
+DOEQXPPXV5RP)/9$/&2167$17,196$9*'UDS3DQ]HUEVWHPLW/RUEHHUNUDQ]UHFKWV
5Y 3$&, 3 ± ( ± 53(7 ;,, 56 3D[ PLW 2OLYHQ]ZHLJ XQG 6WDQGDUWH HQ IDFH VWHKHQG .RSI Q OLQNV
JHZDQGW&5,&J 6HOWHQ*XWHVVHKUVFK|Q
ó1XPPXV 5RP ,03 &2167$17,196 3 ) $9* %DUKlXSLJHU .RSI UHFKWV 5Y 6$3,(17,$
35,1&,3,654(XOHDXI$OWDUQOLQNVVWHKHQGGDUDQ6FKLOG/DQ]HXQG+HOP&5,&9,,
J 6HKUVHOWHQ6HKUVFK|Q
1XPPXV &\]LFXV ,03 &2167$±17,196 $9* %HORUE /LQNVEVWH PLW PDSSD *OREXV XQG
=HSWHU5Y,29,&216 ± (59$725,$9**=60.-XSLWHUPLW9LFWRULDDXI*OREXVXQG=HSWHUQOLQNV
VWHKHQGGDYRU.UDQ]5,& 5 J 6LOEHUVXG9RU]JOLFK
1XPPXV &\]LFXV ,03 &2167$ ± 17,196 $9* %HORUE /LQNVEVWH PLW PDSSD *OREXV XQG
=HSWHU5Y,29,&216 ± (59$725,$9**$60.-XSLWHUPLW9LFWRULDDXI*OREXVXQG=HSWHUQOLQNV
VWHKHQGGDYRU.UDQ]5,& 5 J )DVWYRU]JOLFK
1XPPXV 7KHVVDORQLFD ,03 &2167$1±7,196 $9* .RSI PLW /RUEHHUNUDQ] UHFKWV 5Y ' 1
&2167$17,1,0$;$9*76ī9,.UDQ]GDULQ927;;5,&J 6HKUVFK|Q
1XPPXV$UOHV &2167$±17,196 $9*.RSIPLW/RUEHHUNUDQ]UHFKWV5Y9,579±6$9**
/DJHUWRU PLW YLHU 7UPHQ XQG RIIHQHQ 7UHQ REHQ x x LQ $EVFKQLWW 3$Ù5/ 5,& 9,,
)HUUDQGRJ 9RU]JOLFK
1XPPXV &RQVWDQWLQRSROLV &2167$17, ± 196 0$; $9* 'UDS 3DQ]HUEVWH PLW 5RVHWWHQ
GLDGHP UHFKWV 5Y */25,$ ± (;(5&,796 Ȣ &216 6ROGDW PLW 6SHHU XQG 6FKLOG Q UHFKWV VWHKHQG
&5,&J )DVWYRU]JOLFK
1XPPXV &RQVWDQWLQRSROLV &2167$17, ± 196 0$; $9* 'UDS 3DQ]HUEVWH PLW 5RVHWWHQ
GLDGHPUHFKWV5Y/,%(57$639%/,&$ȯ&2169LFWRULDDXI*DOHHUHHQIDFHVWHKHQG.RSIQOLQNV
LQMHGHU+DQGHLQHQ.UDQ]KDOWHQG&5,&J )DVWYRU]JOLFK
1XPPXV &RQVWDQWLQRSROLV &2167$17, ± 196 0$; $9*'UDS3DQ]HUEVWHPLW5RVHWWHQGLDGHP
UHFKWV 3WHU\JHV DP O 2EHUDUP HUKREHQ DOV 6\PERO GHV $GYHQWXV*HVWXV 5Y &2167$17,1,±$1$
'$)1( ' &216 9LFWRULD DXI HLQHP &LSSXV Q OLQNV VLW]HQG .RSI Q UHFKWV JHZDQGW LQ GHU 5HFKWHQ
ODQJHQ /RUEHHU]ZHLJ KDOWHQG PLW GHU /LQNHQ 3DOP]ZHLJ VFKXOWHUQG ]X LKUHQ )HQ NQLHQGHU
*HIDQJHQHUXQG6FKLOGLP+LQWHUJUXQG7URSDHXP&5,&J )DVWYRU]JOLFK

951 952 953 954
955 956 957 958
&2167$17,186,$XJXVWXV
1XPPXV &RQVWDQWLQRSROLV &2167$17, ± 196 0$; $9*'UDS3DQ]HUEVWHPLW5RVHWWHQGLDGHP
UHFKWV 3WHU\JHV DP O 2EHUDUP HUKREHQ DOV 6\PERO GHV $GYHQWXV*HVWXV 5Y &2167$17,1,±$1$
'$)1( = &216 9LFWRULD DXI HLQHP &LSSXV Q OLQNV VLW]HQG .RSI Q UHFKWV JHZDQGW LQ GHU 5HFKWHQ
ODQJHQ /RUEHHU]ZHLJ KDOWHQG PLW GHU /LQNHQ 3DOP]ZHLJ VFKXOWHUQG ]X LKUHQ )HQ NQLHQGHU
*HIDQJHQHUXQG6FKLOGLP+LQWHUJUXQG7URSDHXP&5,&J 9RU]JOLFK
(UZRUEHQ LQ 0QFKHQ LP )HEUXDU ± =XU ,QWHUSUHWDWLRQ GHV 5HYHUV V . 2OEULFK &RQVWDQWLQLDQD 'DSKQH
'LH*UQGXQJVP\WKHQHLQHVDQGHUHQ5RP".OLRII
1XPPXV &RQVWDQWLQRSROLV &2167$17,±196 0$; $9* 'UDS 3DQ]HUEVWH PLW 'LDGHP
UHFKWV 5Y */25 ± ,$ (;(5&±,796 &216+ =ZHL VWHKHQGH 6ROGDWHQ GD]ZLVFKHQ ]ZHL 6WDQGDUWHQ
5,&J *XWHVYRU]JOLFK
&RQVHFUDWLRQVSUlJXQJHQIUGLH'LYL&ODXGLXV*RWKLFXVXQG&RQVWDQWLXV&KORUXV
ò1XPPXV5RP ',92 &/$9',2 237,02 ,03.RSIPLW6FKOHLHUXQG/RUEHHUNUDQ]UHFKWV
5Y 5(49,(6 237,025 0(5,7 54 .DLVHU PLW HUKREHQHU 5HFKWHU XQG 6WDE DXI NXUXOLVFKHP 6WXKO
QOLQNVVLW]HQG&5,&J )DVWYRU]JOLFK
ò 1XPPXV 5RP ',92 &2167$17,2 3,2 35,1&,3 .RSI PLW 6FKOHLHU XQG /RUEHHUNUDQ]
UHFKWV5Y 5(49,(6 2±3±7,025 0(5,7 54.DLVHUPLWHUKREHQHU5HFKWHUXQG6WDEDXINXUXOLVFKHP
6WXKOQOLQNVVLW]HQG&5,&J )DVWYRU]JOLFK
ò1XPPXV5RP ',92&2167$17,23,235,1&.RSIPLW6FKOHLHUXQG/RUEHHUNUDQ]UHFKWV
5Y 0(025,$( $(7(51$( 56 $GOHU PLW RIIHQHQ 6FKZLQJHQ HQ IDFH VWHKHQG GHQ .RSI Q OLQNV
JHZDQGW&5,&J 6HKUVFK|Q
ò1XPPXV5RP ',92&2167$17,23,235,1&.RSIPLW6FKOHLHUXQG/RUEHHUNUDQ]UHFKWV
5Y0(025,$($(7(51$(57/|ZHQUHFKWVVFKUHLWHQG&5,&J 6HKUVFK|Q
+(/(1$HUVWH*HPDKOLQGHV&RQVWDQWLXV&KORUXV0XWWHUGHV&RQVWDQWLQ
1XPPXV6LVFLD )/ +(/(1$±$9*967$'UDSLHUWH%VWHPLW'LDGHPXQG+DOVNHWWHUHFKWV
5Y 6(&95,7$6 ± 5(,39%/,&( ȯ6,6 9HUVFKOHLHUWH 6HFXULWDV +HOHQD" PLW =ZHLJ LQ GHU 5HFKWHQ
QOLQNVVWHKHQG&5,&J )DVWYRU]JOLFK
1XPPXV 7KHVVDORQLFD )/ +(/(1$ ± $9*967$'UDSLHUWH%VWHPLW'LDGHPXQG+DOVNHWWH
UHFKWV 5Y 6(&95,7$6 ± 5(,39%/,&( 6076' 9HUVFKOHLHUWH 6HFXULWDV +HOHQD" PLW =ZHLJ LQ GHU
5HFKWHQQOLQNVVWHKHQG&5,&J 6HOWHQ9RU]JOLFK

959 960 961 962 963
964 965 966 967
)$867$*HPDKOLQGHV&RQVWDQWLQXV
1XPPXV 7KHVVDORQLFD )/$9 0$; ± )$967$ $9* 'UDSLHUWH %VWH PLW 3HUOHQKDOVNHWWH
UHFKWV 5Y 63(6 5(, 3 ± 9%/,&$( 6076$ 6DOXV )DXVWD PLW ]ZHL .LQGHUQ DXI GHQ $UPHQ HQ IDFH
VWHKHQGGHQ.RSIQOLQNVJHZDQGW&5,&J 6HOWHQ)DVWYRU]JOLFK
1XPPXV +HUDFOHD )/$9 0$; ± )$967$ $9* 'UDSLHUWH %VWH PLW 'LDGHP XQG 3HUOHQ
KDOVNHWWH UHFKWV 5Y 63(6 5(,3±9%/,&$( 60+$ 6DOXV )DXVWD PLW ]ZHL .LQGHUQ DXI GHQ $UPHQ HQ
IDFHVWHKHQGGHQ.RSIQOLQNVJHZDQGW&5,&J 9RU]JOLFKVHKUVFK|Q
1XPPXV $OH[DQGULD )/$9 0$; ± )$967$ $9* 'UDSLHUWH %VWH PLW 'LDGHP XQG 3HUOHQ
KDOVNHWWH UHFKWV 5Y 63(6 5(,3±9%/,&$( 60$/% )DXVWD PLW ]ZHL .LQGHUQ LQ GHQ $UPHQ HQ IDFH
VWHKHQGGHQ.RSIQOLQNVJHZDQGW&5,&J 3UlJHVFKZlFKHVRQVWYRU]JOLFK
&5,6386lOWHVWHU6RKQGHV&RQVWDQWLQ&DHVDU
1XPPXV/RQGRQ &5,639±612%,/&3DQ]HUEVWHPLW/RUEHHUNUDQ]6SHHUXQG6FKLOGOLQNV
5Y%($775$ ± 14/,7$63/21*OREXVDXI$OWDUPLWGHU,QVFKULIW 92 7,6;;GDUEHUGUHL6WHUQH
5,&& 7J 9RU]JOLFK
1XPPXV/RQGRQ&5,6396±12%,/&3DQ]HUEVWHPLW+HOPOLQNV5Y%($775$ ± 14/,7$6
3/21 *OREXV DXI $OWDU PLW GHU ,QVFKULIW 92 7,6 ;; GDUEHU GUHL 6WHUQH 5,& & 7
J 9RU]JOLFK
(LQ([HPSODUMHGRFKNOHLQHUH%VWHJ 9RU]JOLFK
1XPPXV 6LVFLD ,9/ &5,6 ± 396 12% & .RSI PLW /RUEHHUNUDQ] UHFKWV 5Y &$(6$590
126752590'6,6 .UDQ]GDULQ92795,&J 9RU]JOLFK
1XPPXV1LFRPHGLD)/,9/&5,6 ± 39612%&'UDSLHUWH3DQ]HUEVWHPLW/RUEHHUNUDQ]OLQNV
5Y 3529,'(1 ± 7,$( &$(66 01%/DJHUWRUPLW]ZHL7UPHQGDUEHU6WHUQ&5,&
J 9RU]JOLFK
'(/0$7,86
1XPPXV $OH[DQGULD )/ '(/0$7,96 12% & 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV
5Y */25± ,$ (;(5& ± ,796 60 $/$ =ZHL 6ROGDWHQ PLW +HOP /DQ]H XQG 6FKLOG HQ IDFH VWHKHQG
GD]ZLVFKHQ6WDQGDUWH&5,&J 6LOEHUVXG9RU]JOLFK

968
2:1 2:1
+$11,%$//,$186%UXGHUGHV'HOPDWLXV5H[5HJXP
1XPPXV&RQVWDQWLQRSROLV )/+$11,%$//,$125(*,%DUKlXSWLJHGUDSLHUWH3DQ]HUEVWHUHFKWV
5Y6(±&95,7$639%/,&$&2166)OXVVJRWW(XSKUDWHVDXI=HSWHUJHOHKQWQUHFKWVODJHUQGDQVHLQHU
6HLWH8UQHGHU:DVVHUHQWVWU|PWLP+LQWHUJUXQG6FKLOI& )U /5%&5,&9,,
J 6HOWHQEHVRQGHUVLQGLHVHU(UKDOWXQJ)HLQHV3RUWUDLWYRU]JOLFKHV([HPSODU
$XV/\RQHU6DPPOXQJ(UZRUEHQLP2NWREHU
+DQQLEDOOLDQXV1HIIHGHV&RQVWDQWLQXQG%UXGHUGHV'HOPDWLXVZXUGH]XP5H[5HJXPHW3RQWLFDUXP*HQWLXP
]XP .|QLJ GHU .|QLJH XQG GHV SRQWLVFKHQ 9RONHV HUQDQQWHLQYHUVFKOHLHUWHU+LQZHLVDXI$UPHQLHQ'LH0Q]H
VLJQDOLVLHUWHGLH$EVLFKW&RQVWDQWLQV$UPHQLHQYRQGHQ6DVDQLGHQ]XUFN]XHUREHUQ
969 970 971 972 973
&2167$17,186,,&DHVDU
1XPPXV /RQGRQ &2167$17, ± 196 ,91 1 & %VWH PLW 6WNU XQG 7UDEDHD OLQNV 5Y 9,5796
(;(5&,73/19H[LOOXPPLWGHU,QVFKULIW927;;]ZLVFKHQ]ZHLVLW]HQGHQ*HIDQJHQHQ5,&
FRUU& 7J 9RU]JOLFK
1XPPXV/RQGRQ &2167$17, ± 196,911&3DQ]HUEVWHPLW+HOPOLQNV5Y%($775$ ± 1

4/,7$6 3/21 *OREXV DXI $OWDU PLW GHU ,QVFKULIW 92 7,6 ;; GDUEHU GUHL 6WHUQH 5,&
& 7J 9RU]JOLFK
1XPPXV /RQGRQ &2167$17, ± 196 ,91 1 & 'UDS 3DQ]HUEVWH PLW 6WNU OLQNV 5Y %($7
75$ ± 14/,7$6 ) ± % 3/21 *OREXV DXI $OWDU PLW GHU ,QVFKULIW 92 7,6 ;; GDUEHU GUHL 6WHUQH
5,&±& 7J )DVWYRU]JOLFK
1XPPXV6LVFLD &2167$17,196,9112%&'UDS3DQ]HUEVWHPLW/RUEHHUNUDQ]OLQNV9LFWRULD

DXI*OREXVLQGHU5HFKWHQKDOWHQG0DSSDLQGHU/LQNHQ5Y9,5796(;(5&,7)6±+/ LQ/LJDWXU
ȯ6,6 X6WHUQEHU+DOEPRQG9H[LOOXPPLWGHU,QVFKULIW 927; ]ZLVFKHQ]ZHLVLW]HQGHQ*HIDQJHQHQ
5,&J )DVWYRU]JOLFK
1XPPXV $UOHV &2167$17,196 ,91 12% & 'UDSLHUWH 3DQ]HUEVWH PLW /RUEHHUNUDQ] OLQNV
5Y 9,5796 ± &$(666±)7&2167/DJHUWRUPLWYLHU7UPHQGDUEHU6WHUQ5,&)HUUDQGR
J )DVWYRU]JOLFK

974 975 976 977 978
979 980
1XPPXV 6LVFLD &2167$17,196 ,91 12% & 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV
5Y */25± ,$ (;(5&± ,796 ȯ 6,6 =ZHL 6ROGDWHQ MHGHU PLW 6SHHUXQG6FKLOGVWHKHQVLFKJHJHQEHU
GD]ZLVFKHQ]ZHL6WDQGDUWHQ5,&J 9RU]JOLFK
&2167$16&DHVDU$XJXVWXV
1XPPXV 6LVFLD )/ &2167$17,6 %($ & 'UDSLHUWH 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV
5Y */25± ,$ (;(5&± ,796 '6,6 =ZHL 6ROGDWHQ MHGHU PLW 6SHHU XQG 6FKLOG VWHKHQ VLFK JHJHQEHU
GD]ZLVFKHQ6WDQGDUWH5,&J 9RU]JOLFK
&HQWHQLRQDOLV6LVFLD '1&2167$±163)$9*'UDSLHUWH3DQ]HUEVWHPLW3HUOGLDGHPUHFKWV

5Y )(/ 7(03 5(3$5$7,2 '6,66\PERO 2IIL]LQ 3K|QL[PLW6WUDKOHQNUDQ]DXI)HOVHQQUHFKWV
VWHKHQG5,&J 9RU]JOLFK
&2167$17,86,,&DHVDU
1XPPXV$UOHV )/,9/&2167$17,9612%&'UDSLHUWH3DQ]HUEVWHPLW/RUEHHUNUDQ]OLQNV
5Y 9,5796 ± &$(666±)$5/4 /DJHUWRU PLW YLHU 7UPHQ GDUEHU 6WHUQ & 5,&
)HUUDQGRJ 6HKUVFK|Q
1XPPXV 5RP )/ ,9/ &2167$17,96 12% & 'UDSLHUWH 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV
5Y 6(&95, ± 7$6 5(,39% 5 %ODWW 6 6HFXULWDV PLW JHNUHX]WHQ %HLQHQ HQ IDFH VWHKHQG GHQ .RSI
QUHFKWVJHZDQGWLQGHU5HFKWHQ=HSWHUXQGGHQOLQNHQ$UPDXI6lXOHJHVWW]W&YDU5,&
5 J 6HOWHQ9RU]JOLFK
&HQWHQLRQDOLV6LVFLD'1&2167$1±7,963)$9*'UDS3DQ]HUEVWHPLW3HUOGLDGHPUHFKWV
5Y)(/7(03±5(3$5$7,2ȯ6,6 6\PERO 2IIL]LQ .DLVHUPLW3K|QL[DXI*OREXVXQG/DEDUXP
LP%XJHLQHUYRQ9LFWRULDJHVWHXHUWHQ*DOHHUHQOLQNVIDKUHQG5,&J 9RU]JOLFK
&HQWHQLRQDOLV $TXLOHLD ' 1 &2167$1±7,96 3 ) $9* 'UDS 3DQ]HUEVWH PLW 3HUOGLDGHP
UHFKWV 5Y )(/ 7(03±5(3$5$7,2 ,, $47 6ROGDW .DLVHU" PLW 6SHHU XQG 6FKLOG Q OLQNV VWLFKW
JHVWU]WHQ5HLWHUQLHGHU5,&J 9RU]JOLFK
'LH YRQ .HQW 5,& 9,,, DEZHLFKHQGH 'DWLHUXQJ IROJW 6 &D]D $ +DQGERRN RI /DWH 5RPDQ %URQ]H &RLQ 7\SHV
6

981
2:1 2:1
9(75$1,20lU] 'H]HPEHU
6LOLTXD 6LVFLD ' 1 9(75$ ± 1,2 3 ) $9* 'UDS 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV 5Y 9,&725,$
$9*9672590 6,69LFWRULDPLW.UDQ]LQGHUHUKREHQHQ5HFKWHQXQGJHVFKXOWHUWHP7URSDHXPLQGHU
/LQNHQQOLQNVHLOHQG&5,&J 6HOWHQ)DVWYRU]JOLFK
982 983 984 985
0DLRULQD6LVFLD '19(75$ ± 1,23)$9* 'UDS3DQ]HUEVWHPLW/RUEHHUNUDQ]UHFKWVLP)HOGOLQNV

$ UHFKWV 6WHUQ 5Y &21&25',$ ± 0,/,790 $ xī6,6x .DLVHU PLW /DEDUXP LQ MHGHU +DQG HQ IDFH
VWHKHQGGDUEHU6WHUQ&5,&/5%&J 6HOWHQ9RU]JOLFK
0$*1(17,86
'RSSHOPDLRULQD$PLHQVFD)UKMDKU '10$*1(1 ± 7,963)$9*'UDSLHUWH3DQ]HUEVWHUHFKWV
5Y 6$/96 '' 11 $9* (7 &$(6 $0%x*URHV&KULVWRJUDPP]ZLVFKHQ$ ± &&5,&
%DVWLHQJ 6HOWHQ9RU]JOLFK
-8/,$186,,$3267$7$$XJXVWXV
'RSSHOPDLRULQD &RQVWDQWLQRSROLV ' 1 )/ &/ ,9/, ± $196 3 ) $9* 'UDS 3DQ]HUEVWH PLW
3HUOGLDGHPUHFKWV5Y6(&95,7$65(,39% x &2163$]ZLVFKHQ]ZHL=ZHLJHQ6WLHUQUHFKWVVWHKHQG
GDUEHU]ZHL6WHUQH&5,&J *UQH3DWLQDDXI6LOEHUVXGYRU]JOLFK
9$/(17,1,$186,
&HQWHQLRQDOLV 6LVFLD ' 1 9$/(17,1,±$196 3 ) $9* 'UDS 3DQ]HUEVWH PLW 3HUOGLDGHP UHFKWV
5Y*/25,$52±0$12590$6,6&.DLVHUQUHFKWVVFKUHLWHQGLQGHU/LQNHQ/DEDUXPKDOWHQGXQGPLW
GHU5HFKWHQHLQHQJHIHVVHOWHQ*HIDQJHQHQVFKOHSSHQG&5,&DJ 9RU]JOLFK

986 987 988
9$/(16
&HQWHQLRQDOLV 6LVFLD ' 1 9$/(1 ± 6 3 ) $9* 'UDSLHUWH 3DQ]HUEVWH PLW 3HUOGLDGHP UHFKWV
5Y */25,$ 52±0$12590 x %6,6&.DLVHUQUHFKWVVFKUHLWHQGLQGHU/LQNHQ/DEDUXPKDOWHQGXQG
PLWGHU5HFKWHQHLQHQJHIHVVHOWHQ*HIDQJHQHQVFKOHSSHQG&5,&DJ 9RU]JOLFK
*5$7,$186
6LOLTXD 7ULHU ' 1 *5$7,$ ± 196 3 ) $9* 'UDSLHUWH 3DQ]HUEVWH PLW 3HUOGLDGHP UHFKWV
5Y9,579652 ± 0$1259075365RPDLPODQJHQ*HZDQGHQIDFHWKURQHQG.RSIQOJHZDQGWPLW
GHU/LQNHQ6SHHUKDOWHQGLQGHU5HFKWHQ*OREXV&5,&DJ *HW|QWIDVWYRU]JOLFK
$5&$',86
&HQWHQLRQDOLV6LVFLD '1$5&$',±963)$9*'UDSLHUWH3DQ]HUEVWHPLW3HUOGLDGHPUHFKWV
5Y*/25,$52±0$12590%6,6&.DLVHUQUHFKWVVFKUHLWHQGLQGHU/LQNHQ/DEDUXPKDOWHQGXQGPLW
GHU5HFKWHQHLQHQJHIHVVHOWHQ*HIDQJHQHQVFKOHSSHQG&5,&FJ 9RU]JOLFK
989
1,5:1 1,5:1
*(3,'(1RGHU267*27(1
$59LHUWHOVLOLTXD LP 1DPHQ GHV $QDVWDVLXV , 6LUPLXP FD ' 1 ȁ1ȁ67ȁ6,96 3 3 ȁ9&
3DQ]HUEVWH PLW 3HUOGLDGHP UHFKWV 5Y ,19,7 ᵢ ȁ 520ȁ 0 ٓ ' 7KHRGHULFK0RQRJUDPP 9JO )
6WHIDQ'LH0Q]VWlWWH6LUPLXPXQWHUGHQ2VWJRWHQXQG*HSLGHQ 7DI'HPR2VWURJRWKLF
&RLQDJH 7DI YJO0,%0HWOLFK7KH&RLQDJHRI2VWURJRWKLF,WDO\6$EE
)DOWLQ*URXS4DJ 9RU]JOLFK
'LH=XZHLVXQJLVWXPVWULWWHQ=XU=XZHLVXQJ]XGHQ*HSLGHQVLHKH0HWOLFK6I)DOWLQZHLVW]XPLQGHVWGLHIUKHQ
6WFNHGHQ2VWJRWHQ]X

',(*2/'0('$,//216$86'(06&+$7=)81'921%($85$,16 $55$6
*DOYDQRSODVWLNHQGHU)D(WLHQQH%RXUJH\ FD(QGHGHUHU-DKUH
'HU6FKDW]YRQ%HDXUDLQVLVWGHU1DPHHLQHVEHGHXWHQGHQU|PLVFKHQ+RUWIXQGHV 0Q]HQ6FKPXFN6LOOEHUEHVWHFN
DXV GHP IUKHQ -DKUKXQGHUW GHU DP 6HSWHPEHU LQ %HDXUDLQV HLQHP 9RURUW GHU 6WDGW $UUDV JHIXQGHQ
ZXUGH
'LH 0Q]HQ FD HQWVSUHFKHQ KDXSWVlFKOLFK GHQ .DLVHUQ GHU 7HWUDUFKLH YRQ 'LRFOHWLDQ ELV &RQVWDQWLQ , YRU
VHLQHU$OOHLQKHUUVFKDIW GHU6FKDW]ZXUGHDOVRXPGDV-DKUYHUJUDEHQ
(LQ EHVRQGHUHV 0HUNPDO GHV 6FKDW]HV VLQG GLH JROGHQHQ 0XOWLSOHV RGHU 0HGDLOORQV GLH QLFKW IU GHQ 8PODXI
EHVWLPPW ZDUHQ VRQGHUQ DOV *HVFKHQNH IU :UGHQWUlJHU GHV 5HLFKHV JHSUlJW ZXUGHQ 8QWHU GLHVHQ
DXHUJHZ|KQOLFKHQ0Q]HQLVWGDVEHUKPWHXQGHLQ]LJDUWLJH0HGDLOORQLP:HUWYRQ$XUHLPLWHLQHP*HZLFKW
YRQ J PLW GHP %LOGQLV YRQ &RQVWDQWLXV &KORUXV DXV GHU 7ULHUHU 0Q]VWlWWH KHUYRU]XKHEHQ GDV DQ GLH
%HODJHUXQJXQG(UREHUXQJYRQ/RQGRQLP-DKUHULQQHUWXQGLP0XVHXPYRQ$UUDVDXIEHZDKUWZLUG
'HU3DULVHU0Q]HQKlQGOHU(WLHQQH%RXUJH\NRQQWHLQGHQGDUDXIIROJHQGHQ-DKUHQHLQ*URWHLOGHV)XQGHVHUZHUEHQ
XQGOLHVVDXI:XQVFKYRQ6DPPOHUQXQG0XVHHQ*DOYDQRSODVWLNHQHLQLJHU*ROGPHGDLOORQVDQIHUWLJHQ FD(QGHGHU
HU-DKUH
/RW YRQ 0HGDLOORQV *DOYDQRSODVWLNHQ .XSIHU YHUJROGHW 5DQG LVW PLW HLQHU YHUWLHIWHQ ,QVFKULIW
YHUVHKHQ(%285*(<5'528273$5,6 6HULHQXPPHU
'LRFOHWLDQXV$OOHLQKHUUVFKHU0XOWLSOXP]X$XUHLDQOlOLFKGHV'RQDWLYXP0LWWH ,03&&9$/
'2&/(7,$196 $9* 'UDS 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV 5Y ,29, &216(59$725, $9*
7HPSHOGDULQ-XSLWHU]X)VVHQ$GOHU&5,&*DOYDQRSODVWLHV%RXUJH\%DVWLHQ%HDXUDLQV
J 2ULJLQDOJ
&RQVWDQWLXV&KORUXV&DHVDU0XOWLSOXP]X$XUHLDQOlOLFKGHV'RQDWLYXPQDFKGHU5FNHUREHUXQJ
GHU %ULWDQQLD $QIDQJ )/ 9$/ &2167$ ± 17,96 12%,/ &$(6 'UDSLHUWH 3DQ]HUEVWH PLW
/RUEHHUNUDQ] UHFKWV 6FKXOWHU VLFKWEDU GLH GLH 3WHU\JHV VFKW]HQGH /HGHUVFKXOWHUULHPHQ ]HLJW
5Y5('',725/9&,6$(7(51$(LP$EVFKQLWW375/RQGRQGDUJHVWHOOWGXUFKHLQHNQLHQGH6WDGWJ|WWLQ
GDUXQWHU GLH $XIVFKULIW /21 Q OLQNV PLW IOHKHQG DXVJHVWUHFNWHQ $UPHQ YRU GHP 6WDGWWRU ZlKUHQG
GHU .DLVHU Q UHFKWV DXI GLH 6WDGWWRUH ]XUHLWHW GDUXQWHU *DOHHUH PLW YLHU 5XGHUHUQ& 5,&
*DOYDQRSODVWLHV%RXUJH\%DVWLHQ%HDXUDLQVJ 2ULJLQDOJ
'DVEUKPWHVWHGHU$UUDV0HGDLOORQV
&RQVWDQWLXV &KORUXV &DHVDU 0XOWLSOXP ]X $XUHL $QIDQJ )/ 9$/ &2167$17,96 12%,/,6
6,096&%VWHPLW/|ZHQIHOOUHFKWV5Y3,(7$6$9**375.DLVHUHUKHEWGLH6WDGWJ|WWLQYRQ/RQGRQ
&5,&*DOYDQRSODVWLHV%RXUJH\%DVWLHQ%HDXUDLQVJ 2ULJLQDOJ
'LRFOHWLDQXV 0XOWLSOXP ]X $XUHL DQOlOLFK GHV .RQVXODWV $QIDQJ '2&/(7,$196 3 ) $9*
&26 9,,, .RQVXODUEVWH PLW /RUEHHUNUDQ] XQG $GOHU]HSWHU OLQNV 5Y )(/,&,7$6 7(032590 375
'LRFOHWLDQ XQG 0D[LPLDQ +HUFXOLXV EHU 'UHLIX RSIHUQG & 5,& *DOYDQRSODVWLHV %RXUJH\
%DVWLHQ%HDXUDLQVJ 2ULJLQDOJ
&RQVWDQWLXV &KORUXV $XJXVWXV 0XOWLSOXP ]X $XUHL DQOlOLFK GHU 7HWUDUFKLH DP 0DL
,03 &2167$17,96 3,96 ) $9* .RQVXODUEVWH PLW /RUEHHUNUDQ] XQG $GOHU]HSWHU OLQNV
5Y 7(032590 )(/,&,7$6 375 2SIHU]HQH & 5,& *DOYDQRSODVWLHV %RXUJH\ %DVWLHQ
%HDXUDLQVJ 2ULJLQDOJ
&RQVWDQWLQXV $XJXVWXV 0XOWLSOXP ]X 6ROLGL DQOlOLFK GHU 4XLQTXLQDOLHQ DP -XOL ,03
&2167$17,196 3,96 )(/,; $9* 'UDSLHUWH 3DQ]HUEVWH PLW /RUEHHUNUDQ] UHFKWV 5Y 35,1,&,3,
,99(1797,6375.DLVHULQPLOLWDULVFKHU7UDFKWPLW6SHHUXQG*OREXVQUHFKWVWHKHQG&5,&
*DOYDQRSODVWLHV%RXUJH\%DVWLHQ%HDXUDLQVJ 2ULJLQDOJ

990

6&+08&.81'.8167'(5$17,.(
992
1,5:1 993 994
991 1,5:1 1,5:1
1,5:1
5g0,6&+(*(00(1
1LFRORZHLRSDNDXIGXQNHOEODXKRFKRYDO+FP%FP7FP)LJXULVWELVDXIGLH
EODXH 6FKLFKW GXUFKJHVFKQLWWHQ 4XHUYHUODXIHQGH %UXFKVWHOOH LQ GHU 0LWWH GHU 'DUVWHOOXQJ .ULHJHU DXI
6WDQGOLQLH Q UHFKWV VWHKHQG .RSI PLW +HOP ]XUFNJHZDQGW 5XPSI XQG UHFKWHV %HLQ IDVW LQ
9RUGHUDQVLFKWLQGHU/LQNHQ6SHHULQGHU5HFKWHQ6FKLOG&KLWRQIlOOWGHOLNDWIODWWHUQGYRQGHUOLQNHQ
6FKXOWHUEHUGLHUHFKWH+IWH -KY&KU
.DUQHROIODFKKRFKRYDO[[FP$OWHU0DQQ *ROGVFKPLHG0Q]PHLVWHU KlPPHUQGDXI

+RFNHUVLW]HQG+lOIWH-KY&KU
([-DFTXLHU /RV$XV6FKZHL]HU3ULYDWVDPPOXQJ ''%/XJDQRHU±HU
.DUQHROKRFKRYDO+FP%FP7FPElUWLJHU0DQQ -lJHU QUHFKWVDXI6WDQGOLQLHLQ

GHU /LQNHQ :XUIKRO] LQ GHU 5HFKWHQ HUEHXWHWHU +DVH GDYRU XQG GDKLQWHU 6WUDXFK XQG =ZHLJ
'DUVWHOOXQJ EHNDQQWHU PLW 6DW\U JHK|UW ]X GHQ EXNROLVFKHQ 6]HQHQ GLH LQ GHU IUKHQ .DLVHU]HLW VHKU
EHOLHEWZDUHQ -KQ&KU
.DUQHROKRFKRYDO+FP%FP7FPEHNUlQ]WHU.DLVHULQ5VWXQJQOLQNVDXI6WDQG
OLQLHPLW=HSWHUXQG)DFNHO " -KQ&KU
'DUVWHOOXQJHULQQHUWDQ0Q]UFNVHLWHQGHUU|PLVFKHQ.DLVHU]HLW
995
996
1HX]HLWOLFKH JHOEH *ODVSDVWH TXDGUDWLVFK + FP % FP 7 FP $PRU DXI 6WDQGOLQLH
Q OLQNV PLW GHU 5HFKWHQ DXI $QNHU JHVWW]W LQ GHU /LQNHQ /HLQH KDOWHQG DQ GHUHQ (QGH VLFK HLQ
OLHJHQGHU -DJGKXQG EHILQGHW 'DUVWHOOXQJ XPJHEHQ YRQ IUDQ]|VLVFKHU ,QVFKULIW /µ(63(5$1&( 0(
6287,(17/$),'(/,7e0(*8,'(DOV6LHJHOULQJRGHU6LHJHOEHQXW]W"-K±+lOIWH-K
$17,.(56&+08&.
6LOEHUULQJPLW.DUQHROJHPPH4XHURYDO:FP DXHQ FP LQQHQ +FP0DVVLYHU5HLI
'LH *HPPH [ FP LVW GDULQ HUKDEHQ HLQJHODVVHQ 'DUJHVWHOOW LVW HLQH Q OLQNV JDORSSLHUHQGH
3IHUGHELJD HLQHV GHU 3IHUGH PLW ]XUFNJHZDQGWHP .RSI JHIKUW YRQ HLQHU 9LFWRULD PLW 3DOP]ZHLJ
5|PLVFK-KQ&KU

997
998 999
5|PLVFKHU $QKlQJHU DXV *ROGEOHFK 2YRLGH )RUP + FP PLW gVH % FP J *|WWLQ
)RUWXQD LQ $QVLFKW PLW 6WHXHUUXGHU XQG )OOKRUQ %UHLWH $QKlQJHU|VH PLW JHGUHKWHQ 6WULFN
HOHPHQWHQ-KQ&KU9JOPLW*HPPHQPRWLY3KLOROLWKRVQU$*',9+DQQRYHU1U
),*85/,&+(./(,1.8167
%URQ]HEVWH VRJ ³)OXFKNRSI´ %URQ]H + FP 'UDSLHUWH %VWH PLW XQDQVHKQOLFKHQ XQG JULPDV
VLHUHQGHQ*HVLFKWV]JHQ5|PLVFKH.DLVHU]HLW
(UZRUEHQLQ0QFKHQLP1RYHPEHU
$SSOLNH LQ )RUP HLQHU PlQQOLFKHQ %VWH %URQ]H JUDXJUQH3DWLQD+FP%VWHHLQHVElUWLJHQ

%DUEDUHQ PLW EVFKHOI|UPLJ DQJHRUGQHWHQ JHVWULFKHOWHQ +DDUHQ 2EHUOLSSHQ %DFNHQ XQG .LQQEDUW
VLQGPLWSDUDOOHOYHUODXIHQGHQ6WULFKHQDQJHJHEHQ'LFNH$XJHQEUDXHQYHUODXIHQEORFNDUWLJELV]XGHQ
6FKOlIHQ 'LFKW GDUXQWHU WUHWHQ GLH $XJHQ PLW GHQ JHERKUWHQ 3XSLOOHQ KHUYRU 'HU 2EHUOLSSHQEDUW
XPVFKOLHVVW KDOENUHLVI|UPLJ GHQ GXUFK HLQHQ EUHLWHQ ZDDJUHFKWHQ 6WULFK ZLHGHUJHJHEHQHQ 0XQG
*URHU%VWHQDXVVFKQLWWGHUXQWHUKDOEGHU$FKVHOQXQGGHU%UXVWHQGHW5FNVHLWHGHV%VWHQWHLOVIODFK
XQGPLWYLHUHFNLJHUgVHYHUVHKHQ5|PLVFKH.DLVHU]HLW
(UZRUEHQLQ0QFKHQLP2NWREHU
1000
5|PLVFKH.OHLQEURQ]H=ZHLNDPSI]ZLVFKHQNOHLQDVLDWLVFKHP " XQGNHOWLVFKHQ.ULHJHU

%URQ]HJUDXJUQH3DWLQD+FP%FP7FP-KQ&KU "
=ZHL.ULHJHULP=ZHLNDPSI'HUOLQNH.lPSIHULVWQDFNWELVDXIHLQHQ0DQWHOXQGHLQHQ+HOP 0W]H
(U VW|W GHP UHFKWHQ .ULHJHU GHU Y|OOLJ QDFNW LVW JHUDGH VHLQ 6FKZHUW LQ GLH 5LSSHQ ZlKUHQG VHLQ
*HJQHU LKP JOHLFK]HLWLJ VHLQ HLJHQHV 6FKZHUW LQ GHQ %DXFK UDPPW 'HU OLQNH .ULHJHU KlOW PLW VHLQHU
/LQNHQ GHQ +DDUVFKRSI VHLQHV .RQWUDKHQWHQ JHSDFNW ZlKUHQG GLHVHU PLW VHLQHU OLQNHQ +DQG VHLQH
6FKZHUWVFKHLGH KRFKHUKREHQ EHU GHQ .RSI KlOW (LQ DEJHEURFKHQHU 3IHLO VWHFNW LQ VHLQHU %UXVW HLQ
ZHLWHUHUKDWVHLQHQOLQNHQ2EHUVFKHQNHOGXUFKERKUW
'HU OLQNH .ULHJHU WUlJW VHLQ +DDU QDFNHQODQJ XQG JHSIOHJW GHU UHFKWH .lPSIHU KLQJHJHQ KDW ZLOGHV
XQJHElQGLJHV+DDUGDVLQGHUVWUXSSLJHQ'DUVWHOOXQJDQGLHVWHUEHQGHQ*DOOLHUYRQ3HUJDPRQHULQQHUW
'LH .OHLQEURQ]H YHUIJW EHU NHLQHQ 6WDQGIX GLH )LJXUHQ VLQG VR DXVJHDUEHLWHW GDVV VLH RKQH
+LOIVPLWWHOVWHKHQN|QQHQ 9RWLYJDEH"
'LH 'DUVWHOOXQJ N|QQWH DXI GLH .lPSIH JHJHQ HLQGULQJHQGH .HOWHQVWlPPH LP SHUJDPHQLVFKHQ 5HLFK
KLQZHLVHQ 'RUW NRQQWH $WWDORV , YRQ 3HUJDPRQ Y &KU GLH .HOWHQ *DODWHU LQ HLQHU JURHQ
6FKODFKWYHUQLFKWHQGVFKODJHQ+RFKLQWHUHVVDQWXQGEHPHUNHQVZHUW

Coins of the Ptolemaic Empire – Part II
Ptolemy V through Cleopatra VII
Catherine C. Lorber
Coins of the Ptolemaic Empire - Part II (2 vols.)
Part II: Ptolemy V through Cleopatra VII
Vol.1: Precious Metal. xv + 674 pp., 61 plates
Vol.2: Bronze. xi + 155 pp., 18 plates
Hardcover - € 335,00
AVAILABLE: END OF SEPTEMBER 2023
Coins of the Ptolemaic Empire, Part 2, by Catharine Lorber, is the long-anticipated

second half of the Coins of the Ptolemaic Empire (CPE) project featuring the coins
struck by Ptolemy V–Cleopatra VII. As with Part 1, Lorber essentially rewrites the
sections on these rulers in J. N. Svoronos’ classic, but now much out-of-date, Ta
Nomismata tou Kratous ton Ptolemaion (1904). The body of coinage catalogued by
Svoronos is enlarged by hundreds of additional emissions in precious metal and bronze,
recorded from subsequent scholarship, from hoards, from commercial sources, and from
private collections. Lorber’s attributions, dates, and interpretations rest on numismatic
research conducted after Svoronos, or on the latest archaeological and hoard
information. She also provides extensive historical and numismatic introductions that
give the coins deeper context and meaning.
WICHTIGE NEUERSCHEINUNGEN
PUBLICATIONS RÉCENTES – NEW PUBLICATIONS
Gitler H. et al. The Yehud Coinage Sylloge Nummorum Sasanidarum, Roman Provincial Coinage (RPC).
- A Study and Die Classification of Paris – Berlin – Wien. Band IV: Vol. VII, 2. From Gordian I to
the Provincial Silver Coinage of Khusro I. (531-579). Bearb. von Gordian III (AD 238-244): all
Judah. Jerusalem 2023. xii + 532 S. Nikolaus Schindel. Wien 2022 provinces except Asia. Bearb. von
Hardcover – ca. € 150.- (2023). Band IV/1: 343 S.; Band J. Mairat und M. Spoerri Butcher.
IV/2: 388 S. 2 Bände, 1200 Farb- London/Paris 2022. 2 Volumen mit
und s/w-Abbildungen, Tabellen, insgesamt 1000 S. Part I:
Karten. 2 Vol. Hardcover - € 220.- Introduction and Catalogue. xxiii,
695 S. Part II: Indexes and Plates.
S. 696-748, 258 Tafeln. 2 Vol.
Hardcover in Schuber - € 245.-
Hiltmann, B. Les cistophores de Bland, R. The Coinage of Gordian III Barker, G. / Moorhead, S. The
Marc Antoine - Un monnayage from the Mints of Antioch and Rebel Emperors of Britannia:
hellénistique en contexte romain. Caesarea. London 2023 (RNS SP Carausius and Allectus. London
Bordeaux 2023. 240 S., davon 60 60). xiii + 529 S. mit über 1400 2023. vii, 233 S. mit zahlreichen
Münztafeln, Textabb., Karten. Textabb. und 100 Münztafeln. Textabbildungen. Hardcover -
Kartoniert - € 48.- Hardcover - € 98.- € 39.-
Live Internet
Bidding
Bieten Sie live in unserem Versteigerungsraum, sehen Sie die Lots

in Echtzeit mit Preisen und Abbildungen.
Besuchen Sie die folgende Webseite und registrieren Sie sich vor der Auktion:
https://auctions.live-bidder.com/clients/jacquier/en/
Oder folgen Sie dem „live bidding“ – „Live bieten“ Link auf unserer Webseite. Alle Informa-
tionen werden zu Ihrer Sicherheit mit SSL Technologie verschlüsselt.
Sie können die Auktion mitverfolgen oder bieten und teilnehmen. Wir behandeln alle Ge-
bote mit derselben Priorität und geben bei jedem Los genügend Zeit für Internetgebote.
Sie müssen keine Software installieren, das Bieten ist einfach und klar, als ob Sie im Saal
wären.
Wenn Sie noch kein bei uns registrierter Benutzer sind, besuchen Sie bitte die Webseite
und registrieren Sie sich heute.
Wenn Sie bereits ein „CoreTech“ Konto haben, müssen Sie sich NICHT nochmals regis-
trieren, alle Daten werden übernommen.
pubJacquierVirtualDE.indd 1 12.07.2017 09:50:35

Live Internet
Bidding
Bid live into our auction room, see the lots in real time with prices
and images.
Please visit the following website and register before the sale:
https://auctions.live-bidder.com/clients/jacquier/en/
Or follow the “live bidding” link on our website. All information is securely encrypted with
SSL technology to allow you to bid with confidence.
You may watch the auction or bid and take part. We treat all bids with equal priority and
give time on each lot to receive internet bids. No software to install, bidding is clear and
simple, just like being in the room.
If you do not already have an account registered with us, please visit the site and register
today.
If you already have an account through the “CoreTech” website, you do NOT need to
re-register, all your details will be carried forward.
pubJacquierVirtualEN.indd 1 15.07.2016 10:47:24

Auktion Paul-Francis Jacquier
Vente aux enchères Numismatique Antique
Auction No. Honsellstrasse 8
D–77694 Kehl am Rhein
Tel. +49 (0)7851 1217
Fax +49 (0)7851 73074
office@coinsjacquier.com
Hiermit beauftrage ich Sie, die Veuillez acheter à mon nom les Please bid on my behalf for
folgenden Nummern zu den unten numéros suivants jusqu’aux limites the following lots within the
genannten Limiten zu ersteigern. indiquées. limits indicated.
Die im Katalog aufgeführten. J’accepte les conditions de vente I agree to the Terms of Sale
Auktionsbedingungen erkenne ich an. telles qu’imprimées dans le catalogue. as stated in the catalogue.
Name /Nom /Name
Adresse /Address
Tel. / Fax / eMail
Datum / Date Unterschrift / Signature
Nr. / no. Limit EUR Bemerkungen / Observations Nr. / no. Limit EUR Bemerkungen / Observations

Jacquier 52

Hochgeladen von

Dokumentinformationen

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

Jacquier 52

Hochgeladen von

Copyright:

Verfügbare Formate

AUKTION 52

Münzen und Kunst der Antike

Freitag, 15. September 2023 – 19.00 Uhr

Im Internet finden Sie den Katalog auch bei

Dort erscheint auch die Ergebnisliste

Herausgeber: Paul-Francis JACQUIER, Numismatique Antique, Honsellstrasse 8, D-77694 Kehl am Rhein.

ERHALTUNGSANGABEN / ETATS DE CONSERVATION / GRADES OF PRESERVATION

504 502 503 505

508 509 510

 (LQ([HPSODUJ 6HKUVFK|Q 

 *RUGLDQXV,,,3LXV%URQ]H  XQWHUGHP6WDWWKDOWHU6DELQLXV0RGHVWXVǹȊȉȀȂǹȃȉ

 *RUGLDQXV,,,3LXV%URQ]H  XQWHUGHP6WDWWKDOWHU6DELQLXV0RGHVWXVǹȊȉȀȂǹȃȉ:

 *RUGLDQXV,,,3LXV%URQ]H   ,03*25',$196>3,96)(@/$9*'UDSLHUWH3DQ]HUEVWH

534 535 536

 *HWD%URQ]H  Ȇ2&ȯ,Ȇ±īȯ,7$&.ȯ'UDSLHUWH3DQ]HUEVWHUHFKWV5Y$ȁ3,$1 ± 2Ȇ2

 *RUGLDQXV,,,3LXV%URQ]H  ǹȊȉȀȂǹȃȉī±ȅȇǻǿǹȃȅ&$Ȋī'UDSLHUWH3DQ]HUEVWH

545 546 547 548

7+(/3+286$ 7+(/386$ $5.$',(1

559 560 561

 (LQ([HPSODUJ 6HKUVFK|Q 

 3VHXGRDXWRQRPH3UlJXQJ%URQ]H  -KQ&KU2Ȇȁ2±ĭ9ȁ$=.RSIGHV+HUDNOHVUHFKWV

 7LWXVX'RPLWLDQXV&DHVDUHV  %URQ]H K FD  XQWHUGHP3URFRQVXO09HWWLXV

 (LQ([HPSODUJ 6HKUVFK|Q 

 &RPPRGXV%URQ]H  FDǹ9ȉȀǹǿȂǹ9ȇǾȀȅȂȂȅ ± ǻȅ௚.RSIPLW/RUEHHU

 7UDMDQ'HFLXV%URQ]H  8QWHUGHP0DJLVWUDW(XWXFKRV $97.ī0ȯ&.73$,ǻȯ.,2

 (LQ([HPSODU  53&,;J 6HKUVFK|Q 

 (LQ([HPSODU  J )DVWVHKUVFK|Q 

 (LQ([HPSODU  J 6FKZDU]H3DWLQDPLWU|WOLFKHP6DQGEHODJVHKUVFK|Q 

 *RUGLDQXV,,,3LXV%URQ]H  Ȃ$3ǹȃȉȍ ± ȃ īȅȇǻǿǹ1ȅ௚'UDS3DQ]HUEVWHPLW6WNU

 +DGULDQXV 'UDFKPH %URQ]H¡  PP  ǹȊȉȀǹǿ±ȉȇǹǿǹǻȇǿ$&ȯǺ'UDS3DQ]HUEVWH

 +DGULDQXV 'UDFKPH %URQ]H¡  PP  ǹȊȉȀǹǿ±ȉȇǹǿǹǻȇǿ$&ȯǺ'UDS3DQ]HUEVWH

640 641 642

 $QWRQLQXV3LXV 7HWUDGUDFKPRQ $17‫ڵ‬1,1 ± 2&&ȯ%(9&ȯ%%VWHPLW/RUEHHUNUDQ]

 &RPPRGXV 7HWUDGUDFKPRQ Ȃ ǹ ȀȅȂ ǹȃȉ& ± &ȯ% ȯ9&ȯ%.RSIPLW/RUEHHUNUDQ]

 0D[LPLQXV7KUD[ 7HWUDGUDFKPRQ ǹ9ȉȅȂǹȄǿȂǿȃȅ௚ȯ9௚௚ȯȊǺ'UDS3DQ]HUEVWH

 $V5RP ',996$9*967963$7(5.RSIGHV$XJXVWXVPLW6WNUOLQNV5Y3529,'(176±&

681 682 683

 6HVWHU]5RP ,03&$(69(63$6$9*3075333&26,,,.RSIPLW/RUEHHUNUDQ]UHFKWV5Y3$;

685 688 689

 $V5RP ,03&$(69(63$6,$1$9*&26,,,.RSIPLW/RUEHHUNUDQ]UHFKWV5Y6±&9LFWRULDDXI

 $XUHXV 5RP ,03 &$(6$5 ± 9(63$6,$196 $9*.RSIPLW/RUEHHUNUDQ]UHFKWV5Y )25791$ ±

691 692 693 694

 $V5RP ,037&$(69( ± 63$9*30753&269,,,.RSIPLW/RUEHHUNUDQ]OLQNV5Y6±&6SHV

696 697 698

 $V5RP   ,03&$(6'20,7$9**(50&26;9,&(163(533.RSIPLW/RUEHHUNUDQ]UHFKWV

 $V5RP   ,03&$(61(59$75$,$ ± 1$9**(5030.RSIPLW/RUEHHUNUDQ]UHFKWV$HJLVDQ

 6HPLV5RPIU6\ULHQFD +$'5,$196±$9*96796'UDS3DQ]HUEVWHPLW/RUEHHUNUDQ]

 6HPLV5RPIU6\ULHQFD +$'5,$196±$9*96796'UDS3DQ]HUEVWHPLW/RUEHHUNUDQ]

 'XSRQGLXV5RP+$'5,$196±$9*9679633%VWHPLW6WNUUHFKWV5Y+,/$5, ± 7$635

 $V5RP $1721,196$9*3, ± 9633753&26,,,,.RSIPLW/RUEHHUNUDQ]UHFKWV5Y6345

728 729 730

 4XDGUDQV5RP'UDSLHUWH%VWHGHU0LQHUYDPLW+HOPUHFKWV5Y6±& LP$EVFKQLWW (XOHQUHFKWV

669 679 2:1 677

739 740 738

 6HVWHU]5RP',9960$1 ± 721,1963,96%DUKlXSWLJHU.RSIUHFKWV5Y&216(&5>$@7,26 ± &

 'HQDU5RP /9(596$9*$50±3$57+0$;.RSIPLW/RUEHHUNUDQ]UHFKWV5Y7539,±,03

746 747 748

751 753 754

 6HVWHU]5RP /$(/$95(/&2 ± 00$9*3)(// VLF .RSIPLW/RUEHHUNUDQ]UHFKWV5Y+(5&±

757 756 758 759 760

766 768 769

775 776 777

784 785 786

 'HQDU5RP ,03$1721 ± ,196$9*'UDSLHUWH3DQ]HUEVWHPLW/RUEHHUNUDQ]UHFKWV5Y3529,'

(LQ([HPSODUJ 6HKUVFK|Q

*RUGLDQXV,,,3LXV%URQ]H XQWHUGHP6WDWWKDOWHU6DELQLXV0RGHVWXVǹȊȉȀȂǹȃȉ

*RUGLDQXV,,,3LXV%URQ]H XQWHUGHP6WDWWKDOWHU6DELQLXV0RGHVWXVǹȊȉȀȂǹȃȉ:

RUGLDQXV,,,3LXV%URQ]H ,0325',$196>3,96)(@/$9*'UDSLHUWH3DQ]HUEVWH

*HWD%URQ]H Ȇ2&ȯ,Ȇ±īȯ,7$&.ȯ'UDSLHUWH3DQ]HUEVWHUHFKWV5Y$ȁ3,$1 ± 2Ȇ2

*RUGLDQXV,,,3LXV%URQ]H ǹȊȉȀȂǹȃȉī±ȅȇǻǿǹȃȅ&$Ȋī'UDSLHUWH3DQ]HUEVWH

7+(/3+286$ 7+(/386$ $5.$',(1

(LQ([HPSODUJ 6HKUVFK|Q

3VHXGRDXWRQRPH3UlJXQJ%URQ]H -KQ&KU2Ȇȁ2±ĭ9ȁ$=.RSIGHV+HUDNOHVUHFKWV

7LWXVX'RPLWLDQXV&DHVDUHV %URQ]H K FD XQWHUGHP3URFRQVXO09HWWLXV

(LQ([HPSODUJ 6HKUVFK|Q

&RPPRGXV%URQ]H FDǹ9ȉȀǹǿȂǹ9ȇǾȀȅȂȂȅ ± ǻȅ௚.RSIPLW/RUEHHU

7UDMDQ'HFLXV%URQ]H 8QWHUGHP0DJLVWUDW(XWXFKRV $97.ī0ȯ&.73$,ǻȯ.,2

(LQ([HPSODU 53&,;J 6HKUVFK|Q

(LQ([HPSODU J )DVWVHKUVFK|Q

(LQ([HPSODU J 6FKZDU]H3DWLQDPLWU|WOLFKHP6DQGEHODJVHKUVFK|Q

*RUGLDQXV,,,3LXV%URQ]H Ȃ$3ǹȃȉȍ ± ȃ īȅȇǻǿǹ1ȅ௚'UDS3DQ]HUEVWHPLW6WNU

+DGULDQXV 'UDFKPH %URQ]H¡ PP ǹȊȉȀǹǿ±ȉȇǹǿǹǻȇǿ$&ȯǺ'UDS3DQ]HUEVWH

+DGULDQXV 'UDFKPH %URQ]H¡ PP ǹȊȉȀǹǿ±ȉȇǹǿǹǻȇǿ$&ȯǺ'UDS3DQ]HUEVWH

$QWRQLQXV3LXV 7HWUDGUDFKPRQ $17‫ڵ‬1,1 ± 2&&ȯ%(9&ȯ%%VWHPLW/RUEHHUNUDQ]

&RPPRGXV 7HWUDGUDFKPRQ Ȃ ǹ ȀȅȂ ǹȃȉ& ± &ȯ% ȯ9&ȯ%.RSIPLW/RUEHHUNUDQ]

0D[LPLQXV7KUD[ 7HWUDGUDFKPRQ ǹ9ȉȅȂǹȄǿȂǿȃȅ௚ȯ9௚௚ȯȊǺ'UDS3DQ]HUEVWH

$V5RP ',996$9*967963$7(5.RSIGHV$XJXVWXVPLW6WNUOLQNV5Y3529,'(176±&

6HVWHU]5RP ,03&$(69(63$6$9*3075333&26,,,.RSIPLW/RUEHHUNUDQ]UHFKWV5Y3$;

$V5RP ,03&$(69(63$6,$1$9*&26,,,.RSIPLW/RUEHHUNUDQ]UHFKWV5Y6±&9LFWRULDDXI

$XUHXV 5RP ,03 &$(6$5 ± 9(63$6,$196 $9*.RSIPLW/RUEHHUNUDQ]UHFKWV5Y )25791$ ±

$V5RP ,037&$(69( ± 63$9*30753&269,,,.RSIPLW/RUEHHUNUDQ]OLQNV5Y6±&6SHV

$V5RP ,03&$(6'20,7$9**(50&26;9,&(163(533.RSIPLW/RUEHHUNUDQ]UHFKWV

$V5RP ,03&$(61(59$75$,$ ± 1$9**(5030.RSIPLW/RUEHHUNUDQ]UHFKWV$HJLVDQ

6HPLV5RPIU6\ULHQFD +$'5,$196±$9*96796'UDS3DQ]HUEVWHPLW/RUEHHUNUDQ]

6HPLV5RPIU6\ULHQFD +$'5,$196±$9*96796'UDS3DQ]HUEVWHPLW/RUEHHUNUDQ]

'XSRQGLXV5RP+$'5,$196±$9*9679633%VWHPLW6WNUUHFKWV5Y+,/$5, ± 7$635

$V5RP $1721,196$9*3, ± 9633753&26,,,,.RSIPLW/RUEHHUNUDQ]UHFKWV5Y6345

4XDGUDQV5RP'UDSLHUWH%VWHGHU0LQHUYDPLW+HOPUHFKWV5Y6±& LP$EVFKQLWW (XOHQUHFKWV

6HVWHU]5RP',9960$1 ± 721,1963,96%DUKlXSWLJHU.RSIUHFKWV5Y&216(&5>$@7,26 ± &

'HQDU5RP /9(596$9*$50±3$57+0$;.RSIPLW/RUEHHUNUDQ]UHFKWV5Y7539,±,03

6HVWHU]5RP /$(/$95(/&2 ± 00$9*3)(// VLF .RSIPLW/RUEHHUNUDQ]UHFKWV5Y+(5&±

'HQDU5RP ,03$1721 ± ,196$9*'UDSLHUWH3DQ]HUEVWHPLW/RUEHHUNUDQ]UHFKWV5Y3529,'

'HQDU5RP ,03 6(9 $/( ± ;$1' $9*%VWHPLW/RUEHHUNUDQ]UHFKWV5Y30 7539,,&26,,

$QWRQLQLDQ5RP$QIDQJ -XQL ,03&0&/7$&,796$9*3DQ]HUEVWHPLW6WNUUHFKWV5Y),'(6

$QWRQLQLDQ7LFLQXP ,03&0$95352%96$9*.RQVXODUEVWHPLW6WNUXQG$GOHU]HSWHUOLQNV

$QWRQLQLDQ5RP6RPPHU 0$1 95%,&$ $9'UDS%VWHPLW'LDGHPDXI0RQGVLFKHOUHFKWV

$QWRQLQLDQ/XJGXQXP$QIDQJ6RPPHU ,03&0$;,0,$1963$9*'UDS3DQ]HUEVWHPLW6WNU

$QWRQLQLDQ/XJGXQXP ,03&0$;,0,$1963$9*3DQ]HUEVWHPLW+HOPXQG6WNUUHFKWV

1XPPXV2VWLD ,030$;(17,96',920$;,0,$123$75,.RSIGHV0D[LPLDQXVPLW6FKOHLHU

1XPPXV$OH[DQGULD ,03&$/(59$/0$;,0,1963)$9.RSIPLW/RUEHHUNUDQ]UHFKWV

1XPPXV/RQGRQ &2167$17, ± 196,911&3DQ]HUEVWHPLW+HOPOLQNV5Y%($775$ ± 1

1XPPXV6LVFLD &2167$17,196,9112%&'UDS3DQ]HUEVWHPLW/RUEHHUNUDQ]OLQNV9LFWRULD

&HQWHQLRQDOLV6LVFLD '1&2167$±163)$9*'UDSLHUWH3DQ]HUEVWHPLW3HUOGLDGHPUHFKWV

0DLRULQD6LVFLD '19(75$ ± 1,23)$9* 'UDS3DQ]HUEVWHPLW/RUEHHUNUDQ]UHFKWVLP)HOGOLQNV

.DUQHROIODFKKRFKRYDO[[FP$OWHU0DQQ *ROGVFKPLHG0Q]PHLVWHU KlPPHUQGDXI

.DUQHROKRFKRYDO+FP%FP7FPElUWLJHU0DQQ -lJHU QUHFKWVDXI6WDQGOLQLHLQ

$SSOLNH LQ )RUP HLQHU PlQQOLFKHQ %VWH %URQ]H JUDXJUQH3DWLQD+FP%VWHHLQHVElUWLJHQ

5|PLVFKH.OHLQEURQ]H=ZHLNDPSI]ZLVFKHQNOHLQDVLDWLVFKHP " XQGNHOWLVFKHQ.ULHJHU