$XV]XJDXVGHP
3UHLVXQG/HLVWXQJVYHU]HLFKQLV
GHU
6SDUNDVVH0DUEXUJ%LHGHQNRSI
8QLYHUVLWlWVVWUD‰H
0DUEXUJ
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU.RQWRIKUXQJXQGGHU(UEULQ
JXQJYRQ=DKOXQJVGLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ
]DKOXQJHQ%DUHLQXQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKU
IU3ULYDWNXQGHQXQG*HVFKlIWVNXQGHQ
.DSLWHO%
6WDQG
+LQZHLVH
'LH6SDUNDVVHNDQQJHPl‰1U$EVGHU$*%IU/HLVWXQJHQGLHQLFKW*HJHQVWDQGHLQHU9HUHLQEDUXQJRGHU
LP 3UHLV XQG /HLVWXQJVYHU]HLFKQLV DXIJHIKUW VLQG XQG GLH LP $XIWUDJ GHV .XQGHQ RGHU LQ GHVVHQ PXWPD‰OL
FKHP,QWHUHVVHHUEUDFKWZHUGHQXQGGLHQDFKGHQ8PVWlQGHQ]XXUWHLOHQQXUJHJHQHLQH9HUJWXQJ]XHUZDU
WHQVLQGHLQQDFK0D‰JDEHGHUJHVHW]OLFKHQ%HVWLPPXQJHQDQJHPHVVHQHV(QWJHOWYHUODQJHQ
'LH QDFKIROJHQG DXIJHIKUWHQ (QWJHOWH ZHUGHQ QXU YHUHLQEDUW ZHQQ GLH /HLVWXQJVHUEULQJXQJ YHUHLQEDUXQJV
JHPl‰HUIROJWXQGHVVLFKQLFKWXP7lWLJNHLWHQKDQGHOW]XGHUHQ(UEULQJXQJGLH6SDUNDVVHEHUHLWVJHVHW]OLFK
RGHUDXIJUXQGHLQHUYHUWUDJOLFKHQ1HEHQSIOLFKWRKQHJHVRQGHUWHQ(QWJHOWDQVSUXFKYHUSIOLFKWHWLVWRGHUGLHVLH
LPHLJHQHQ,QWHUHVVHHUEULQJW
6RZHLW EHL 'LHQVWOHLVWXQJHQ GHU 6SDUNDVVH JHJHQEHU XQWHUQHKPHULVFKHQ .XQGHQ GLH 8PVDW]VWHXHURSWLRQ
DXVJHEW ZLUG KDQGHOW HV VLFK EHL GHQ DXVJHZLHVHQHQ (QWJHOWHQ XP 1HWWRHQWJHOWH 'LH JHVHW]OLFKH 8PVDW]
VWHXHUZLUG]XVlW]OLFKEHUHFKQHW
(LQHQYROOVWlQGLJHQhEHUEOLFNEHUXQVHUH3UHLVHXQG/HLVWXQJHQHQWQHKPHQ6LHELWWHXQVHUHP3UHLVXQG/HLV
WXQJVYHU]HLFKQLV'LHVHVNDQQLQDOOHQ*HVFKlIWVVWHOOHQHLQJHVHKHQZHUGHQ
6SDUNDVVH0DUEXUJ%LHGHQNRSI
,QKDOWVYHU]HLFKQLV
% 3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU.RQWRIKUXQJXQG
GHU(UEULQJXQJYRQ=DKOXQJVGLHQVWHQVRZLHEHLP6FKHFN
YHUNHKUIU3ULYDWNXQGHQXQG*HVFKlIWVNXQGHQ
,
,,
3HUV|QOLFKH.RQWHQXQG*HVFKlIWVNRQWHQ
3HUV|QOLFKH.RQWHQ/RKQ*HKDOWV5HQWHQNRQWRXQG*HVFKlIWVNRQWHQ
.RQWRDXV]XJ
(UEULQJXQJYRQ=DKOXQJVGLHQVWHQIU3ULYDWNXQGHQXQG*HVFKlIWV
NXQGHQ
$OOJHPHLQH,QIRUPDWLRQHQ]XU6SDUNDVVH
GDUXQWHU
*HVFKlIWVWDJHXQG$QQDKPH]HLWHQGHU6SDUNDVVH
$X‰HUJHULFKWOLFKH6WUHLWVFKOLFKWXQJXQGVRQVWLJH %HVFKZHUGHP|JOLFKNHLWHQ hEHUZHLVXQJHQ
9HUHLQEDUXQJVJHPl‰HhEHUZHLVXQJHQLQQHUKDOE'HXWVFKODQGVXQGLQDQ
GHUH6WDDWHQGHV(XURSlLVFKHQ:LUWVFKDIWVUDXPV(:5LQ(XURXQGLQDQ
GHUHQ(:5:lKUXQJHQ
9HUHLQEDUXQJVJHPl‰HUhEHUZHLVXQJVDXIWUDJ
(QWJHOWHEHLYHUHLQEDUXQJVJHPl‰HQhEHUZHLVXQJVJXWVFKULIWHQ
9HUHLQEDUXQJVJHPl‰HhEHUZHLVXQJHQLQQHUKDOE'HXWVFKODQGVXQGLQDQ
GHUH6WDDWHQGHV(XURSlLVFKHQ:LUWVFKDIWVUDXPV(:5LQ:lKUXQJHQHL
QHV6WDDWHVDX‰HUKDOEGHV(:5VRZLHDOOHYHUHLQEDUXQJVJHPl‰HQhEHU
ZHLVXQJHQLQ6WDDWHQDX‰HUKDOEGHV(:5
9HUHLQEDUXQJVJHPl‰HhEHUZHLVXQJVDXIWUlJH
9HUHLQEDUXQJVJHPl‰HhEHUZHLVXQJVJXWVFKULIWHQ
/DVWVFKULIWHQ
.DUWHQJHVWW]WHU=DKOXQJVYHUNHKU
2QOLQH%DQNLQJXQG(OHFWURQLF%DQNLQJ
8PUHFKQXQJVNXUVEHLGHU(UEULQJXQJYRQ=DKOXQJVGLHQVWHQLQIUHPGHU
:lKUXQJ
,,, 6FKHFNYHUNHKU
$OOJHPHLQ
*UHQ]EHUVFKUHLWHQGHU6FKHFNYHUNHKU
6HLWH
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
'LHQDFKIROJHQGDXIJHIKUWHQ(QWJHOWHZHUGHQYHUHLQEDUWZHQQGLH/HLVWXQJVHUEULQJXQJYHUHLQEDUXQJVJHPl‰
HUIROJWXQGHVVLFKQLFKWXP7lWLJNHLWHQKDQGHOW]XGHUHQ(UEULQJXQJGLH6SDUNDVVHEHUHLWVJHVHW]OLFKRGHUDXI
JUXQGHLQHUYHUWUDJOLFKHQ1HEHQSIOLFKWRKQHJHVRQGHUWHQ(QWJHOWDQVSUXFKYHUSIOLFKWHWLVWRGHUGLHVLHLPHLJH
QHQ,QWHUHVVHHUEULQJW
3HUV|QOLFKH.RQWHQELV
/RKQ*HKDOWV5HQWHQNRQWR
.RQWRIKUXQJ
*UXQGSUHLVSUR0RQDW
)UHLSRVWHQ6WFN
(QWJHOWIUGLHYHUHLQEDUXQJVJHPl‰H
$XVIKUXQJHLQHVEHOHJKDIWHQEHOHJORVHQ
=DKOXQJVYRUJDQJHVLQ(XURXQG$XVIKUXQJLP
(:5
3UHLVLQ(XUR
.RPIRUW
*6
.RPIRUW
0L[
.RPIRUW
3&
6WXGHQW,Q
2QOLQH
HQWIlOOW
3UHLVZLUGMHZHLOVQXUHUKREHQZHQQGLH$XVIKUXQJ
YHUHLQEDUXQJVJHPl‰LP$XIWUDJGHV.XQGHQHUIROJW
$XVQDKPHQ
%XFKXQJHQSHU2QOLQH%DQNLQJ
6WRUQREXFKXQJHQ
5HFKQXQJVDEVFKOXVVX%HODVWXQJ(QWJHOWH
.RQWRDXV]XJSUR9RUJDQJ
HQWIlOOW
.RQWRDXV]XJSUR0RQDWNRVWHQORV
GDUEHUKLQDXVVLHKH=LIIHU%,
'HU5HFKQXQJVDEVFKOXVVHUIROJWYLHUWHOMlKUOLFKGLH%HODVWXQJGHU(QWJHOWHPRQDWOLFK
(QWJHOWHIU=DKOXQJVGLHQVWHXQGVRQVWLJH'LHQVWOHLVWXQJHQGLHQLFKWIUGLHVH.RQWRSUHLVPRGHOOHREHQDXIJHIKUWZHUGHQ
ZLH]%hEHUZHLVXQJHQLQ'ULWWVWDDWHQZHUGHQQDFKIROJHQGLQ.DSLWHO%YHUHLQEDUW
<28.RQWHQELV]XU9ROOHQGXQJGHV/HEHQVMDKUHVIU6FKOHU$XV]XELOGHQGH$EVROYHQWHQ)UHLZLOOLJHQGLHQVWHELV]XU9ROOHQGXQJGHV
/HEHQVMDKUHVHQWJHOWIUHL0LW$XVODXIHQGHU9RUDXVVHW]XQJHQJHOWHQDEGHPQlFKVWHQ0RQDWGLH3UHLVHIU.RPIRUW0L[hEHUGHQ:HFKVHO
ZLUGGLH6SDUNDVVHSHU.RQWRDXV]XJYRUDELQIRUPLHUHQ
$XFKDOV*LURNRQWRPLWJUXQGOHJHQGHQ)XQNWLRQHQ%DVLVNRQWRHUKlOWOLFK
9RUDXVVHW]XQJPRQDWOLFKHU/RKQ XQG*HKDOWVHLQJDQJ5HQWHQ]DKOXQJHQXQG/RKQHUVDW]OHLVWXQJHQZHUGHQDQHUNDQQW2QOLQH%DQNLQJPLW
3,17$1=XJDQJHOHNWURQLVFKHV3RVWIDFKXQGHOHNWURQLVFKHU.RQWRDXV]XJ
IU 6WXGHQWHQ ELV ]XU 9ROOHQGXQJ GHV /HEHQVMDKUHV 9RUDXVVHW]XQJ 2QOLQH %DQNLQJ PLW 3,17$1=XJDQJ HOHNWURQLVFKHV 3RVWIDFK XQG
HOHNWURQLVFKHU.RQWRDXV]XJ0LW$XVODXIHQGHU9RUDXVVHW]XQJHQJHOWHQDEGHP
QlFKVWHQ0RQDWGLH3UHLVHIU.RPIRUW0L[hEHUGHQ:HFKVHOZLUGGLH6SDUNDVVHSHU.RQWRDXV]XJYRUDELQIRUPLHUHQ
$XVQDKPHQEHOHJKDIWHhEHUZHLVXQJHQhEHUZHLVXQJ6'LUHNWSHU7HOHIRQ%DUDXV]DKOXQJHQDQGHU.DVVH(XUR
$XVIKUXQJ YRQ =DKOXQJVYRUJlQJHQ DXI HLQ .RQWR GXUFK hEHUZHLVXQJ 'DXHUDXIWUDJ hEHUWUDJ /DVWVFKULIW 6FKHFN RGHU PLWWHOV HLQHU
=DKOXQJVNDUWHVRZLH*XWVFKULIWHQDXVhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQWUDQVDNWLRQHQXQG6FKHFNVDOVDXFK%DUHLQXQG%DUDXV]DKOXQ
JHQIUGDVHLJHQH*LURNRQWR
(:56WDDWHQGHU]HLW%HOJLHQ%XOJDULHQ'lQHPDUN'HXWVFKODQG(VWODQG)LQQODQG)UDQNUHLFK*ULHFKHQODQG,UODQG,VODQG,WDOLHQ.URD
WLHQ/HWWODQG/LHFKWHQVWHLQ/LWDXHQ/X[HPEXUJ0DOWD1LHGHUODQGH1RUZHJHQgVWHUUHLFK3ROHQ3RUWXJDO5XPlQLHQ6FKZHGHQ6ORZD
NHL6ORZHQLHQ6SDQLHQ7VFKHFKLVFKH5HSXEOLN8QJDUQ9HUHLQLJWHV.|QLJUHLFKYRQ*UR‰EULWDQQLHQXQG1RUGLUODQGVRZLH=\SHUQ
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
3HUV|QOLFKH.RQWHQDE
/RKQ*HKDOWV5HQWHQNRQWR
.RQWRIKUXQJ
*UXQGSUHLVSUR0RQDW
)UHLSRVWHQ6WFN
(QWJHOWIUGLHYHUHLQEDUXQJVJHPl‰H
$XVIKUXQJHLQHVEHOHJKDIWHQEHOHJORVHQ
=DKOXQJVYRUJDQJHVLQ(XURXQG$XVIKUXQJLP
(:5
6*LUR
6WDUW
HQWIlOOW
3UHLVLQ(XUR
6*LUR
)OH[
6*LUR
2QOLQH
HQWIlOOW
3UHLVZLUGMHZHLOVQXUHUKREHQZHQQGLH$XVIKUXQJ
YHUHLQEDUXQJVJHPl‰LP$XIWUDJGHV.XQGHQHUIROJW
$XVQDKPHQ
%XFKXQJHQSHU2QOLQH%DQNLQJ
6WRUQREXFKXQJHQ
5HFKQXQJVDEVFKOXVVX%HODVWXQJ(QWJHOWH
.RQWRDXV]XJSUR9RUJDQJ
.RQWRDXV]XJSUR0RQDWNRVWHQORV
GDUEHUKLQDXVVLHKH=LIIHU%,
'HU5HFKQXQJVDEVFKOXVVHUIROJWYLHUWHOMlKUOLFKGLH%HODVWXQJGHU(QWJHOWHPRQDWOLFK
(QWJHOWHIU=DKOXQJVGLHQVWHXQGVRQVWLJH'LHQVWOHLVWXQJHQGLHQLFKWIUGLHVH.RQWRSUHLVPRGHOOHREHQDXIJHIKUWZHUGHQ
ZLH]%hEHUZHLVXQJHQLQ'ULWWVWDDWHQZHUGHQQDFKIROJHQGLQ.DSLWHO%YHUHLQEDUW
ELV]XU9ROOHQGXQJGHV/HEHQVMDKUHVIU6FKOHU$XV]XELOGHQGH$EVROYHQWHQ)UHLZLOOLJHQGLHQVWHVRZLH6WXGHQWHQELV]XU
9ROOHQGXQJGHV/HEHQVMDKUHV
0LW$XVODXIHQGHU9RUDXVVHW]XQJHQJHOWHQDEGHPQlFKVWHQ0RQDWGLH3UHLVHIU6*LUR)OH[hEHUGHQ:HFKVHOZLUGGLH6SDUNDVVH
SHU%ULHIYRUDELQIRUPLHUHQ
$XFKDOV*LURNRQWRPLWJUXQGOHJHQGHQ)XQNWLRQHQ%DVLVNRQWRHUKlOWOLFK
9RUDXVVHW]XQJ2QOLQH%DQNLQJPLW3,17$1=XJDQJHOHNWURQLVFKHV3RVWIDFKXQGHOHNWURQLVFKHU.RQWRDXV]XJ
$XVQDKPHQEHOHJKDIWHhEHUZHLVXQJHQhEHUZHLVXQJ6'LUHNWSHU7HOHIRQ%DUDXV]DKOXQJHQDQGHU.DVVH(XUR
$XVIKUXQJYRQ=DKOXQJVYRUJlQJHQDXIHLQ.RQWRGXUFKhEHUZHLVXQJ'DXHUDXIWUDJhEHUWUDJ/DVWVFKULIW6FKHFNRGHUPLWWHOVHLQHU
=DKOXQJVNDUWHVRZLH*XWVFKULIWHQDXVhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQWUDQVDNWLRQHQXQG6FKHFNVDOVDXFK%DUHLQXQG%DUDXV]DK
OXQJHQIUGDVHLJHQH*LURNRQWR
(:56WDDWHQGHU]HLW%HOJLHQ%XOJDULHQ'lQHPDUN'HXWVFKODQG(VWODQG)LQQODQG)UDQNUHLFK*ULHFKHQODQG,UODQG,VODQG,WDOLHQ.URD
WLHQ/HWWODQG/LHFKWHQVWHLQ/LWDXHQ/X[HPEXUJ0DOWD1LHGHUODQGH1RUZHJHQgVWHUUHLFK3ROHQ3RUWXJDO5XPlQLHQ6FKZHGHQ6OR
ZDNHL6ORZHQLHQ6SDQLHQ7VFKHFKLVFKH5HSXEOLN8QJDUQ9HUHLQLJWHV.|QLJUHLFKYRQ*UR‰EULWDQQLHQXQG1RUGLUODQGVRZLH=\SHUQ
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
*HVFKlIWVNRQWHQ
*HVFKlIWV
NRQWHQ
.RQWRIKUXQJ
*UXQGSUHLVSUR0RQDW
(QWJHOWIUGLHYHUHLQEDUXQJVJHPl‰H
$XVIKUXQJHLQHVEHOHJKDIWHQEHOHJORVHQ
=DKOXQJVYRUJDQJHVLQ(XURXQG$XVIKUXQJLP
(:5
$XVQDKPHQ
%XFKXQJHQSHU2QOLQH%DQNLQJ
(QWJHOWIUGLHYHUHLQEDUXQJVJHPl‰H$XVIKUXQJYRQ
6DPPHOGDWHLHQ
MH6DPPHOEXFKXQJ
MHGDULQHQWKDOWHQHP*HVFKlIWVYRUIDOO
%DUHLQ]DKOXQJIUGDVHLJHQH*LURNRQWR
%DUDXV]DKOXQJIUGDVHLJHQH*LURNRQWR
3UHLVZLUGMHZHLOVQXUHUKREHQZHQQGLH$XVIKUXQJ
YHUHLQEDUXQJVJHPl‰LP$XIWUDJGHV.XQGHQHUIROJW
$XVQDKPHQ
6WRUQREXFKXQJHQ
5HFKQXQJVDEVFKOXVVX%HODVWXQJ(QWJHOWH
.RQWRDXV]XJSUR9RUJDQJ
3UHLVLQ(XUR
9HUHLQV
NRQWHQ
9HUHLQ
RQOLQH
.RQWRDXV]XJSUR0RQDWNRVWHQORV
GDUEHUKLQDXVVLHKH=LIIHU%, 'HU5HFKQXQJVDEVFKOXVVHUIROJWPRQDWOLFKGLH%HODVWXQJGHU(QWJHOWHPRQDWOLFK
(QWJHOWHIU=DKOXQJVYRUJlQJHXQGVRQVWLJH'LHQVWOHLVWXQJHQGLHQLFKWIUGLHVH.RQWRSUHLVPRGHOOHREHQDXIJHIKUWZHU
GHQZLH]%hEHUZHLVXQJHQLQ'ULWWVWDDWHQZHUGHQQDFKIROJHQGLQ.DSLWHO%YHUHLQEDUW
$XVIKUXQJYRQ=DKOXQJVYRUJlQJHQDXIHLQ.RQWRGXUFK(LQ]HOhEHUZHLVXQJ'DXHUDXIWUDJhEHUWUDJ/DVWVFKULIW6FKHFNRGHUPLWWHOV
HLQHU=DKOXQJVNDUWHVRZLH*XWVFKULIWHQDXVhEHUZHLVXQJHQ(LQ]HO/DVWVFKULIWHQ.DUWHQWUDQVDNWLRQHQXQG6FKHFNVRKQH%DUHLQXQG
%DUDXV]DKOXQJHQIUGDVHLJHQH*LURNRQWR
(:56WDDWHQGHU]HLW%HOJLHQ%XOJDULHQ'lQHPDUN'HXWVFKODQG(VWODQG)LQQODQG)UDQNUHLFK*ULHFKHQODQG,UODQG,VODQG,WDOLHQ.UR
WLHQ/HWWODQG/LHFKWHQVWHLQ/LWDXHQ/X[HPEXUJ0DOWD1LHGHUODQGH1RUZHJHQgVWHUUHLFK3ROHQ3RUWXJDO5XPlQLHQ6FKZHGHQ6O
ZDNHL6ORZHQLHQ6SDQLHQ7VFKHFKLVFKH5HSXEOLN8QJDUQ9HUHLQLJWHV.|QLJUHLFKYRQ*UR‰EULWDQQLHQXQG1RUGLUODQGVRZLH=\SHUQ
%HUHFKQXQJEHLDOOHQEHOHJORVHQ6DPPHO/DVWVFKULIWHQLQNO*XWVFKULIWHQDXV.DUWHQ]DKOXQJHQXQG6DPPHOhEHUZHLVXQJHQ
$XVQDKPHQEHOHJKDIWHhEHUZHLVXQJHQhEHUZHLVXQJ6'LUHNWSHU7HOHIRQ%DUDXV]DKOXQJHQDQGHU.DVVH(XUR
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
.RQWRDXV]XJSUR9RUJDQJ
(UVWHOOXQJXQG%HUHLWVWHOOXQJhEHUPLWWOXQJLQGHUYHUHLQEDUWHQ)RUP
+lXILJNHLWXQGGHPYHUHLQEDUWHQ9HUIDKUHQVLHKH=LIIHU%,
3UHLVLQ(XUR
NHLQHJHVRQGHUWH%HUHFKQXQJ
%HUHLWVWHOOXQJhEHUPLWWOXQJDXI9HUODQJHQGHV.XQGHQVRZHLWEHUGDV
9HUHLQEDUWHKLQDXVJHKHQGXQGVRZHLWGXUFKYRP.XQGHQ]XYHUWUHWHQGH
8PVWlQGHYHUXUVDFKWSUR9RUJDQJ
.RQWRDXV]XJSUR9RUJDQJ
6HOEVWDEKROHU.RQWRDXV]XJVGUXFNHU
7DJHV:RFKHQDXV]XJ
(OHNWURQLVFKHU.RQWRDXV]XJ
LP5DKPHQGHV2QOLQH%DQNLQJ
(OHNWURQLVFKHU.RQWRDXV]XJPLWTXDOLIL]LHUWHUHOHNWURQLVFKHU6LJQDWXU
LP5DKPHQGHV2QOLQH%DQNLQJ
'LHHUVWPDOLJH(UVWHOOXQJXQGhEHUPLWWOXQJYRQ5HFKQXQJVDEVFKOVVHQHUIROJWVWHWVXQHQWJHOWOLFK
=XVHQGXQJ.RQWRDXV]JHDXI.XQGHQZXQVFKXQGDP.RQWRDXV]XJVGUXFNHU
QDFK7DJHQQLFKWDEJHUXIHQH.RQWRDXV]JHXQG5HFKQXQJVDEVFKOVVH
3RUWRNRVWHQ
(UVWHOOXQJXQG%HUHLWVWHOOXQJhEHUPLWWOXQJHLQHV.RQWRDXV]XJV5HFKQXQJVDEVFKOXVVGXSOLNDWV
DXI9HUODQJHQGHV.XQGHQ
VRZHLWGXUFKYRP.XQGHQ]XYHUWUHWHQGH8PVWlQGHYHUXUVDFKW
DXWRPDWLVFKH(UVWHOOXQJSUR$XV]XJV1U
QXUIUGLHOHW]WHQ%XFKXQJVWDJHP|JOLFK
PDQXHOOH(UVWHOOXQJZHQQV\VWHPEHGLQJWDXWRPDWLVFKH(UVWHOOXQJQLFKWPHKUP|JOLFKLVW
XQGMHDQJHIDQJHQHU0RQDW
'LH6SDUNDVVHXQWHUULFKWHWGHQ.XQGHQPLQGHVWHQVHLQPDOPRQDWOLFKDXIGHPIUGLH.RQWRLQIRUPDWLRQ
YHUHLQEDUWHQ:HJEHUGLH$XVIKUXQJYRQ=DKOXQJVYRUJlQJHQ0LW.XQGHQGLHNHLQH9HUEUDXFKHUVLQG
NDQQGLH$UWXQG:HLVHVRZLHGLH]HLWOLFKH)ROJHGHU8QWHUULFKWXQJJHVRQGHUWYHUHLQEDUWZHUGHQ
ELV
%HL<RXXQG2QOLQH.RQWHQVLQG$XV]JHNRVWHQORV%HLGHP.RQWRSUHLVPRGHOO9HUHLQRQOLQHVLQGVLHQXUEHU.RQWRDXV]XJVGUX
FNHUE]ZHOHNWURQLVFKHQ.RQWRDXV]XJP|JOLFK%HLGHQ.RQWRSUHLVPRGHOOHQ.RPIRUW3&XQG6WXGHQW,Q2QOLQHVLQGVLHDXVVFKOLH‰
OLFKEHUHOHNWURQLVFKHQ.RQWRDXV]XJP|JOLFK
=DKOXQJVYRUJlQJHVLQGLQVEHVRQGHUH%DUHLQ]DKOXQJHQDXIHLQ=DKOXQJVNRQWRRGHU%DUDXV]DKOXQJHQYRQHLQHP=DKOXQJVNRQWRVR
ZLHGLHhEHUPLWWOXQJYRQ*HOGEHWUlJHQDXIHLQDQGHUHV=DKOXQJVNRQWRGXUFK$XVIKUXQJYRQ/DVWVFKULIWHQhEHUZHLVXQJHQRGHU
=DKOXQJVYRUJlQJHQPLWWHOVHLQHU.DUWHRGHUHLQHVlKQOLFKHQ,QVWUXPHQWV
DE
%HL66WDUWXQG2QOLQH.RQWHQVLQG$XV]JHNRVWHQORV%HLGHP.RQWRSUHLVPRGHOO9HUHLQRQOLQHVLQGVLHQXUEHU.RQWRDXV]XJV
GUXFNHUE]ZHOHNWURQLVFKHQ.RQWRDXV]XJP|JOLFK%HLGHP.RQWRSUHLVPRGHOO6*LUR2QOLQHVLQGVLHDXVVFKOLH‰OLFKEHUHOHNWURQL
VFKHQ.RQWRDXV]XJP|JOLFK
=DKOXQJVYRUJlQJHVLQGLQVEHVRQGHUH%DUHLQ]DKOXQJHQDXIHLQ=DKOXQJVNRQWRRGHU%DUDXV]DKOXQJHQYRQHLQHP=DKOXQJVNRQWRVR
ZLHGLHhEHUPLWWOXQJYRQ*HOGEHWUlJHQDXIHLQDQGHUHV=DKOXQJVNRQWRGXUFK$XVIKUXQJYRQ/DVWVFKULIWHQhEHUZHLVXQJHQRGHU
=DKOXQJVYRUJlQJHQPLWWHOVHLQHU.DUWHRGHUHLQHVlKQOLFKHQ,QVWUXPHQWV
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
,, (UEULQJXQJYRQ=DKOXQJVGLHQVWHQIU3ULYDWNXQGHQXQG*HVFKlIWVNXQGHQ
$OOJHPHLQH,QIRUPDWLRQHQ]XU6SDUNDVVH
1DPHXQG$QVFKULIWGHU6SDUNDVVH
6SDUNDVVH0DUEXUJ%LHGHQNRSI8QLYHUVLWlWVVWUD‰H0DUEXUJ
=XVWlQGLJH$XIVLFKWVEHK|UGHQ
)UGLH=XODVVXQJ]XVWlQGLJH$XIVLFKWVEHK|UGH
(XURSlLVFKH=HQWUDOEDQN6RQQHPDQQVWUD‰H)UDQNIXUWDP0DLQ
3RVWDQVFKULIW(XURSlLVFKH=HQWUDOEDQN)UDQNIXUWDP0DLQ,QWHUQHWZZZHFEHXURSDHX
)UGHQ9HUEUDXFKHUVFKXW]]XVWlQGLJH$XIVLFKWVEHK|UGH
%XQGHVDQVWDOWIU)LQDQ]GLHQVWOHLVWXQJVDXIVLFKW
*UDXUKHLQGRUIHU6WU%RQQXQG0DULH&XULH6WU)UDQNIXUWDP0DLQ
,QWHUQHWZZZEDILQGH
(LQWUDJXQJLP+DQGHOVUHJLVWHU
$PWVJHULFKW0DUEXUJ+51U+5$
9HUWUDJVVSUDFKH
0D‰JHEOLFKH6SUDFKHIUGLH*HVFKlIWVEH]LHKXQJ]XP.XQGHQLVW'HXWVFK
*HVFKlIWVWDJHXQG$QQDKPH]HLWHQGHU6SDUNDVVH
*HVFKlIWVWDJLVWMHGHU7DJDQGHPGLHDQGHU$XVIKUXQJHLQHV=DKOXQJVYRUJDQJVEHWHLOLJWHQ=DKOXQJV
GLHQVWOHLVWHUGHQIUGLH$XVIKUXQJYRQ=DKOXQJVYRUJlQJHQHUIRUGHUOLFKHQ*HVFKlIWVEHWULHEXQWHUKDOWHQ
'LH6SDUNDVVHXQWHUKlOWGHQIUGLH$XVIKUXQJYRQ=DKOXQJHQHUIRUGHUOLFKHQ*HVFKlIWVEHWULHEDQDOOHQ
:HUNWDJHQPLW$XVQDKPHYRQ6DPVWDJHQGHPXQGGHP'H]HPEHU
$QQDKPH]HLWSXQNW&XW2II=HLWIUhEHUZHLVXQJHQVRIHUQQLFKWDQGHUNRQNUHWHQ$QQDKPHYRUULFKWXQJ
DEZHLFKHQGH$QQDKPH]HLWSXQNWHDQJHJHEHQVLQG
EHOHJKDIWH(LQUHLFKXQJ
ELV(QGHGHU6FKDOWHU|IIQXQJV]HLWGHUMHZHLOLJHQ
*HVFKlIWVVWHOOHDQ*HVFKlIWVWDJHQGHU6SDUNDVVH
SHU7HOHIRQEDQNLQJ
ELV(QGHGHU6FKDOWHU|IIQXQJV]HLWGHU*HVFKlIWVVWHOOH
8QLYHUVLWlWVVWUD‰HLQ0DUEXUJ
SHU'DWHQIHUQEHUWUDJXQJ')h
ELV8KUDQ*HVFKlIWVWDJHQGHU6SDUNDVVH
SHU2QOLQH%DQNLQJ
SHU6HUYLFH5HFKHQ]HQWUXPPLW2QOLQH)UHLJDEH 'LH6FKDOWHU|IIQXQJV]HLWHQVLQGLP(LQJDQJVEHUHLFKGHUMHZHLOLJHQ*HVFKlIWVVWHOOHHUVLFKWOLFKXQGEHUGLH
,QWHUQHWVHLWHGHU6SDUNDVVHDEUXIEDU
bQGHUXQJHQGHUDOOJHPHLQHQ,QIRUPDWLRQ]XU6SDUNDVVHHUJHEHQVLFKDXVXQVHUHU*HVFKlIWVNRUUHVSRQGHQ]XQGGHP.RQWR
DXV]XJ
$EJDEHLQGHU*HVFKlIWVVWHOOHXQG(LQZXUILP%ULHINDVWHQ
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
$X‰HUJHULFKWOLFKH6WUHLWVFKOLFKWXQJXQGVRQVWLJH%HVFKZHUGHP|JOLFKNHLWHQ
%HL6WUHLWLJNHLWHQDXVGHU$QZHQGXQJ
GHU9RUVFKULIWHQGHV%UJHUOLFKHQ*HVHW]EXFKVEHWUHIIHQG)HUQDEVDW]YHUWUlJHEHU)LQDQ]
GLHQVWOHLVWXQJHQ
GHU††ELVGHV%UJHUOLFKHQ*HVHW]EXFKV9HUEUDXFKHUGDUOHKHQRGHU
GHU††FELVFGHV%UJHUOLFKHQ*HVHW]EXFKV=DKOXQJVGLHQVWH
GHU9HURUGQXQJ(*1UGHV(XURSlLVFKHQ3DUODPHQWVXQGGHV5DWHVYRP
6HSWHPEHUEHUJUHQ]EHUVFKUHLWHQGH=DKOXQJHQLQGHU*HPHLQVFKDIWXQG]XU$XIKHEXQJ
GHU9HURUGQXQJ(*1URGHU
GHU9HURUGQXQJ(81UGHV(XURSlLVFKHQ3DUODPHQWVXQGGHV5DWHVYRP0lU]
]XU)HVWOHJXQJGHUWHFKQLVFKHQ9RUVFKULIWHQXQGGHU*HVFKlIWVDQIRUGHUXQJHQIUhEHUZHLVXQJHQ
XQG/DVWVFKULIWHQLQ(XURXQG]XUbQGHUXQJGHU9HURUGQXQJ(*1U
GHU9HURUGQXQJ(8GHV(XURSlLVFKHQ3DUODPHQWVXQGGHV5DWHVYRP$SULO
EHU,QWHUEDQNHQHQWJHOWHIUNDUWHQJHEXQGHQH=DKOXQJVYRUJlQJH
NDQQVLFKGHU.XQGHDQGLHEHLGHU'HXWVFKHQ%XQGHVEDQNHLQJHULFKWHWH9HUEUDXFKHUVFKOLFKWXQJVVWHOOH
ZHQGHQ
'LH9HUIDKUHQVRUGQXQJLVWEHLGHU'HXWVFKHQ%XQGHVEDQNHUKlOWOLFK'LH$GUHVVHODXWHW
'HXWVFKH%XQGHVEDQN
9HUEUDXFKHUVFKOLFKWXQJVVWHOOH
3RVWIDFK
)UDQNIXUWDP0DLQ
:LUGGHU.DXIRGHU'LHQVWOHLVWXQJVYHUWUDJRQOLQHYRQHLQHP9HUEUDXFKHUPLWGHU6SDUNDVVHDEJH
VFKORVVHQNDQQGLH%HVFKZHUGHDXFKEHUGLH263ODWWIRUPGHU(8KWWSHFHXURSDHXRGUHLQJHUHLFKW
ZHUGHQ
%HL6WUHLWLJNHLWHQPLWGHU6SDUNDVVHEHVWHKWDOWHUQDWLY]XP9HUIDKUHQYRUGHU9HUEUDXFKHUVFKOLFKWXQJVVWHO
OHGHU'HXWVFKHQ%XQGHVEDQNGLH0|JOLFKNHLWGLH6FKOLFKWXQJVVWHOOHEHLP6SDUNDVVHQXQG*LURYHUEDQG
+HVVHQ7KULQJHQDQ]XUXIHQ'DV$QOLHJHQLVWVFKULIWOLFKDQIROJHQGH$QVFKULIW]XULFKWHQ
6SDUNDVVHQXQG*LURYHUEDQG+HVVHQ7KULQJHQ
6FKOLFKWXQJVVWHOOH
%RQLIDFLXVVWUD‰H
(UIXUW
1lKHUHVUHJHOWGLHÄ6FKOLFKWXQJVRUGQXQJGHV6SDUNDVVHQXQG*LURYHUEDQGHV+HVVHQ7KULQJHQ´GLHDXI
:XQVFK]XU9HUIJXQJJHVWHOOWZLUG
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
hEHUZHLVXQJHQ
9HUHLQEDUXQJVJHPl‰HhEHUZHLVXQJHQLQQHUKDOE'HXWVFKODQGVXQGLQDQGHUH6WDDWHQ
GHV(XURSlLVFKHQ:LUWVFKDIWVUDXPV(:5LQ(XURRGHULQDQGHUHQ(:5
:lKUXQJHQ
9HUHLQEDUXQJVJHPl‰HUhEHUZHLVXQJVDXIWUDJ
D$QQDKPH]HLWSXQNWIUhEHUZHLVXQJHQ
'LH*HVFKlIWVWDJHXQG$QQDKPH]HLWHQGHU6SDUNDVVHHUJHEHQVLFKDXV=LIIHU%,,
E$XVIKUXQJVIULVW
'LH6SDUNDVVHLVWYHUSIOLFKWHWVLFKHU]XVWHOOHQGDVVGHUhEHUZHLVXQJVEHWUDJEHLP=DKOXQJVGLHQVWOHLVWHUGHV
=DKOXQJVHPSIlQJHUVVSlWHVWHQVZLHIROJWHLQJHKW
hEHUZHLVXQJHQLQ(XUR
%HOHJORVHUhEHUZHLVXQJVDXIWUDJ
PD[*HVFKlIWVWDJ
%HOHJKDIWHUhEHUZHLVXQJVDXIWUDJ
PD[*HVFKlIWVWDJH
hEHUZHLVXQJHQLQDQGHUHQ(:5:lKUXQJHQ
%HOHJORVHUhEHUZHLVXQJVDXIWUDJ
%HOHJKDIWHUhEHUZHLVXQJVDXIWUDJ
'LH*HVFKlIWVWDJHGHU6SDUNDVVHHUJHEHQVLFKDXV=LIIHU%,,
PD[*HVFKlIWVWDJH
PD[*HVFKlIWVWDJH
DQGHUH(:56WDDWHQGHU]HLW%HOJLHQ%XOJDULHQ'lQHPDUN(VWODQG)LQQODQG)UDQNUHLFK*ULHFKHQODQG,UODQG,VODQG,WDOLHQ
.URDWLHQ/HWWODQG/LHFKWHQVWHLQ/LWDXHQ/X[HPEXUJ0DOWD1LHGHUODQGH1RUZHJHQgVWHUUHLFK3ROHQ3RUWXJDO5XPlQLHQ
6FKZHGHQ6ORZDNHL6ORZHQLHQ6SDQLHQ7VFKHFKLVFKH5HSXEOLN8QJDUQ9HUHLQLJWHV.|QLJUHLFKYRQ*UR‰EULWDQQLHQXQG
1RUGLUODQGVRZLH=\SHUQ
=XGHQ(:5:lKUXQJHQJHK|UHQGHU]HLW(XUR%ULWLVFKHV3IXQG6WHUOLQJ%XOJDULVFKHU/HZ'lQLVFKH.URQH,VOlQGLVFKH.URQH
.URDWLVFKH.XQD1RUZHJLVFKH.URQH3ROQLVFKHU=ORW\5XPlQLVFKHU/HX6FKZHGLVFKH.URQH6FKZHL]HU)UDQNHQQXUIU/LHFKWHQ
VWHLQ7VFKHFKLVFKH.URQH8QJDULVFKHU)RULQW
hEHUZHLVXQJHQSHU2QOLQH%DQNLQJ7HOHIRQEDQNLQJ'DWHQIHUQEHUWUDJXQJ')h6HUYLFH5HFKHQ]HQWUXP65=PLW2QOLQH
)UHLJDEH
hEHUZHLVXQJSHU9RUGUXFN6DPPHOGDWHLHQPLW%HJOHLW]HWWHO
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
F(QWJHOWHIUGLHYHUHLQEDUXQJVJHPl‰H$XVIKUXQJYRQhEHUZHLVXQJHQ
DD9HUHLQEDUXQJVJHPl‰HhEHUZHLVXQJLQGHU.RQWRZlKUXQJ
%HLHLQHUhEHUZHLVXQJGLHPLWNHLQHU:lKUXQJVXPUHFKQXQJYHUEXQGHQLVWWUDJHQ=DKOHUXQG=DKOXQJV
HPSIlQJHUMHZHLOVGLHYRQLKUHP=DKOXQJVGLHQVWOHLVWHUHUKREHQHQ(QWJHOWH'HU=DKOHUWUlJWGLHIROJHQGHQ
(QWJHOWHLQ(XUR
hEHUZHLVXQJVDUW
hEHUZHLVXQJVPRGDOLWlWHQ
EHOHJKDIWH
hEHUZHLVXQJ
XQG
7HOHIRQEDQNLQJ
MHhEHUZHLVXQJYRP*LURNRQWR
EHOHJORVH
SHU
SHU
hEHUZHLVXQJ
'DXHUDXIWUDJ (LOEHU
SHU2QOLQHEDQ
ZHLVXQJ
NLQJ
9HUHLQEDUXQJVJHPl
‰HhEHUZHLVXQJPLW
,%$1%,&LQ(XUR
LQQHUKDOEGHU6SDU
NDVVHXQGDQHLQHQ
DQGHUHQ=DKOXQJV
GLHQVWOHLVWHU
6(3$hEHUZHLVXQJ
²MH
QDFK.RQWRPR
GHOO
²MH
QDFK.RQWRPR
GHOO
²MH
QDFK.RQWR
PRGHOO
9HUHLQEDUXQJVJHPl
‰HhEHUZHLVXQJGLH
DXIHLQHDQGHUH:lK
UXQJHLQHV(:5
0LWJOLHGVVWDDWHV
ODXWHWLQQHUKDOEGHU
6SDUNDVVHXQGDQ
HLQHQDQGHUHQ=DK
OXQJVGLHQVWOHLVWHU
3ULYDWNRQWHQ
*HVFKlIWVNRQ
WHQ
3ULYDWNRQWHQ
*HVFKlIWVNRQ
WHQ
3ULYDWNRQWHQ
*HVFKlIWV
NRQWHQ
HQWIlOOW
3ULYDWNRQWHQ
*HVFKlIWVNRQWHQ
IU')h'65=
EHOHJKDIW
hEHUZHLVXQJ
ELV
(XUR (XUR
ELV
(XUR (XUR
ELV
(XUR (XUR
DE
ÅPLQG(XUR
(LOJHEKU(XUR]]JO(QWJHOWEHOHJKDIWHUEHOHJORVHU=DKOXQJVYRUJDQJVLHKH=LIIHU%,´3HUV|QOLFKH.RQWHQXQG*HVFKlIWVNRQ
WHQ
'LHYRUVWHKHQGHQ(QWJHOWHZHUGHQQLFKWEHUHFKQHWVRZHLWIUGLH'XUFKIKUXQJYRQhEHUZHLVXQJHQGDVYHUHLQEDUWH.RQWRSUHLVPR
GHOOHLQHHLJHQVWlQGLJH(QWJHOWUHJHOXQJYRUVLHKWVLHKH=LIIHU%,´3HUV|QOLFKH.RQWHQXQG*HVFKlIWVNRQWHQ
MH
hEHUZHLVXQJ
SHU
=DKOVFKHLQ
,QODQG
JUHQ]EHU
VFKUHLWHQG
D')h(XUR
([SUHVV
]DKOXQJRQOL
QH EDQVRQVWHQ
VLHKH
3ULYDWNRQWHQ
*HVFKlIWV
NRQWHQ
]]JOVLHKH
MH'DWHL
SHU
'DWHQIHUQ
EHUWUDJXQJ
')h6HUYLFH
5HFKHQ]HQWUXP
'65=
²
MHQDFK
.RQWRPRGHOO
IU')h'65=
EHOHJORV
')hPD[(XUR(LOJHEKU(XUR
JLOWDXFKIU6(3$hEHUZHLVXQJHQLQGLH6FKZHL]XQG0RQDFR
+LQZHLV%HL(LOEHUZHLVXQJHQ]XU%DUDXV]DKOXQJN|QQHQZHLWHUH(QWJHOWHEHLGHUDXV]DKOHQGHQ6WHOOHDQIDOOHQ'LH+|KHGHU
(QWJHOWHHUIUDJHQ6LHELWWHEHLGHPDXV]DKOHQGHQ,QVWLWXW
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
EE9HUHLQEDUXQJVJHPl‰HhEHUZHLVXQJHQLQHLQHUDQGHUHQ:lKUXQJDOVGHU.RQWRZlKUXQJ
(QWJHOWSIOLFKWLJHU
%HLHLQHUhEHUZHLVXQJGLHPLWHLQHU:lKUXQJVXPUHFKQXQJYHUEXQGHQLVWNDQQGHU
=DKOHU]ZLVFKHQIROJHQGHQ(QWJHOWYHUHLQEDUXQJHQZlKOHQ
x x =DKOHUXQG=DKOXQJVHPSIlQJHUWUDJHQMHZHLOVGLHYRQLKUHP=DKOXQJVGLHQVWOHLVWHUHUKREHQHQ
(QWJHOWH6+$5(
=DKOHUWUlJWDOOH(QWJHOWH285
+|KHGHU(QWJHOWH
(QWJHOWUHJHOXQJ6+$5(
hEHUZHLVXQJ
DE
ELV
(XUR (XUR
ELV
(XUR (XUR
ELV (XUR (XUR
ÅPLQG(XUR
(QWJHOWUHJHOXQJ285
hEHUZHLVXQJ
DE
ELV
(XUR (XUR
ELV
(XUR (XUR
ELV (XUR (XUR
ÅPLQG(XUR
]XVlW]OLFK285(QWJHOWHGHU$XVODQGVEDQNHQ
2853DXVFKDOH
PLQG(XURPD[GHUVHLWHQVGHU$XVODQGVEDQNEHUHFKQHWH%HWUDJ
$EZHLFKHQGYRQGHU3DXVFKDOHZHUGHQIUIROJHQGH(8(:56WDDWHQGLHQDFKVWHKHQGHQ)HVWSUHLVHEH
UHFKQHW
%XOJDULHQ
(XUR /LWDXHQ
(XUR
'lQHPDUN
(XUR /LHFKWHQVWHLQ (XUR
(VWODQG
(XUR 3ROHQ (XUR
)LQQODQG
(XUR 5XPlQLHQ
(XUR
*UR‰EULWDQQLHQ
(XUR 6FKZHGHQ
(XUR
,UODQG
(XUR 7VFKHFKLHQ
(XUR
.URDWLHQ
(XUR 8QJDUQ
(XUR
/HWWODQG
(XUR $EZHLFKHQGYRQGHU3DXVFKDOHZHUGHQIUIROJHQGH(8(:56WDDWHQ285(QWJHOWHLQ$EKlQJLJNHLWYRQGHU
%HWUDJVK|KHEHUHFKQHW
%HOJLHQ
)UDQNUHLFK
ELV(XUR
ELV(XUR
ELV(XUR
ELV(XUR
EHU(XUR
(XUR
(XUR
(XUR
(XUR
(XUR
ELV(XUR
EHU(XUR
(XUR
(XUR
*ULHFKHQODQG
ELV(XUR
EHU(XUR
,WDOLHQ
ELV(XUR
ELV(XUR
ELV(XUR
EHU(XUR
(XUR
(XUR
6SDUNDVVH0DUEXUJ%LHGHQNRSI
(XUR
(XUR
(XUR
(XUR
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
,WDOLHQ
ELV(XUR
ELV(XUR
ELV(XUR
EHU(XUR
(XUR
(XUR
(XUR
(XUR
/X[HPEXUJ
1LHGHUODQGH
1RUZHJHQ
gVWHUUHLFK
3RUWXJDO
6SDQLHQ
ELV(XUR
ELV(XUR
ELV(XUR
ELV(XUR
EHU(XUR
(XUR
(XUR
(XUR
(XUR
(XUR
ELV(XUR
ELV(XUR
ELV(XUR
ELV(XUR
EHU(XUR
(XUR
(XUR
(XUR
(XUR
(XUR
ELV(XUR
EHU(XUR
(XUR
(XUR
ELV(XUR
ELV(XUR
EHU(XUR
(XUR
(XUR
(XUR
ELV(XUR
ELV(XUR
EHU(XUR
(XUR
(XUR
(XUR
ELV(XUR
ELV(XUR
EHU(XUR
(XUR
(XUR
(XUR
+LQZHLVH
x :HUGHQYRQGHQ$XVODQGVEDQNHQ]XVlW]OLFKH&OHDULQJHQWJHOWHEHUHFKQHWZHUGHQGLHVHGHP
$XIWUDJJHEHUZHLWHUEHODVWHW
x 'LH(QWJHOWHZHUGHQ]XVlW]OLFK]XGHQXQWHUDDDXVJHZLHVHQHQ(QWJHOWHQHUKREHQ
G 6RQVWLJH(QWJHOWH
8QWHUULFKWXQJEHUGLHEHUHFKWLJWH$EOHKQXQJGHU$XVIKUXQJ
HLQHVhEHUZHLVXQJVDXIWUDJHV
EHL3RVWYHUVDQG
(XUR
%HDUEHLWXQJHLQHVhEHUZHLVXQJVZLGHUUXIVQDFK$EODXIGHU:LGHUUXIVIULVW
EHLKDXVLQWHUQHQhEHUZHLVXQJHQ
(XUR
EHLQDWLRQDOHQhEHUZHLVXQJHQ
(XUR
EHLLQWHUQDWLRQDOHQhEHUZHLVXQJHQ
(XURSURDQJHIDQJHQHê6WXQGH
:LHGHUEHVFKDIIXQJYRQhEHUZHLVXQJHQ
PLWIHKOHUKDIWHU$QJDEHGHU.XQGHQNHQQXQJGHV=DKOXQJVHPSIlQJHUV
GXUFKGHQ.XQGHQ
EHLKDXVLQWHUQHQhEHUZHLVXQJHQ
(XUR
EHLQDWLRQDOHQhEHUZHLVXQJHQ
(XUR
EHLLQWHUQDWLRQDOHQhEHUZHLVXQJHQ
(XURSURDQJHIDQJHQHê6WXQGH
%HL:LGHUUXIHQE]Z:LHGHUEHVFKDIIXQJJUHQ]EHUVFKUHLWHQGHU=DKOXQJHQLVW]XEHDFKWHQGDVVGHU=DKOXQJVGLHQVWOHLVWHUGHV
=DKOXQJVHPSIlQJHUVIUGLH%HDUEHLWXQJX8HLQHQ(QWJHOWDE]XJYRUQLPPW
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV 6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
(LOEHUZHLVXQJ]XU%DUDXV]DKOXQJQXULQQHUKDOE'HXWVFKODQGV
(XUR
+LQZHLV%HL(LOEHUZHLVXQJHQ]XU%DUDXV]DKOXQJN|QQHQZHLWHUH(QWJHOWHEHLGHU
DXV]DKOHQGHQ6WHOOHDQIDOOHQ'LH+|KHGHU(QWJHOWHHUIUDJHQ6LHELWWHEHLGHPDXV]DKOHQGHQ,QVWLWXW
+LQZHLV
%HL5FNJDEHQYRQ$XVODQGVEHUZHLVXQJHQGXUFKDXVOlQGLVFKH(PSIlQJHUEDQNHQQHKPHQGLHVH
WHLOZHLVHHUKHEOLFKH$E]JHDPXUVSUQJOLFKHQhEHUZHLVXQJVEHWUDJYRU
(LQULFKWXQJbQGHUXQJXQG$XVVHW]XQJYRQ'DXHUDXIWUlJHQDXI:XQVFKGHV.XQGHQELV
D IU,QODQGVEHUZHLVXQJHQXQGhEHUZHLVXQJHQLQQHUKDOEGHV(:5LQ(XURXQGRKQH:lKUXQJV
XPUHFKQXQJ
RQOLQH
(XUR
DP6FKDOWHU
(XUR
$XVQDKPHQEHL2QOLQH.RQWHQ.RPIRUW3&6WXGHQW,Q2QOLQH9HUHLQRQOLQH
(XUR
.HLQH%HUHFKQXQJEHL<28.RQWHQ6FKOHU$XV]XELOGHQGH$EVROYHQWHQ
)UHLZLOOLJHQGLHQVWHELV]XU9ROOHQGXQJGHV/HEHQVMDKUHV
EIUhEHUZHLVXQJHQLQQHUKDOEGHV(:5PLW:lKUXQJVXPUHFKQXQJ
(XUR
NHLQH%HUHFKQXQJEHL<28.RQWHQ6FKOHU$XV]XELOGHQGH$EVROYHQWHQ
)UHLZLOOLJHQGLHQVWHELV]XU9ROOHQGXQJGHV/HEHQVMDKUHV
(LQULFKWXQJbQGHUXQJXQG$XVVHW]XQJYRQ'DXHUDXIWUlJHQDXI:XQVFKGHV.XQGHQDE
D IU,QODQGVEHUZHLVXQJHQXQGhEHUZHLVXQJHQLQQHUKDOEGHV(:5LQ(XURXQGRKQH:lKUXQJV
XPUHFKQXQJ
RQOLQH
(XUR
DP6FKDOWHU
(XUR
$XVQDKPHQEHL2QOLQH.RQWHQ6*LUR2QOLQH9HUHLQRQOLQH
(XUR
.HLQH%HUHFKQXQJEHL6*LUR6WDUW6FKOHU$XV]XELOGHQGH$EVROYHQWHQ
)UHLZLOOLJHQGLHQVWHVRZLH6WXGHQWHQELV]XU9ROOHQGXQJGHV/HEHQVMDKUHV
EIUhEHUZHLVXQJHQLQQHUKDOEGHV(:5PLW:lKUXQJVXPUHFKQXQJ
NHLQH%HUHFKQXQJEHL6*LUR6WDUW6FKOHU$XV]XELOGHQGH$EVROYHQWHQ
)UHLZLOOLJHQGLHQVWHVRZLH6WXGHQWHQELV]XU9ROOHQGXQJGHV/HEHQVMDKUHV
6SDUNDVVH0DUEXUJ%LHGHQNRSI
(XUR
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
9HUHLQEDUXQJVJHPl‰H(QWJHOWHEHLYHUHLQEDUXQJVJHPl‰HQhEHUZHLVXQJVJXWVFKULIWHQ
%HLHLQHPhEHUZHLVXQJVHLQJDQJZHUGHQYRQGHU6SDUNDVVHIROJHQGH(QWJHOWHEHUHFKQHW
hEHUZHLVXQJVJXWVFKULIWDXV
(QWJHOWLQ(XUR
9HUHLQEDUXQJVJHPl‰HUhEHUZHLVXQJ
²MHQDFK.RQWRPRGHOO
PLW,%$1%,&LQ(XURLQQHUKDOEGHU6SDU
NDVVHRGHUYRQHLQHPDQGHUHQ=DK
OXQJVGLHQVWOHLVWHU
6(3$hEHUZHLVXQJ
9HUHLQEDUXQJVJHPl‰HUhEHUZHLVXQJ
GLHDXIHLQHDQGHUH:lKUXQJHLQHV
(:50LWJOLHGVWDDWHVODXWHWYRQHLQHP
DQGHUHQ=DKOXQJVGLHQVWOHLVWHU
²MHQDFK.RQWRPRGHOO
+LQZHLV
)UYHUHLQEDUXQJVJHPl‰HhEHUZHLVXQJVHLQJlQJHLQHLQHUDQGHUHQ.RQWRZlKUXQJZLUG]XVlW]OLFK]XGHQ
RJ(QWJHOWHQIROJHQGHV(QWJHOWLQNOXVLYH&RXUWDJHHUKREHQ
(QWJHOWZHLVXQJ6+$5(%(1
ELV(XUR(XUR
ELV(XUR(XUR
EHU(XURÅPD[(XUR
]XVlW]OLFK]XP(QWJHOWEHOHJKDIWHUEHOHJORVHU=DKOXQJVYRUJDQJ
VLHKH=LIIHU%,3HUV|QOLFKH.RQWHQXQG*HVFKlIWVNRQWHQ
'LHYRUVWHKHQGHQ(QWJHOWHZHUGHQQLFKWEHUHFKQHWZHQQGHUhEHUZHLVHQGH]%EHLJUHQ]EHUVFKUHLWHQ
GHQhEHUZHLVXQJHQGLHDQIDOOHQGHQ(QWJHOWHIUGLHhEHUZHLVXQJWUlJW
'LHVJLOWDXFKIU6(3$=DKOXQJHQDXVGHU6FKZHL]XQG0RQDFR
'LH(QWJHOWHIUEHOHJKDIWHEHOHJORVH=DKOXQJVYRUJlQJHGHUHLQ]HOQHQ.RQWRPRGHOOHVLQGXQWHU=LIIHU%,´3HUV|QOLFKH.RQWHQ
XQG*HVFKlIWVNRQWHQ´DXIJHIKUW
%HL(LQJlQJHQGLHQLFKWEHUGLH/DQGHVEDQN+HVVHQ7KULQJHQHUIROJHQN|QQHQDEZHLFKHQGH
(QWJHOWHGXUFKDQGHUH=DKOXQJVGLHQVWOHLVWHUHQWVWHKHQ
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
9HUHLQEDUXQJVJHPl‰HhEHUZHLVXQJHQLQQHUKDOE'HXWVFKODQGVXQGLQDQGHUH6WDD
WHQGHV(XURSlLVFKHQ:LUWVFKDIWVUDXPV(:5LQ:lKUXQJHQHLQHV6WDDWHVDX‰HU
KDOEGHV(:5'ULWWVWDDWHQZlKUXQJVRZLHDOOHYHUHLQEDUXQJVJHPl‰HQhEHUZHL
VXQJHQLQ6WDDWHQDX‰HUKDOEGHV(:5'ULWWVWDDWHQ
9HUHLQEDUXQJVJHPl‰HhEHUZHLVXQJVDXIWUlJH
D $XVIKUXQJVIULVW
hEHUZHLVXQJHQZHUGHQEDOGP|JOLFKVWEHZLUNW
E (QWJHOWHIUGLHYHUHLQEDUXQJVJHPl‰H$XVIKUXQJYRQhEHUZHLVXQJHQ
DD (QWJHOWSIOLFKWLJHU
'HU=DKOHUNDQQ]ZLVFKHQIROJHQGHQ(QWJHOWYHUHLQEDUXQJHQZlKOHQ
x
x
x
=DKOHUXQG=DKOXQJVHPSIlQJHUWUDJHQMHZHLOVGLHYRQLKUHP=DKOXQJVGLHQVWOHLVWHU
HUKREHQHQ(QWJHOWH6+$5(
=DKOHUWUlJWDOOH(QWJHOWH285
=DKOXQJVHPSIlQJHUWUlJWDOOH(QWJHOWH%(1
+LQZHLV
x %HLGHU(QWJHOWUHJHOXQJÄ´N|QQHQGXUFK]ZLVFKHQJHVFKDOWHWH=DKOXQJVGLHQVWOHLVWHUXQGGHQ=DK
OXQJVGLHQVWOHLVWHUGHV=DKOXQJVHPSIlQJHUVYRPhEHUZHLVXQJVEHWUDJJJI(QWJHOWHDEJH]RJHQZHUGHQ
x %HLGHU(QWJHOWUHJHOXQJÄ´N|QQHQYRQMHGHPGHUEHWHLOLJWHQ=DKOXQJVGLHQVWOHLVWHUYRPhEHUZHL
VXQJVEHWUDJJJI(QWJHOWHDEJH]RJHQZHUGHQ
EE +|KHGHU(QWJHOWH
(QWJHOWUHJHOXQJ6+$5(
hEHUZHLVXQJ
DE
ELV
(XUR ELV
(XUR ELV (XUR hEHUZHLVXQJ
DE
ELV
(XUR ELV
(XUR ELV (XUR (QWJHOWUHJHOXQJ285
(XUR
(XUR
(XUR
ÅPLQG(XUR
(XUR
(XUR
(XUR
ÅPLQG(XUR
6(3$=DKOXQJHQLQGLH6FKZHL]XQG0RQDFRVLHKHDD
]XVlW]OLFK285(QWJHOWHGHU$XVODQGVEDQNHQ
2853DXVFKDOH
PLQG(XURPD[GHUVHLWHQVGHU$XVODQGVEDQNEHUHFKQHWH%HWUDJ
DQGHUH(:56WDDWHQGHU]HLW%HOJLHQ%XOJDULHQ'lQHPDUN(VWODQG)LQQODQG)UDQNUHLFK*ULHFKHQODQG,UODQG,VODQG,WDOLHQ.UR
DWLHQ/HWWODQG/LHFKWHQVWHLQ/LWDXHQ/X[HPEXUJ0DOWD1LHGHUODQGH1RUZHJHQgVWHUUHLFK3ROHQ3RUWXJDO5XPlQLHQ6FKZH
GHQ6ORZDNHL6ORZHQLHQ6SDQLHQ7VFKHFKLVFKH5HSXEOLN8QJDUQ9HUHLQLJWHV.|QLJUHLFKYRQ*UR‰EULWDQQLHQXQG1RUGLUODQG
=\SHUQ
]%86'ROODU
'ULWWVWDDWHQVLQGDOOH6WDDWHQDX‰HUKDOEGHV(XURSlLVFKHQ:LUWVFKDIWVUDXPHV
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
$EZHLFKHQGYRQGHU3DXVFKDOHZHUGHQIUIROJHQGH1LFKW(8(:56WDDWHQGLHQDFKVWHKHQGHQ(QWJHOWHEH
UHFKQHW
$IJKDQLVWDQ
3DNLVWDQ
bJ\SWHQ
3DOlVWLQD
$UPHQLHQ
3KLOLSSLQHQ
$VHUEDLGVFKDQ
5HSXEOLN.RUHD
%DQJODGHVFK
5HSXEOLN0ROGDZLHQ
%HQLQ
5HSXEOLN6HUELHQ
%RVQLHQ+HU]HJRZLQD
5XVVODQG
%UDVLOLHQ
6FKZHL]
&KLQD
6LQJDSXU
*HRUJLHQ
6GDIULND
*XDWHPDOD
6\ULHQ
,QGRQHVLHQ
7DGVFKLNLVWDQ
,VUDHO
7KDLODQG
-DSDQ
7UNHL
-HPHQ
7XQHVLHQ
.DVDFKVWDQ
7XUNPHQLVWDQ
.HQLD
8NUDLQH
.LUJLVLHQ
8VEHNLVWDQ
.XED
8UXJXD\
/LEDQRQ
9LHWQDP
0RQWHQHJUR
:HL‰UXVVODQG
1LFDUDJXD
=LPEDEZH
%HL$XVIKUXQJGHU=DKOXQJHQPLW3ULRULWlWZHUGHQGLH]XYRUJHQDQQWHQ285(QWJHOWHEHUHFKQHW6ROOWH
GDVYRQGHU$XVODQGVEDQNDQJHIRUGHUWH(QWJHOWGLHVH%HWUlJHEHUVFKUHLWHQEHKDOWHQZLUXQVYRUGLH'LI
IHUHQ]ELV]XHLQHP0D[LPDOEHWUDJYRQ(XURQDFK]XEHODVWHQ
$XIVFKODJ=XVDW]HQWJHOWIUHLOLJH$XVIKUXQJ
6+$5(:HLVXQJ
]XVlW]OLFK(XUR
285:HLVXQJ
]XVlW]OLFK(XUR
+LQZHLVH
x 'LH(QWJHOWHZHUGHQ]XVlW]OLFK]XGHQLQ=LIIHU%,JHQDQQWHQ(QWJHOWHQHUKREHQ
x %HL5FNJDEHQYRQ$XVODQGVEHUZHLVXQJHQGXUFKDXVOlQGLVFKH(PSIlQJHUEDQNHQQHKPHQGLHVH
WHLOZHLVHHUKHEOLFKH$E]JHDPXUVSUQJOLFKHQhEHUZHLVXQJVEHWUDJYRU
FF 6RQVWLJH(QWJHOWH
8QWHUULFKWXQJEHUGLHEHUHFKWLJWH$EOHKQXQJGHU$XVIKUXQJ
HLQHVhEHUZHLVXQJVDXIWUDJHVE]Z'DXHUDXIWUDJHV
EHL3RVWYHUVDQG
(XUR
%HDUEHLWXQJHLQHVhEHUZHLVXQJVZLGHUUXIVQDFK$EODXIGHU:LGHUUXIVIULVW
EHLKDXVLQWHUQHQhEHUZHLVXQJHQ
(XUR
EHLQDWLRQDOHQhEHUZHLVXQJHQ
(XUR
EHLLQWHUQDWLRQDOHQhEHUZHLVXQJHQ
(XURSURDQJHIDQJHQHê6WXQGH
%HL:LGHUUXIHQE]Z:LHGHUEHVFKDIIXQJJUHQ]EHUVFKUHLWHQGHU=DKOXQJHQLVW]XEHDFKWHQGDVVGHU=DKOXQJVGLHQVWOHLVWHUGHV
=DKOXQJVHPSIlQJHUVIUGLH%HDUEHLWXQJX8HLQHQ(QWJHOWDE]XJYRUQLPPW
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
:LHGHUEHVFKDIIXQJYRQhEHUZHLVXQJHQPLW
IHKOHUKDIWHU$QJDEHGHU.XQGHQNHQQXQJGHV=DKOXQJVHPSIlQJHUV
GXUFKGHQ.XQGHQ
EHLKDXVLQWHUQHQhEHUZHLVXQJHQ
(XUR
EHLQDWLRQDOHQhEHUZHLVXQJHQ
(XUR
EHLLQWHUQDWLRQDOHQhEHUZHLVXQJHQ
(XURSURDQJHIDQJHQHê6WXQGH
%HL:LGHUUXIHQE]Z:LHGHUEHVFKDIIXQJJUHQ]EHUVFKUHLWHQGHU=DKOXQJHQLVW]XEHDFKWHQGDVVGHU=DKOXQJVGLHQVWOHLVWHUGHV
=DKOXQJVHPSIlQJHUVIUGLH%HDUEHLWXQJX8HLQHQ(QWJHOWDE]XJYRUQLPPW
+RPH([SUHVV(LOEHUZHLVXQJ]XU%DUDXV]DKOXQJLQGHU7UNHL
(XUR
(LQULFKWXQJbQGHUXQJXQG$XVVHW]XQJYRQ'DXHUDXIWUlJHQDXI:XQVFKGHV.XQGHQ
ELV
(LQULFKWXQJbQGHUXQJ$XVVHW]XQJ
(XUR
NHLQH%HUHFKQXQJEHL<28.RQWHQ6FKOHU$XV]XELOGHQGH$EVROYHQWHQ)UHLZLOOLJHQGLHQVWHELV]XU9ROO
HQGXQJGHV/HEHQVMDKUHV
(LQULFKWXQJbQGHUXQJXQG$XVVHW]XQJYRQ'DXHUDXIWUlJHQDXI:XQVFKGHV.XQGHQ
DE
(LQULFKWXQJbQGHUXQJ$XVVHW]XQJ
(XUR
NHLQH%HUHFKQXQJEHL6*LUR6WDUW6FKOHU$XV]XELOGHQGH$EVROYHQWHQ)UHLZLOOLJHQGLHQVWHVRZLH6WXGHQ
WHQELV]XU9ROOHQGXQJGHV/HEHQVMDKUHV
9HUHLQEDUXQJVJHPl‰HhEHUZHLVXQJVJXWVFKULIWHQ
D (QWJHOWSIOLFKWLJHU
:HUIUGLH$XVIKUXQJGHUhEHUZHLVXQJGLHDQIDOOHQGHQ(QWJHOWH]XWUDJHQKDWEHVWLPPWVLFK
GDQDFKZHOFKH(QWJHOWUHJHOXQJHQ]ZLVFKHQGHPhEHUZHLVHQGHQXQGGHVVHQ.UHGLWLQVWLWXWJHWURIIHQZXU
GH)ROJHQGH(QWJHOWUHJHOXQJHQVLQGP|JOLFK
x
x
x
=DKOHUXQG=DKOXQJVHPSIlQJHUWUDJHQMHZHLOVGLHYRQLKUHP=DKOXQJVGLHQVWOHLVWHU
HUKREHQHQ(QWJHOWH6+$5(
=DKOHUWUlJWDOOH(QWJHOWH285
=DKOXQJVHPSIlQJHUWUlJWDOOH(QWJHOWH%(1
+LQZHLV
x%HLGHU(QWJHOWUHJHOXQJÄ´N|QQHQGXUFK]ZLVFKHQJHVFKDOWHWH=DKOXQJVGLHQVWOHLVWHUXQGGHQ=DK
OXQJVGLHQVWOHLVWHUGHV=DKOXQJVHPSIlQJHUVYRPhEHUZHLVXQJVEHWUDJJJI(QWJHOWHDEJH]RJHQZHUGHQ
x%HLGHU(QWJHOWUHJHOXQJÄ´N|QQHQYRQMHGHPGHUEHWHLOLJWHQ=DKOXQJVGLHQVWOHLVWHUYRPhEHUZHL
VXQJVYHUWUDJJJI(QWJHOWHDEJH]RJHQZHUGHQ
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
E +|KHGHU(QWJHOWH
%HLHLQHU(QWJHOWUHJHOXQJÄ´RGHUÄ´ZHUGHQYRQGHU6SDUNDVVHIROJHQGH(QWJHOWHEHUHFKQHWGLHYRP
hEHUZHLVXQJVEHWUDJDEJH]RJHQZHUGHQ hEHUZHLVXQJVHLQJDQJ
%HWUDJVK|KHRGHU*HJHQZHUW
ELV(XUR
ELV(XUR
EHU(XUR
(QWJHOWZHLVXQJ6+$5(%(1
(XUR
(XUR
ÅPD[(XUR
+LQZHLV
'DV(QWJHOWZLUG]XVlW]OLFK]XGHQ(QWJHOWHQIUEHOHJKDIWHEHOHJORVH=DKOXQJVYRUJlQJHJHPl‰=LIIHU%,
´3HUV|QOLFKH.RQWHQXQG*HVFKlIWVNRQWHQ´EHUHFKQHW
$XIVFKODJ=XVDW]HQWJHOWIUHLOLJH$XVIKUXQJHQ
EHL(QWJHOWUHJHOXQJÄ´XQGÄ´
(XUR
%HL:LGHUUXIHQE]Z:LHGHUEHVFKDIIXQJJUHQ]EHUVFKUHLWHQGHU=DKOXQJHQLVW]XEHDFKWHQGDVVGHU=DKOXQJVGLHQVWOHLVWHUGHV
=DKOXQJVHPSIlQJHUVIUGLH%HDUEHLWXQJX8HLQHQ(QWJHOWDE]XJYRUQLPPW
6(3$(LQ]DKOXQJHQDXVGHU6FKZHL]XQG0RQDFRVLHKH
6SDUNDVVH0DUEXUJ%LHGHQNRSI
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
%
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
/DVWVFKULIWHQ
3UHLVLQ(XUR
/DVWVFKULIWHQLQQHUKDOE'HXWVFKODQGVXQGDXVDQGHUHQ6WDDWHQGHV(XURSlLVFKHQ:LUW
VFKDIWVUDXPHV(:5
6(3$%DVLV/DVWVFKULIW
D E $XVIKUXQJVIULVW
'LH6SDUNDVVHVWHOOWVLFKHUGDVVGHU/DVWVFKULIWEHWUDJDP)lOOLJNHLWVWDJEHLP=DKOXQJVGLHQVWOHLVWHUGHV
=DKOXQJVHPSIlQJHUVHLQJHKW
(QWJHOWHEHL/DVWVFKULIWHLQO|VXQJHQIUGHQ=DKOXQJVSIOLFKWLJHQ/DVWVFKULIW6FKXOGQHU
/DVWVFKULIWHLQO|VXQJ
=DKOXQJVYRUJDQJJHP=LIIHU%,
F VRQVWLJH(QWJHOWH
DDYRP=DKOXQJVSIOLFKWLJHQ/DVWVFKULIWVFKXOGQHU]X]DKOHQGH(QWJHOWH
EE
8QWHUULFKWXQJEHUGLHEHUHFKWLJWH$EOHKQXQJGHU(LQO|VXQJHLQHU
6(3$%DVLV/DVWVFKULIW
EHL3RVWYHUVDQG
%HDUEHLWXQJHLQHVDP7DJGHU%HODVWXQJVEXFKXQJHUIROJWHQ0DQGDWV:LGHUUXIV
YRP=DKOXQJVHPSIlQJHU/DVWVFKULIWHLQUHLFKHU]X]DKOHQGH(QWJHOWH
5FNODVWVFKULIWHQWJHOWIUGHQ=DKOXQJVHPSIlQJHUJHPl‰
9HUHLQEDUXQJEHUGHQ(LQ]XJYRQ)RUGHUXQJHQGXUFK6(3$%DVLV
/DVWVFKULIWHQ]X]JOLFKIUHPGH.RVWHQYRP=DKOXQJVGLHQVWOHLVWHUGHV
=DKOXQJVSIOLFKWLJHQ
DQGHUH(:56WDDWHQGHU]HLW%HOJLHQ%XOJDULHQ'lQHPDUN(VWODQG)LQQODQG)UDQNUHLFK*ULHFKHQODQG,UODQG,VODQG,WDOLHQ.UR
DWLHQ/HWWODQG/LHFKWHQVWHLQ/LWDXHQ/X[HPEXUJ0DOWD1LHGHUODQGH1RUZHJHQgVWHUUHLFK3ROHQ3RUWXJDO5XPlQLHQ6FKZH
GHQ6ORZDNHL6ORZHQLHQ6SDQLHQ7VFKHFKLVFKH5HSXEOLN8QJDUQ9HUHLQLJWHV.|QLJUHLFKYRQ*UR‰EULWDQQLHQXQG1RUGLUODQG
=\SHUQ
JLOWDXFKIU6(3$/DVWVFKULIWHLQUHLFKXQJHQDXV0RQDFRXQGGHU6FKZHL]
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
6(3$)LUPHQODVWVFKULIW
D E $XVIKUXQJVIULVW
'LH6SDUNDVVHVWHOOWVLFKHUGDVVGHU/DVWVFKULIWEHWUDJDP)lOOLJNHLWVWDJEHLP=DKOXQJVGLHQVWOHLVWHUGHV
=DKOXQJVHPSIlQJHUVHLQJHKW
(QWJHOWHEHL/DVWVFKULIWHLQO|VXQJHQIUGHQ=DKOXQJVSIOLFKWLJHQ/DVWVFKULIW6FKXOGQHU
/DVWVFKULIWHLQO|VXQJ
=DKOXQJVYRUJDQJJHP=LIIHU%,
F VRQVWLJH(QWJHOWH
DDYRP=DKOXQJVSIOLFKWLJHQ/DVWVFKULIWVFKXOGQHU]X]DKOHQGH(QWJHOWH
DD
8QWHUULFKWXQJEHUGLHEHUHFKWLJWH$EOHKQXQJGHU(LQO|VXQJHLQHU
6(3$)LUPHQ/DVWVFKULIW
EHL3RVWYHUVDQG
%HDUEHLWXQJHLQHVDP7DJGHU%HODVWXQJVEXFKXQJHUIROJWHQ0DQGDWV:LGHUUXIV
YRP=DKOXQJVHPSIlQJHU/DVWVFKULIWHLQUHLFKHU]X]DKOHQGH(QWJHOWH
(QWJHJHQQDKPHYRQ%HVWlWLJXQJHQEHUGLH$XVVWHOOXQJbQGHUXQJ
HLQHV6(3$)LUPHQODVWVFKULIW0DQGDWHV
5FNODVWVFKULIWHQWJHOWIUGHQ=DKOXQJVHPSIlQJHUJHPl‰
9HUHLQEDUXQJEHUGHQ(LQ]XJYRQ)RUGHUXQJHQGXUFK6(3$)LUPHQ
/DVWVFKULIWHQ]X]JOLFKIUHPGH.RVWHQYRP=DKOXQJVGLHQVWOHLVWHUGHV
=DKOXQJVSIOLFKWLJHQ
/DVWVFKULIWHQDXVZHLWHUHQ6WDDWHQ
$XVIKUXQJVIULVW
/DVWVFKULIWHQZHUGHQEDOGP|JOLFKVWEHZLUNW
JLOWDXFKIU6(3$/DVWVFKULIWHLQUHLFKXQJHQDXV0RQDFRXQGGHU6FKZHL]
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
.DUWHQJHVWW]WHU=DKOXQJVYHUNHKU
.UHGLWNDUWHQ
-DKUHVSUHLVH 3UHLVLQ(XUR
0DVWHU&DUG6WDQGDUG9LVD&DUG&ODVVLFSUR-DKUSUR.DUWH =XVDW]NDUWH
SUR-DKUSUR.DUWH 0DVWHU&DUG*ROG9LVD&DUG*ROGSUR-DKUSUR.DUWH
=XVDW]NDUWHSUR-DKUSUR.DUWH
0DVWHU&DUG%DVLV9LVD%DVLVSUR-DKUSUR.DUWH
<RX.RQWR,QKDEHUELVSUR-DKUSUR.DUWH
6*LUR6WDUWDESUR-DKUSUR.DUWH
0DVWHU&DUG%XVLQHVVSUR-DKUSUR.DUWH
0DVWHU&DUG%XVLQHVV*ROGSUR-DKUSUR.DUWH
$XVVWDWWXQJPLW%LOG0DVWHU&DUG*ROG9LVD&DUG*ROG3LFWXUH
&DUG 3ODVWLF)HH
DXV*DOHULHSUR-DKUSUR.DUWH
LQGLYLGXHOOHV0RWLYSUR-DKUSUR.DUWH
:XQVFK3,1GXUFKGHQ.XQGHQVHOEVWYHUDQODVVWDP*HOGDXWRPDWHQ(XUR
%HDQWUDJXQJHLQHU$NWLYLHUXQJV3,1 (XUR
9HUHLQEDUXQJVJHPl‰H=XUYHUIJXQJVWHOOXQJHLQHU$NWLYLHUXQJV3,1IUHLQHQLFKWJHVSHUUWH
.DUWHDXIJUXQGHLQHV$QWUDJVGHV.XQGHQVRZHLWGXUFKYRP.XQGHQ]XYHUWUHWHQGH
8PVWlQGHYHUXUVDFKW]%9HUJHVVHQGHU3,1
+LQZHLV
'LH)HVWOHJXQJHLQHUQHXHQ3,1GXUFKGHQ.XQGHQDQ*HOGDXWRPDWHQGHU6SDUNDVVHLVWXQHQWJHOWOLFK
(UVWHOOXQJHLQHV'XSOLNDWVGHU.UHGLWNDUWHQDEUHFKQXQJHQDXI9HUODQJHQGHV.XQGHQ
VRZHLWGXUFKYRP.XQGHQ]XYHUWUHWHQGH8PVWlQGHYHUXUVDFKW²SUR$XV]XJ
6SHUUHQHLQHU0DVWHU&DUG9LVD&DUGDXI9HUDQODVVXQJXQGLP,QWHUHVVHGHV.XQGHQ
'LH6SHUUDQ]HLJHJHPl‰GHQ.UHGLWNDUWHQEHGLQJXQJHQLVWXQHQWJHOWOLFK
3RVWYHUVDQGQLFKWDEJHKROWHU.UHGLWNDUWHQDEUHFKQXQJHQ
3RUWRNRVWHQ
'LHhEHUPLWWOXQJYRQ.UHGLWNDUWHQDEUHFKQXQJHQLQGHUYHUHLQEDUWHQ)RUPHUIROJWXQHQWJHOWOLFK5HFKQXQJVDEVFKOVVHZHUGHQVWHWV
XQHQWJHOWOLFKHUVWHOOWXQGEHUPLWWHOW
6SDUNDVVH0DUEXUJ%LHGHQNRSI
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
%
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
(LQVDW]GHU.UHGLWNDUWHLP(:55DXPIU=DKOXQJHQLQ(852XQG
9HUVDQGHLQHUP7$1LP$XIWUDJGHV.XQGHQDQGLHYHUHLQEDUWH0RELOWHOHIRQQXPPHU
]XU%HVWlWLJXQJYRQGHVVHQNDUWHQEH]RJHQHU$XWRULVLHUXQJYRQ.DUWHQWUDQVDNWLRQHQ
(85MH606
VRQVWLJH$XWRULVLHUXQJLQVEHVRQGHUHSHU3,18QWHUVFKULIWRGHU6PDUWSKRQH$SS
(85
(LQVDW]GHU.DUWHLP(:55DXPVRIHUQ=DKOXQJHQLQ)UHPGZlKUXQJHUIROJHQXQG
9HUVDQGHLQHUP7$1LP$XIWUDJGHV.XQGHQDQGLHYHUHLQEDUWH0RELOWHOHIRQQXPPHU
]XU%HVWlWLJXQJYRQGHVVHQNDUWHQEH]RJHQHU$XWRULVLHUXQJYRQ.DUWHQWUDQVDNWLRQHQ(85MH606
]X]JOLFK
YRP8PVDW]
VRQVWLJH$XWRULVLHUXQJLQVEHVRQGHUHSHU3,18QWHUVFKULIWRGHU6PDUWSKRQH$SS
(85
]X]JOLFK
YRP8PVDW]
(LQVDW]GHU.DUWHDX‰HUKDOEGHV(:55DXPVXQG
9HUVDQGHLQHUP7$1LP$XIWUDJGHV.XQGHQDQGLHYHUHLQEDUWH0RELOWHOHIRQQXPPHU
]XU%HVWlWLJXQJYRQGHVVHQNDUWHQEH]RJHQHU$XWRULVLHUXQJYRQ.DUWHQWUDQVDNWLRQHQ(85MH606
]X]JOLFK
YRP8PVDW]
VRQVWLJH$XWRULVLHUXQJLQVEHVRQGHUHSHU3,18QWHUVFKULIWRGHU6PDUWSKRQH$SS
(85
]X]JOLFK
YRP8PVDW]
%DUDXV]DKOXQJVLHKH=LIIHU%,,
DQGHUH(:56WDDWHQGHU]HLW%HOJLHQ%XOJDULHQ'lQHPDUN(VWODQG)LQQODQG)UDQNUHLFK*ULHFKHQODQG,UODQG,VODQG,WDOLHQ.URDWLHQ
/HWWODQG/LHFKWHQVWHLQ/LWDXHQ/X[HPEXUJ0DOWD1LHGHUODQGH1RUZHJHQgVWHUUHLFK3ROHQ3RUWXJDO5XPlQLHQ6FKZHGHQ6ORZDNHL
6ORZHQLHQ6SDQLHQ7VFKHFKLVFKH5HSXEOLN8QJDUQ9HUHLQLJWHV.|QLJUHLFKYRQ*UR‰EULWDQQLHQXQG1RUGLUODQGVRZLH=\SHUQ
=XP8PUHFKQXQJVNXUVVLHKH=LIIHU%,,GLHVHV9HU]HLFKQLVVHV
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
'HELWNDUWH6SDUNDVVHQ&DUG
3UHLVLQ(XUR
'HELWNDUWHMlKUOLFK
SUR.RQWRHLQH.DUWHNRVWHQORVMHGHZHLWHUHMlKUOLFK
(XUR
$XVQDKPHQELV
<28.RQWHQ6FKOHU$XV]XELOGHQGH$EVROYHQWHQ)UHLZLOOLJHQGLHQVWH
ELV]XU9ROOHQGXQJGHV/HEHQVMDKUHV
(XUR
$XVQDKPHQDE
6*LUR6WDUW6FKOHU$XV]XELOGHQGH$EVROYHQWHQ)UHLZLOOLJHQGLHQVWHVRZLH6WXGHQWHQ
ELV]XU9ROOHQGXQJGHV/HEHQVMDKUHV
(XUR
7lJOLFKHU9HUIJXQJVUDKPHQ²MHQDFK(LQVDW]
(XUR
$EKHEHQYRQ%DUJHOGDQHLJHQHQIUHPGHQ*HOGDXWRPDWHQ
XQG
(LQVDW]DQDXWRPDWLVLHUWHQ.DVVHQEHL+lQGOHUQ
XQG'LHQVWOHLVWXQJVXQWHUQHKPHQ
(XUR
XQG
$XIODGHQGHUJLURJR.DUWH*HOGNDUWH
(XUR
PD[LPDO(XURSUR/DGHYRUJDQJ
:XQVFK3,1GXUFKGHQ.XQGHQVHOEVWYHUDQODVVWDP*HOGDXWRPDWHQ(XUR
%HDQWUDJXQJHLQHU$NWLYLHUXQJV3,1 9HUHLQEDUXQJVJHPl‰H=XUYHUIJXQJVWHOOXQJHLQHU$NWLYLHUXQJV3,1IUHLQHQLFKWJHVSHUUWH
.DUWHDXIJUXQGHLQHV$QWUDJVGHV.XQGHQVRZHLWGXUFKYRP.XQGHQ]XYHUWUHWHQGH
8PVWlQGHYHUXUVDFKW]%9HUJHVVHQGHU3,1
+LQZHLV
'LH)HVWOHJXQJHLQHUQHXHQ3,1GXUFKGHQ.XQGHQDQ*HODXWRPDWHQGHU6SDUNDVVHLVWXQHQWJHOWOLFK
6SHUUHQHLQHU'HELWNDUWHDXI9HUDQODVVXQJXQGLP,QWHUHVVHGHV.XQGHQ
'LH6SHUUDQ]HLJHJHPl‰GHQ%HGLQJXQJHQIUGLH6SDUNDVVHQ&DUGLVWXQHQWJHOWOLFK
(XUR
(XUR
(LQVDW]GHU'HELWNDUWHLP$XVODQGDQ7HUPLQDOV]XP%H]DKOHQYRQ:DUHQXQG'LHQVWOHLVWXQJHQ
0DHVWUR
LP(:5
(XUR
EHL=DKOXQJLQ)UHPGZlKUXQJ
GHVYHUIJWHQ%HWUDJHVPLQG(XURPD[(XUR
EHL=DKOXQJLQHLQHP/DQGDX‰HUKDOE
GHV(:5
GHVYHUIJWHQ%HWUDJHVPLQG(XURPD[(XUR
%DUDXV]DKOXQJVLHKH=LIIHU%,,
*HOGNDUWH
$XIODGHQXQVHUHU*HOGNDUWHQ
DQXQVHUHQ7HUPLQDOVGLHPLWGHP*HOGNDUWH/RJRJHNHQQ]HLFKQHWVLQG
XQGDQXQVHUHQ*HOGDXWRPDWHQ/DGHWHUPLQDOV
DQ/DGHWHUPLQDOVYRQWHLOQHKPHQGHQDQGHUHQ6SDUNDVVHQ/DQGHVEDQNHQ
DQ/DGHWHUPLQDOVVRQVWLJHU=DKOXQJVGLHQVWOHLVWHU
DQHOHFWURQLFFDVK²7HUPLQDOVGHV+DQGHOVGLH]XVlW]OLFKPLWGHP
*HOGNDUWHRGHUGHPJLURJR²/RJRJHNHQQ]HLFKQHWVLQG
,P5DKPHQGHV.RQWRJXWKDEHQVRGHUYRUKHUHLQJHUlXPWHQ.UHGLWVJLOWGHU9HUIJXQJVUDKPHQXQDEKlQJLJIUMHGH]XP.RQWRDXVJH
JHEHQH'HELWNDUWHbQGHUXQJHQGHV9HUIJXQJVUDKPHQVZHUGHQGHP.XQGHQVSlWHVWHQV]ZHL0RQDWHYRUGHPYRUJHVFKODJHQHQ=HLW
SXQNWLKUHV:LUNVDPZHUGHQVVFKULIWOLFKDQJHERWHQ'LH=XVWLPPXQJGHV.XQGHQJLOWDOVHUWHLOWZHQQHUVHLQH$EOHKQXQJQLFKWYRUGHP
YRUJHVFKODJHQHQ=HLWSXQNWGHV:LUNVDPZHUGHQVDQJH]HLJWKDW
'HU9HUIJXQJVUDKPHQJLOWVRZHLWPLWGHP.XQGHQQLFKWVDQGHUHVYHUHLQEDUWZXUGH
9HUIJXQJVOLPLWNDQQEHLIUHPGHQ*HOGDXWRPDWHQLQVEHVRQGHUHLP$XVODQGJHULQJHUVHLQ
'LH(QWJHOWHZHUGHQ]XVlW]OLFK]XP(QWJHOWIUEHOHJKDIWHEHOHJORVH=DKOXQJVYRUJlQJHJHPl‰=LIIHU%,´3HUV|QOLFKH.RQWHQXQG
*HVFKlIWVNRQWHQ´EHUHFKQHW
(:56WDDWHQGHU]HLW%HOJLHQ%XOJDULHQ'HXWVFKODQG'lQHPDUN(VWODQG)LQQODQG)UDQNUHLFK
*ULHFKHQODQG,UODQG,VODQG,WDOLHQ.URDWLHQ/HWWODQG/LHFKWHQVWHLQ/LWDXHQ/X[HPEXUJ0DOWD1LHGHUODQGH1RUZHJHQgVWHUUHLFK
3ROHQ3RUWXJDO5XPlQLHQ6FKZHGHQ6ORZDNHL6ORZHQLHQ6SDQLHQ7VFKHFKLVFKH5HSXEOLN8QJDUQ9HUHLQLJWHV.|QLJUHLFKYRQ*UR‰
EULWDQQLHQXQG1RUGLUODQGVRZLH=\SHUQ
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
%DUDXV]DKOXQJHQ
%DUDXV]DKOXQJHQDQHLJHQH.XQGHQ
PLWXQVHUHU6SDUNDVVHQ&DUG
PLWXQVHUHU0DVWHU&DUG
PLWXQVHUHU9LVD&DUG
%DUDXV]DKOXQJDQHLJHQH.XQGHQ
EHLIUHPGHQ=DKOXQJVGLHQVWOHLVWHUQ
PLW6SDUNDVVHQ&DUG
DP6FKDOWHU
DP*HOGDXWRPDWHQ
=DKOXQJVYRUJDQJ
JHP=LIIHU%,
HQWIlOOW
HQWIlOOW
=DKOXQJVYRUJDQJ
JHP=LIIHU%,
YRP8PVDW]PLQG(XUR
YRP8PVDW]PLQG(XUR
DP6FKDOWHU
DP*HOGDXWRPDWHQ
x EHLDP+HLPDWVSDUNDVVHQPRGHOO
WHLOQHKPHQGHQ6SDUNDVVHQXQG
/DQGHVEDQNHQ
HQWIlOOW
x EHL=DKOXQJVGLHQVWOHLVWHUQLP(:5
GLHHLQGLUHNWHV.XQGHQHQWJHOWHUKHEHQ
9HUIJXQJHQLPJLURFDUG6\VWHPLQ
(XUR
HQWIlOOW
9HUIJXQJHQLQDQGHUHQ.DUWHQ
V\VWHPHQLQ(XUR
HQWIlOOW
x EHL=DKOXQJVGLHQVWOHLVWHUQLP(:5
GLHNHLQGLUHNWHV.XQGHQHQWJHOW
HUKHEHQ
9HUIJXQJHQLQ(XUR
HQWIlOOW
x EHL=DKOXQJVGLHQVWOHLVWHUQLP(:5
LQ)UHPGZlKUXQJ
HQWIlOOW
x EHL=DKOXQJVGLHQVWOHLVWHUQDX‰HUKDOE
GHV(:5
HQWIlOOW
XQHQWJHOWOLFK
XQHQWJHOWOLFK
(XUR
(XUR
(XUR
(XUR
'LH(QWJHOWHZHUGHQ]XVlW]OLFK]XP(QWJHOWIUEHOHJKDIWHEHOHJORVH=DKOXQJVYRUJlQJH
JHPl‰=LIIHU%,´3HUV|QOLFKH.RQWHQXQG*HVFKlIWVNRQWHQEHUHFKQHW
%DUDXV]DKOXQJDQHLJHQH.XQGHQ
EHLIUHPGHQ=DKOXQJVGLHQVWOHLVWHUQ
PLW.UHGLWNDUWH
DP6FKDOWHU
0DVWHU&DUG9LVD&DUG
LP,QODQGXQG$XVODQG
YRP8PVDW]
PLQG(XUR
EHL9HUIJXQJHQPLW:lKUXQJVXPUHFKQXQJ ]]JO
*JIZHUGHQ6LHGXUFKGHQ*HOGDXWRPDWHQEHWUHLEHUPLWHLQHP(QWJHOWEHODVWHW
DP*HOGDXWRPDWHQ
YRP8PVDW]
PLQG(XUR
]]JO
(:56WDDWHQGHU]HLW%HOJLHQ%XOJDULHQ'lQHPDUN'HXWVFKODQG(VWODQG)LQQODQG)UDQNUHLFK*ULHFKHQODQG,UODQG,VODQG,WDOLHQ.URDWLHQ/HWW
ODQG/LHFKWHQVWHLQ/LWDXHQ/X[HPEXUJ0DOWD1LHGHUODQGH1RUZHJHQgVWHUUHLFK3ROHQ3RUWXJDO5XPlQLHQ6FKZHGHQ6ORZDNHL6ORZHQLHQ6SD
QLHQ7VFKHFKLVFKH5HSXEOLN8QJDUQ9HUHLQLJWHV.|QLJUHLFKYRQ*UR‰EULWDQQLHQXQG1RUGLUODQG=\SHUQ
'LH+|KHGHVGLUHNWHQ.XQGHQHQWJHOWVYHUHLQEDUWGHUDXWRPDWHQEHWUHLEHQGH=DKOXQJVGLHQVWOHLVWHUYRU$XV]DKOXQJGHV9HUIJXQJVEHWUDJHVPLW
GHP.DUWHQLQKDEHUDP*HOGDXWRPDWHQ
,QGLHVHQ)lOOHQZLUGXQVDOV.DUWHQLQKDEHUUHJHOPl‰LJHLQVRJHQDQQWHV,QWHUEDQNHQHQWJHOWEHUHFKQHW
0LW0DVWHU&DUG*ROGXQG9LVD&DUG*ROGVLQG9HUIJXQJHQLP$XVODQGSUR.DOHQGHUMDKUNRVWHQIUHL
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
$XVIKUXQJVIULVW
'HU.DUWHQ]DKOXQJVEHWUDJZLUGEHLP=DKOXQJVGLHQVWOHLVWHUGHV=DKOXQJVHPSIlQJHUVVSlWHVWHQVZLHIROJW
HLQJHKHQ
PD[*HVFKlIWVWDJ
.DUWHQ]DKOXQJHQLQ(XURLP(:5
.DUWHQ]DKOXQJHQLP(:5LQHLQHUDQGHUHQ
PD[*HVFKlIWVWDJH
(:5:lKUXQJDOV(XUR
.DUWHQ]DKOXQJHQDX‰HUKDOEGHV(:5
XQDEKlQJLJYRQGHU:lKUXQJ
GLH.DUWHQ]DKOXQJZLUGEDOGP|JOLFKVWEHZLUNW
'LH*HVFKlIWVWDJHGHU6SDUNDVVHHUJHEHQVLFKDXV=LIIHU%,,
%DUHLQ]DKOXQJ
%DUHLQ]DKOXQJHLJHQHU.XQGHQ]XJXQVWHQ'ULWWHU
DXI.RQWHQEHLXQV
DXI.RQWHQEHLDQGHUHQ6SDUNDVVHQ/DQGHVEDQNHQ
DXI.RQWHQEHLDQGHUHQ=DKOXQJVGLHQVWOHLVWHUQ
$XVQDKPH
%DUHLQ]DKOXQJHQ]X*XQVWHQYRQ%HK|UGHQXQG6SHQGHQ]DKOXQJHQ
(XUR
%HL%DUHLQ]DKOXQJHQ]XJXQVWHQ'ULWWHUEHLDQGHUHQ=DKOXQJVGLHQVWOHLVWHUQJHOWHQGLHXQWHU=LIIHU%,,
EXQG=LIIHU%,,DGLHVHV3UHLVXQG/HLVWXQJVYHU]HLFKQLVVHVJHUHJHOWHQ$XVIKUXQJVIULVWHQ
%DUHLQ]DKOXQJIUHPGHU.XQGHQ
DXI.RQWHQEHLXQV
(XUR
DXI.RQWHQEHLDQGHUHQ=DKOXQJVGLHQVWOHLVWHUQ
(XUR
$XVQDKPH
%DUHLQ]DKOXQJHQ]X*XQVWHQYRQ%HK|UGHQXQG6SHQGHQ]DKOXQJHQ
(XUR
(XUR
(XUR
(XUR
(:56WDDWHQGHU]HLW%HOJLHQ%XOJDULHQ'lQHPDUN'HXWVFKODQG(VWODQG)LQQODQG)UDQNUHLFK*ULHFKHQODQG,UODQG,VODQG,WD
OLHQ.URDWLHQ/HWWODQG/LHFKWHQVWHLQ/LWDXHQ/X[HPEXUJ0DOWD1LHGHUODQGH1RUZHJHQgVWHUUHLFK3ROHQ3RUWXJDO5XPlQLHQ
6FKZHGHQ6ORZDNHL6ORZHQLHQ6SDQLHQ7VFKHFKLVFKH5HSXEOLN8QJDUQ9HUHLQLJWHV.|QLJUHLFKYRQ*UR‰EULWDQQLHQXQG1RUGLU
ODQG=\SHUQ
=XGHQ(:5:lKUXQJHQJHK|UHQGHU]HLW(XUR%ULWLVFKHV3IXQG6WHUOLQJ%XOJDULVFKHU/HZ'lQLVFKH.URQH,VOlQGLVFKH.URQH
.URDWLVFKH.XQD1RUZHJLVFKH.URQH3ROQLVFKHU=ORW\5XPlQLVFKHU/HX6FKZHGLVFKH.URQH6FKZHL]HU)UDQNHQQXUIU/LHFK
WHQVWHLQ7VFKHFKLVFKH.URQH8QJDULVFKHU)RULQW
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
2QOLQH%DQNLQJXQG(OHFWURQLF%DQNLQJ 3UHLVLQ(XUR
2QOLQH%DQNLQJ3,17$1)LQ76Ä+%&,GLHQHXH*HQHUDWLRQµELV
x %HUHLWVWHOOXQJGHV2QOLQH%DQNLQJ=XJDQJHV
x VPV7$1²(QWJHOWSUR6WFN
'LHHUVWHQIQIVPV7$19HUIJXQJHQSUR0RQDW%HODVWXQJVNRQWRIUDOOH7HLOQHKPHU
JHPHLQVFKDIWOLFKVLQGNRVWHQIUHL<RX.RQWHQNRVWHQIUHL
x SXVK7DQ²(QWJHOWSUR6WFN
'LHHUVWHQGUHLSXVK7DQ9HUIJXQJHQSUR0RQDW%HODVWXQJVNRQWRIUDOOH7HLOQHKPHU
JHPHLQVFKDIWOLFKVLQGNRVWHQIUHL<RX.RQWHQNRVWHQIUHL
xÄ+%&,GLHQHXH*HQHUDWLRQ´]HUWLILNDWVEDVLHUWHV6LFKHUKHLWVYHUIDKUHQ
TXDOLIL]LHUWHH6LJQDWXU
.RQWRXQJHEXQGHQH.DUWHIU]HUWLILNDWVEDVLHUWHV6LFKHUKHLWVYHUIDKUHQDXI.XQGHQZXQVFK
7DQ²*HQHUDWRU<RX.RQWHQ*HUlWNRVWHQORV
.RQWRXQJHEXQGHQH.DUWHIU&KLS7DQ9HUIDKUHQDXI.XQGHQZXQVFK
x
PWO
PWO
.RQWRZHFNHU
(LQULFKWXQJbQGHUXQJYRQ.RQWRZHFNHU5HJHOQ
.RQWRZHFNHU1DFKULFKWLP.XQGHQDXIWUDJSHU
VPV²(QWJHOWMHVPV
SXVK7DQ²(QWJHOWMHSXVK1DFKULFKW
(0DLO²(QWJHOWMH(0DLO
'LVSROLPLW:DUQ:HFNHUSHU(0DLOVPVRGHUSXVK7DQ1DFKULFKW
2QOLQH%DQNLQJ3,17$1)LQ76Ä+%&,GLHQHXH*HQHUDWLRQµDE
x %HUHLWVWHOOXQJGHV2QOLQH%DQNLQJ=XJDQJHV
x VPV7$1²(QWJHOWSUR6WFN
'LHHUVWHQGUHLVPV7$19HUIJXQJHQSUR0RQDW%HODVWXQJVNRQWRIUDOOH7HLOQHKPHU
JHPHLQVFKDIWOLFKVLQGNRVWHQIUHL6*LUR6WDUWNRVWHQIUHL
x SXVK7DQ²(QWJHOWSUR6WFN
'LHHUVWHQGUHLSXVK7DQ9HUIJXQJHQSUR0RQDW%HODVWXQJVNRQWRIUDOOH7HLOQHKPHU
JHPHLQVFKDIWOLFKVLQGNRVWHQIUHL6*LUR6WDUWNRVWHQIUHL
xÄ+%&,GLHQHXH*HQHUDWLRQ´]HUWLILNDWVEDVLHUWHV6LFKHUKHLWVYHUIDKUHQ
TXDOLIL]LHUWHH6LJQDWXU
.RQWRXQJHEXQGHQH.DUWHIU]HUWLILNDWVEDVLHUWHV6LFKHUKHLWVYHUIDKUHQDXI.XQGHQZXQVFK
7DQ²*HQHUDWRU6*LUR6WDUW*HUlWNRVWHQORV
.RQWRXQJHEXQGHQH.DUWHIU&KLS7DQ9HUIDKUHQDXI.XQGHQZXQVFK
x
PWO
PWO
.RQWRZHFNHU
(LQULFKWXQJbQGHUXQJYRQ.RQWRZHFNHU5HJHOQ
.RQWRZHFNHU1DFKULFKWLP.XQGHQDXIWUDJSHU
VPV²(QWJHOWMHVPV
SXVK7DQ²(QWJHOWMHSXVK1DFKULFKW
(0DLO²(QWJHOWMH(0DLO
'LVSROLPLW:DUQ:HFNHUSHU(0DLOVPVRGHUSXVK7DQ1DFKULFKW
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
(OHFWURQLF%DQNLQJ
=XJDQJVYHUZDOWXQJIU(%,&6
x (LQULFKWXQJ.XQGHQ,']XVlW]OLFKH.XQGHQ,'
x (LQULFKWXQJ.RQWRQXPPHUIUGLH.XQGHQ,'GHU'$7(9
x (LQULFKWXQJ7HLOQHKPHU,'
=XVlW]OLFKH%HUHLWVWHOOXQJYRQ.RQWRLQIRUPDWLRQHQDXI9HUODQJHQGHV.XQGHQ
x (OHNWURQLVFKHU.RQWRDXV]XJLP6:,)7)RUPDW07
SUR.RQWRXQGRGHUSUREHUHLWJHVWHOOWHP8PVDW]
x (OHNWURQLVFKHU.RQWRDXV]XJPLWTXDOLIL]LHUWHUHOHNWURQLVFKHU6LJQDWXU
x (OHNWURQLVFKHU.RQWRDXV]XJLP6:,)7)RUPDW07SUR
.RQWRQXPPHUXQGMHhEHUWUDJXQJV6LFKHUXQJVYHUIDKUHQ]%
IUGLH'$7(9
SUREHUHLWJHVWHOOWHP8PVDW]
PWO
'LHhEHUPLWWOXQJYRQ.RQWRDXV]JHQLQGHUYHUHLQEDUWHQ)RUPHUIROJWXQHQWJHOWOLFK5HFKQXQJVDEVFKOVVHZHUGHQVWHWV
XQHQWJHOWOLFKHUVWHOOWXQGEHUPLWWHOW
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
=DKOXQJVGLHQVWHEHU(OHFWURQLF%DQNLQJ)LQ76
3UHLVLQ(XUR
x %HDXIWUDJXQJPLWWHOV)LQ76,QWHUQHW%DQNLQJ
LQQHUKDOE'HXWVFKODQGVRGHULQQHUKDOE(:56WDDWHQ
6(3$hEHUZHLVXQJ
6(3$²%DVLV²/DVWVFKULIW([SUHVV²/DVWVFKULIW
6(3$²)LUPHQ²/DVWVFKULIW
MH6DPPHOEXFKXQJ
]]JOMHGDULQHQWKDOWHQHP*HVFKlIWVYRUIDOO
MH(LQ]HODXIWUDJ
(LOEHUZHLVXQJHQ(XUR([SUHVVEHUZHLVXQJ
PLWWHOV3,17$1)LQ76,QWHUQHW%DQNLQJMH3RVWHQ ²MHQDFK.RQWRPRGHOO
²MHQDFK.RQWRPRGHOO
²MHQDFK.RQWRPRGHOO
x %HDXIWUDJXQJPLWWHOV(/.2(%,&6
LQQHUKDOE'HXWVFKODQGVRGHULQQHUKDOE(:56WDDWHQ
'DWHQIHUQEHUWUDJXQJPLWHOHNWURQLVFKHQ8QWHUVFKULIWMH'DWHL
]]JOMHGDULQHQWKDOWHQHP*HVFKlIWVYRUIDOO
²MHQDFK.RQWRPRGHOO
²MHQDFK.RQWRPRGHOO
6(3$hEHUZHLVXQJ
6(3$²%DVLV²/DVWVFKULIW([SUHVV²/DVWVFKULIW
6(3$²)LUPHQ²/DVWVFKULIW
MH6DPPHOEXFKXQJ
]]JOMHGDULQHQWKDOWHQHP*HVFKlIWVYRUIDOO
MH(LQ]HODXIWUDJ
²MHQDFK.RQWRPRGHOO
²MHQDFK.RQWRPRGHOO
²MHQDFK.RQWRPRGHOO
(LOEHUZHLVXQJHQ'7(
PLWWHOV(%,&6DOV'7($XIWUDJ²MH3RVWHQ
(:56WDDWHQGHU]HLW%HOJLHQ%XOJDULHQ'lQHPDUN'HXWVFKODQG(VWODQG)LQQODQG)UDQNUHLFK*ULHFKHQODQG,UODQG,VODQG,WDOLHQ
.URDWLHQ/HWWODQG/LHFKWHQVWHLQ/LWDXHQ/X[HPEXUJ0DOWD1LHGHUODQGH1RUZHJHQgVWHUUHLFK3ROHQ3RUWXJDO5XPlQLHQ6FKZH
GHQ6ORZDNHL6ORZHQLHQ6SDQLHQ7VFKHFKLVFKH5HSXEOLN8QJDUQ9HUHLQLJWHV.|QLJUHLFKYRQ*UR‰EULWDQQLHQXQG1RUGLUODQG=\SHUQ
]]JO0RQDFRXQG6FKZHL]
'LH(QWJHOWHIUEHOHJKDIWHEHOHJORVH=DKOXQJVYRUJlQJHIUGLHHLQ]HOQHQ.RQWRPRGHOOHVLQGXQWHU=LIIHU%,Ä3HUV|QOLFKH.RQWHQ
XQG*HVFKlIWVNRQWHQ´DXIJHIKUW
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
$EZLFNOXQJYRQ:HUWSDSLHUJHVFKlIWHQEHU2QOLQH%DQNLQJ6GLUHNW%URNHUDJH
$QXQG9HUNDXIYRQ:HUWSDSLHUHQ
EHL7HLODXVIKUXQJ%HUHFKQXQJSUR$XVIKUXQJVWDJ
(LJHQH.RVWHQ
3URYLVLRQ
$NWLHQ2SWLRQVVFKHLQH=HUWLILNDWH*UXQGSUHLV(XUR]]JO
YRP.XUVZHUWMHQDFK8PVDW]
)HVWYHU]LQVOLFKH
:HUWSDSLHUH*UXQGSUHLV(XUR]]JO
YRP.XUVZHUWMHQDFK8PVDW]
$XVODQGVRUGHUV*UXQGSUHLV]]JO
XPVDW]DEKlQJLJH3URYLVLRQ²MHQDFK:3*DWWXQJ
/LPLWH
(UWHLOXQJbQGHUXQJ6WUHLFKXQJ9HUOlQJHUXQJ
(XUR
(QWJHJHQQDKPHHLQHVQLFKWDXVJHIKUWHQ=HLFKQXQJVDQWUDJHV
(XUR
6SHVHQHLJHQH
(XUR
)UHPGNRVWHQLQXQGDXVOlQGLVFKH%|UVHQVRQVWLJH+DQGHOVSOlW]H
(VIDOOHQXQWHUVFKLHGOLFKH*HEKUHQ.RVWHQRGHU6WHXHUQQDFK9RUJDEHGHV%|UVHQSODW]HVDQ,QVEHVRQ
GHUHN|QQHQMHQDFK%|UVHXQGRGHU:HUWSDSLHUDUWEHLGHU0DNOHUJHEKU&RXUWDJHXQWHUVFKLHGOLFKH
%HPHVVXQJVJUXQGODJHQRGHUDXFK3DXVFKDOSUHLVHJHOWHQ*HQDXHUH,QIRUPDWLRQHQ]XU+|KHGHU)UHPG
NRVWHQIU,KUHQLQGLYLGXHOOHQ:HUWSDSLHUDXIWUDJN|QQHQ6LHJHUQHEHL,KUHP:HUWSDSLHUEHUDWHUHUIUDJHQ
8PODJHJHEKU
6RIHUQGHU9HUNDXILQHLQHUDQGHUHQ/DJHUVWlWWHHUIROJWDOVGHU.XQGHQEHVWDQGYHUEXFKWLVWIlOOWHLQH8P
ODJHJHEKUDQ'HU%HWUDJLVWODJHUVWHOOHQDEKlQJLJ
.DSLWDOWUDQVDNWLRQHQ
$XVEXQJYRQ%H]XJVUHFKWHQ8PWDXVFKhEHUQDKPH5FNNDXIDQJHERW2SWLRQVVFKHLQDXVEXQJ
7UDQVDNWLRQVSUHLVYRP.XUVZHUWGHVEH]RJHQHQ:HUWSDSLHUV
ELV(XUR
PLQGHVWHQV(XURPD[(XUR
DE(XUR
DQDORJ$NWLHQ
(UVDW]YRQ$XIZHQGXQJHQ
'HU(UVDW]YRQ$XIZHQGXQJHQGHU6SDUNDVVHULFKWHWVLFKQDFKGHQJHVHW]OLFKHQ9RUVFKULIWHQ
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
8PUHFKXQJVNXUVEHLGHU(UEULQJXQJYRQ=DKOXQJVGLHQVWHQLQIUHPGHU:lKUXQJ
8PUHFKQXQJHQYRQ(XURLQ)UHPGZlKUXQJHQXQGYRQ)UHPGZlKUXQJHQLQ(XURHUIROJHQDXI%DVLVIUHLJH
KDQGHOWHU0DUNWNXUVH'LHVHVLQGDXI$QIUDJHHUKlOWOLFK
'HU:lKUXQJVXPUHFKQXQJVNXUVEHLP$XVODQGVHLQVDW]GHU0DVWHU&DUG9LVD&DUGHUJLEWVLFKDXV
=LIIHUGHU%HGLQJXQJHQIUGLH0DVWHU&DUG9LVD&DUG
'LH:lKUXQJVXPUHFKQXQJVNXUVHIU0DHVWURXQG93D\7UDQVDNWLRQHQLQ1LFKW(XUR:lKUXQJVLQGXQWHU
ZZZKHODEDGH&%'.XUVLQIRUPDWLRQHQDEUXIEDU
+LQZHLV]X3UHLVHQLQ=LIIHU%,,²GHV3UHLVXQG/HLVWXQJVYHU]HLFKQLVVHV
'DV$QJHERW]XUbQGHUXQJYRQ(QWJHOWHQHUIROJWEHUGHQ.RQWRDXV]XJRGHU²VRIHUQ
YHUHLQEDUW²EHUGDVHOHNWURQLVFKH3RVWIDFK
,,,6FKHFNYHUNHKU
$OOJHPHLQ
6FKHFNYRUGUXFNH6WDQGDUG
6RQGHUDQIHUWLJXQJHQYRQ6FKHFNYRUGUXFNHQ
=XVHQGXQJYRQ6FKHFNYRUGUXFNHQDXI.XQGHQZXQVFK
9RUPHUNXQJ9HUOlQJHUXQJHLQHU6FKHFNVSHUUH
YRP.XQGHQYHUDQODVVW
%HUHLWVWHOOXQJHLQHVEHVWlWLJWHQ%XQGHVEDQN6FKHFNV
%HUHLWVWHOOXQJHLQHVXQEHVWlWLJWHQ%XQGHVEDQN6FKHFNV
(XUR
.RVWHQEHUQDKPHGXUFK.XQGHQ
3RUWRNRVWHQ
(XUR
(XUR
(XUR
:HUWVWHOOXQJ(LQJDQJYRUEHKDOWHQ
6FKHFNHLQUHLFKXQJHQ
HLJHQHV,QVWLWXW
.DOHQGHUWDJQDFK%XFKXQJVWDJ
DQGHUH.UHGLWLQVWLWXWH
*HVFKlIWVWDJHQDFK%XFKXQJVWDJ
6FKHFNHLQO|VXQJ
%XFKXQJVWDJ
6FKDGHQVHUVDW]SDXVFKDOHIUGLH5FNJDEHYRQ6FKHFNV
PDQJHOV'HFNXQJGXUFKGHQ.RQWRLQKDEHU
ELV(XUR
(XUR
DE(XUR
(XUR
NHLQH*HOWHQGPDFKXQJJHJHQEHU0LQGHUMlKULJHQ
'HP.XQGHQYHUEOHLEWGLH0|JOLFKNHLWQDFK]XZHLVHQGDVVHLQ6FKDGHQEHUKDXSW
QLFKWHQWVWDQGHQRGHUZHVHQWOLFKQLHGULJHUDOVGLH3DXVFKDOHLVW
6SDUNDVVH0DUEXUJ%LHGHQNRSI
%
3UHLVHXQG/HLVWXQJVPHUNPDOHEHLGHU(UEULQJXQJYRQ=DKOXQJV
GLHQVWHQhEHUZHLVXQJHQ/DVWVFKULIWHQ.DUWHQ]DKOXQJHQ%DUHLQ
XQG%DUDXV]DKOXQJHQVRZLHEHLP6FKHFNYHUNHKUIU3ULYDWNXQGHQ
XQG*HVFKlIWVNXQGHQ
*UHQ]EHUVFKUHLWHQGHU6FKHFNYHUNHKU
=DKOXQJSHU6FKHFN$XVVWHOOXQJGXUFK.XQGHQ
(XUR
(XUR
(XUR
(XUR
(XUR
(XUR
DE(XUR
%HVWHOOXQJHLQHV2UGHUVFKHFNV²]XVlW]OLFK
(XUR
(XUR
(XUR
ÅPLQG(XUR
ÅPLQG(XUREHL:lKUXQJV]DKOXQJHQ
HOHNWURQLVFKH%HODVWXQJ,PSRUWHXUVFKHFNV
(XUR]]JOIUHPGH.RVWHQ
SUR6FKHFN(XUR
6FKHFNJXWVFKULIW
(XUR
(XUR
(XUR
(XUR
(XUR
(XUR
(XUR
(XUR
(XUR
DE(XUR
ÅPLQG(85(XUR
ÅPLQG(85(XUREHL:lKUXQJV]DKOXQJHQ
6FKHFNVSHUUHHLQHV$XVODQGVVFKHFNVDXI9HUDQODVVXQJGHV.XQGHQ
(XUR
6FKHFN5FNUHFKQXQJ
(XUR
]]JOIUHPGH.RVWHQ
6RIHUQGDV(QWJHOWQLFKWJHPl‰$XIWUDJYRPDXVOlQGLVFKHQ(PSIlQJHU$XIWUDJJHEHU]X]DKOHQLVW
6SDUNDVVH0DUEXUJ%LHGHQNRSI

Preis. und Leistungsverzeichnis

Preisaushang - Sparkasse Sprockhövel

Ob Serie oder Losgröße 1: Sechs Teile pro Minute!

Der Engels-Bote - Weingut Udo Engel in Flörsheim

xiqdkphdqwudj