- VBC Brienz

9%&1(:6
%ULHQ]2NWREHU
/LHEH$NWLYXQG3DVVLYPLWJOLHGHUZHUWH6SRQVRUHQ
'DV/DXEZLUGIDUELJXQGGHUHUVWH6FKQHHKDWGLH%HUJVSLW]HQEHUHLWVEHGHFNW
'DVKHLVVWHVLVW=HLWIUHLQHQHXH9ROOH\EDOOVDLVRQXQGHLQQHXHV9%&1(:6
-HGH0DQQVFKDIWJLEWHXFKJHUQHHLQHQNOHLQHQ(LQEOLFNEHUGHQDNWXHOOHQ6WDQG
'DPLWLKUGLHJDQ]H6DLVRQDNWXHOOEOHLEWVFKUHLEHQZLU0DWFKEHULFKWHXQGODGHQ
)RWRVDXIXQVHU+RPHSDJHVRZLH)DFHERRN
ZZZYEFEULHQ]PHLULQJHQFK
,FKVDJHKHU]OLFKHQ'DQNIUGLH8QWHUVWW]XQJXQVHUHV&OXEVXQGZQVFKHYLHO
9HUJQJHQEHLP/HVHQ
0DUOLHV:\OHU6FKLOG5HGDNWLRQ9%&1HZV
9%&1(:6
/LJD352'DPHQ
! " #$
% $ &
:DVLVWZRKOLQGLHVHU6DLVRQP|JOLFK"
/LJD3URZLUNRPPHQ±:LUNRQQWHQGLHOHW]WH6DLVRQPLWXQVHUHPVRXYHUlQHQ$XIVWLHJXQG
GHP0HLVWHUVFKDIWVWLWHOGHU/LJD'DPHQYRP.DQWRQ%HUQJOlQ]HQ
(LQHQHXH/LJDQHXH*HJQHULQQHQ«ZLUVLQGJHVSDQQW
'LH]ZHL7UDLQLQJVHLQKHLWHQLQGHU:RFKHNRQQWHQZLUGLHVHQ6RPPHUGXUFK]LHKHQXQGKDEHQ
YRULP:LQWHUJOHLFKZLHLQGHUOHW]WHQ6DLVRQ]ZHL0DOSUR:RFKH9ROOH\EDOO]X6SLHOHQ8QVHUH
7UDLQLQJVWDJHVLQG0RQWDJ8KU7XUQKDOOH'RUI%ULHQ]VRZLH'LHQVWDJRGHU
'RQQHUVWDJYRQ8KULQGHU7XUQKDOOH.LHQKRO]
,P&XSKDEHQZLULQGHUHUVWHQ5XQGHGLH/LJD'DPHQ6792HQVLQJHQHUIROJUHLFKDXVGHP
5HQQHQJHVFKRVVHQ,QGHU]ZHLWHQ5XQGHWDIIHQZLUDXIGLH/LJDGHV9%&.HU]HUV-DGDV
ZlUHZRKOHLQZHQLJ]XVFK|QJHZHVHQHLQHVROFKH0DQQVFKDIW]XVFKODJHQ)UXQVZDUHVHLQ
JXWHV7UDLQLQJ
8QVHU6SLHOHULQQHQNDGHUKDWVLFKZLHIROJWJHlQGHUW6WHSKDQLH0LFKHOLVWQXQGHILQLWLYDOV
6SLHOHULQEHLXQVGDEHL'LH%DE\SDXVHQHKPHQLQGLHVHU6DLVRQ(ULND5DZ\OHU9RUUXQGH
$MVKH8NDMXQG1DGLQH6FKLOGLQ$QVSUXFKGLHGUHLZHUGHQXQVGDIUPLW&RDFKHQXQWHUVWW]HQ
,JEDOOH5DNLSLNRPPWEHL*HOHJHQKHLWLQV7UDLQLQJ/HD1HLJHULVWDOV-XQLRULQQHQ8ZLHGHU
GDEHL
(LQ+HU]OLFKHQ'DQNDQXQVHUH'UHVV6SRQVRUHQ%%2%DQN%ULHQ]2EHUKDVOLXQG/XFKV$*
9%&1(:6
/LJD'DPHQ
' ( ) ' ($ ' #
* & #$
'DXQVHLQLJH6SLHOHULQQHQYHUODVVHQKDEHQE]ZYHUOHW]XQJVEHGLQJWYHUODVVHQPXVVWHQ
ZHUGHQZLULQGHUNRPPHQGHQ6DLVRQYRQGHQ-XQLRULQQHQXQWHUVWW]W8QVHU=LHOIUGLH
QlFKVWH6DLVRQLVWHVLPPHU6SDVVDP9ROOH\EDOO]XKDEHQXQGGHQ7HDPJHLVW]XI|UGHUQ
7UDLQLQJ0LWWZRFK8KU±8KULQ%ULHQ]ZLOHU
YHUDQWZRUWOLFKH3HUVRQ&RULQD,PIHOG
6SLHOHULQQHQ&RULQD,PIHOG.DSLWlQ1LFROH+XEHU0DUJULWK0LFKHO)DELHQQH+DVVHOPDQQ
&LQG\+XEHU7DPDUD:\VV0DUWLQD:DOWKDUG1LFROH6FKQHLWHU
9HUlQGHUXQJHQ
7DQMD6FKLOGXQG0DULDQQH:LU]PXVVWHQYHUOHW]XQJVEHGLQJWHLQH3DXVHHLQOHJHQ
%ULJLWWH=XPEUXQQJLEWGDV&RDFKLQJQDFKMDKUHODQJHP(LQVDW]IUGHQ9%&%ULHQ]0HLULQJHQ
DE
0DULDQQH:LU]ZLUGXQVEHLHLQLJHQ6SLHOHQDOV&RDFKXQWHUVWW]HQ
9%&1(:6
0L[HG0DQQVFKDIW
! +,&- '. / 8QVHUHP7HDPJHODQJHLQPDOPHKUHLQHVHKUJXWH0HLVWHUVFKDIWVOHLVWXQJLQGHU0L[HG.ODVVH
XQGGDPLWGLH7HLOQDKPHDQGHU6FKZHL]HUPHLVWHUVFKDIWEHLGHUZLUGLHVHV-DKUOHLGHUQXULP
OHW]WHQ9LHUWHOODQGHQNRQQWHQ.RPPHQGH6DLVRQEHNRPPWXQVHU7HDP9HUVWlUNXQJGXUFK/LVD
6WHLQPDQQHLQHQHXH3DVVHXVH/RWWLYHUOlVVWXQVOHLGHUQDFKYLHOHQ-DKUHQIUHXGYROOHP
=XVDPPHQVHLQXQGKRKHP(QJDJHPHQW:LUGDQNHQLKUJDQ]KHU]OLFKIUDOOGLHVFK|QHQ-DKUH
GLHZLUPLWLKUDXIGHP9ROOH\EDOOIHOGXQWHUZHJVVHLQGXUIWHQXQGZQVFKHQLKUYRQ+HU]HQDOOHV
*XWH$XFKLP$QJULIIJLEWHV=XZDFKVGXUFK%ULJLWWH=XPEUXQQ:LUIUHXHQXQVVFKRQMHW]W
]XVDPPHQPLWLKUXQG/LVDPLWHLQHPVWDUNHQ)UDXHQWHDPDXIWUHWHQ]XN|QQHQ$XFKGLH
%|QLJHU+HUUHQZHUGHQXQVNRPPHQGH6DLVRQZLHGHUWFKWLJXQWHUGLH$UPHJUHLIHQ=LHOGHU
QHXHQ6DLVRQLVWHVP|JOLFKVWYLHOH6SLHOHOXVWYROOXQGDXIKRKHP1LYHDX]XEHVWUHLWHQhEHU
,QWHUHVVHYRQZHLWHUHQQHXHQ6SLHOHUQXQG6SLHOHULQQHQZUGHQZLUXQVVHKUIUHXHQGLHVLFK
ELWWHEHLGHU0DQQVFKDIWVYHUDQWZRUWOLFKHQ$QLWD+RO]HUPHOGHQ
8QVHUHUVWHV+HLPVSLHOJHJHQ8HWWOLJHQILQGHWDP2NWREHUXP8KULQ%ULHQ]LQ
GHU7XUQKDOOH.LHQKRO]VWDWW*HUQHODGHQZLUDOOH)DQVXQG9ROOH\EDOOIUHXQGHHLQXQVEHL
GLHVHP0DWFK]XXQWHUVWW]HQ
6SLHOHULQQHQ
=XPNHKU%HUQKDUG&RUWHVL&KULVWLDQ+XEHU7KRPDV6WXFNL$GULDQ+XQ]LNHU6DPXHO/LVD
6WHLQPDQQ/LYLD3HUUHQ0LFKDHOD6WUHEHO%ULJLWWH=XPEUXQQ$QLWD+RO]HU
9%&1(:6
-XQLRULQQHQ8
%$ *&&0 #$ # * 1 & 23
* 4 + 5 6 # &&
$XFKLQGLHVHP-DKUKDEHQZLUGUHLQHXH6SLHOHULQQHQEHNRPPHQ8QVHU7HDPZLUGGXUFK
0HODQLH:\HU-HQQ\(JJHQVFKZLOHUXQG$OLFLD$EHJJOHQIULVFKXQWHUVWW]W/HLGHUKDWXQV
5RPLQD$PDFKHUYHUODVVHQXQG0DULD%VFKOHQZLUGHLQ$XVODQGVMDKUDEVROYLHUHQ'DQDFKDEHU
ZLHGHUZHQQP|JOLFK]XUFNNRPPHQ8QVHU=LHOLVWGDVVZLUGLH6WlUNHNODVVHKDOWHQN|QQHQ
XQGHLQLJH6SLHOHIUXQVHQWVFKHLGHQN|QQHQ'D]ZHLGHUQHXHQ6SLHOHULQQHQQHXLP
9ROOH\VSRUWVLQGSURELHUHQZLUGLHVHJXW]XLQWHJULHUHQXQGGDV7HDPP|JOLFKVWJXW]X)RUPHQ
:LUKRIIHQGDVVZLUGLH6DLVRQXQIDOOIUHLEHUVWHKHQ'LH-XQLRULQQHQIUHXHQVLFKDXIGLH
NRPPHQGH6DLVRQ
8QVHU7UDLQLQJILQGHWLPPHU0LWWZRFKVYRQ8KUELV8KULQ%ULHQ]ZLOHUVWDWW
$E$XJXVWWUDLQLHUHQDXFKGLH/LJD'DPHQPLWXQV
9HUDQWZRUWOLFK'LH-XQLRULQQHQZHUGHQYRQ1DGLQH6FKLOGWUDLQLHUW
6SRQVRUHQ
'UHVV)ORWURQ$*%%2%DQN
7UDLQHU.:2XQG)ORWURQ$*
%LGRQVXQG%LGRQVKDOWHU6DQWVFKL6FKLOG*PE+
9%&1(:6
-XQLRULQQHQ8
=LHO(LQH3ODW]LHUXQJLQGHQHUVWHQ5lQJHQGHU0LQLYROOH\EDOO6FKOHUPHLVWHUVFKDIW
GHV.DQWRQV%HUQ
6SLHOHULQQHQ6DEULQD%UXQQHU5DPRQD0H\HU6LQD6FKOlSSL1LQD=REULVW$QQLH*URJJ0DM
*URJJ$QGULQD%RVVOL0DOLQ/WKL
7UDLQHULQQHQ.DULQ$EEKO-VDEHOOH0DWK\HU&ODXGLD1HLJHU
6SLHOH6FKOHUPHLVWHUVFKDIW0LQL9ROOH\EDOO
6RQQWDJ2NWREHU%XUJGRUI+DOOH6FKW]HQPDWWH
6RQQWDJ1RYHPEHU$DUEHUJ$DUILW+DOOH
6RQQWDJ-DQXDU/\VV+DOOH*UHQWVFKHO
6RQQWDJ0lU]0QVLQJHQ+DOOH6FKORVVPDWWH)LQDO
'DV7UDLQLQJILQGHW'RQQHUVWDJV]ZLVFKHQXQG8KULQGHU7XUQKDOOH.LHQKRO]VWDWW
1HXGDEHLVLQG$QGULQD%RVVOLXQG0DOLQ/WKLYRQGHQ0LQLV,QQHUWNLUFKHQXQGGLH6FKZHVWHUQ
$QQLHXQG0DM*URJJ+HU]OLFK:LOONRPPHQLP7HDP
6SRQVRU5DLIIHLVHQEDQN5HJLRQ+DVOLWDO%ULHQ]
9%&1(:6
0,1,6KHLVVHQQHX-6,QQHUWNLUFKHQ
6SLHOHULQQHQ6SLHOHU
0HOLQD6LPPHQ/LQHD)UHLWDJ1HOO\)U|POLQJ&DULQD=XUEXFKHQ7DPDUD'LUUHQ
%LDQFD+XJJOHU/LVD6WUHLFK0HOLQD$ESODQDOS7DQMD=HQJHU/HQD%DQKRO]HU
6HOLQD0HLHU$OHQD0H\HU6LQD6FKLOG
1HZV
)UHXGLJN|QQHQZLUXQVHUHU6SLHOHULQQHQVFKRQDQGLH8)UDXHQZHLWHUJHEHQ$QGULQD
%RVVOLXQG0DOLQ/WKLEHLGHDXV6FKDWWHQKDOEKDEHQHLQVRJXWHV1LYHDXHUUHLFKWGDVVZLUGLH
%HLGHQEHUHLWVQDFK%ULHQ]ZHLWHUJHEHQNRQQWHQ6LHVLQGHUVWOHW]WHQ6RPPHU]XXQV0LQLV
JHNRPPHQDOVRLQNXU]HU=HLWHLQHQJURVVHQ6FKULWWJHPDFKW%UDYR
=LHOIUGLHNRPPHQGH6DLVRQ
:LHMHGHV-DKUVWHKWGLH)UHXGHDP9ROOH\EDOOVSLHOHQLP9RUGHUJUXQG
:LUVLQGVHKUSRVLWLYLQVQHXH9ROOH\MDKU$XJXVW±-XQLJHVWDUWHW,QGHQ
6RPPHUIHULHQKDEHQZLUZLHMHGHV-DKUGHQ)HULHQSDVVGXUFKJHIKUWXQG.LQGHULQGHU
7XUQKDOOHLQ,QQHUWNLUFKHQZLOONRPPHQJHKHLVVHQ,QWHUHVVDQWLVWGDVVYRQGHQ.LQGHUQ
EHUHLWVOHW]WHV-DKULP)HULHQSDVVEHLXQVZDUHQGLHVHUNRPPHQQXQQHXLQV0LQL7UDLQLQJ
9%&1(:6
1DFKGHQ6RPPHUIHULHQN|QQHQZLU1HX]XJlQJHPHOGHQLQGHQHUVWHQ7UDLQLQJV(LQ.QDEH
KDWPLWWOHUZHLOHZLHGHUDXIJHK|UW'LHDQGHUHQ0lGFKHQNRPPHQIOHLVVLJLQV7UDLQLQJDOVR
VLQGZLUHLQHUHLQH)UDXHQ0LQL0DQQVFKDIW☺
1HXGD]XJHNRPPHQVLQG7DQMD=HQJHU$OHQD0H\HU0HOLQD$ESODQDOS/HQD%DQKRO]HU
6HOLQD0HLHU6LQD6FKLOG$XFKZLHGHUGDEHLVLQG6WUHLFK/LVDXQG+XJJOHU%LDQFD
*HUQHQHKPHQZLU/HLWHULQQHQ0RQL6WHIILXQG1DGLDPLWGHUVXSHU8QWHUVWW]XQJYRQ+HG\
5LQGOLVEDFKHUGLHÄ.QRFKHQDUEHLW³GLHDQHLQLJHQ7DJHQDQVWUHQJHQGHULVWDOVDQDQGHUHQLQ
.DXIXPGDVVROLGH)XQGDPHQWXQVHUHV9HUHLQV]XELOGHQXQGGHQ1DFKZXFKVJDQ]EHKXWVDP
DEHUEHVWLPPW]XI|UGHUQ
7UDLQLQJV]HLW2UWYHUDQWZRUWOLFKH3HUVRQHQ
:LUWUDLQLHUHQDXFKZHLWHUKLQMHGHQ'RQQHUVWDJDXVJHQRPPHQ6FKXOIHULHQLQGHU7XUQKDOOH
,QQHUWNLUFKHQYRQ8KUELV8KU0RPHQWDQLVWGLH7UDLQHUVLWXDWLRQVRGDVVZLU]X
GULWWGLH0LQLVLQ,QQHUWNLUFKHQWUDLQLHUHQ0RQLND7lQQOHU6WHIIL5LQGOLVEDFKHUXQG1DGLD
7lQQOHU$XIGLH0LWKLOIHXQVHUHOLHEHODQJMlKULJH0LQL7UDLQHULQ+HG\5LQGOLVEDFKHUN|QQHQZLU
QDFKZLHYRU]lKOHQ$QGLHVHU6WHOOHOLHEHV+HG\HLQHQ5,(6(1'$1.
(YHQWV
:LHVFKRQOHW]WHV-DKUKlWWHQZLUHLQH7HLOQDKPHDQHLQHP.LGV7XUQLHULP$XJH0RPHQWDQLVW
GLH$XVJDQJVODJHDEHUVRGDVVZLU]XHUVWHLQLJH7UDLQLQJVSUD[LVDEVROYLHUHQPVVHQJHUDGH
PLWXQVHUHQ1HX]XJlQJHQ(LQH7HLOQDKPHZlUHDEHUIUGLH0LQLVHLQHVXSHU6DFKHGLH
0RWLYDWLRQ]XPIOHLVVLJZHLWHUWUDLQLHUHQJHEHQZUGH
7RWDO0lGFKHQGDVLVWVHLW-DKUHQHLQPDOZLHGHUHLQHVXSHU$XVJDQJVODJH:LUKRIIHQGDVV
P|JOLFKVWYLHOHEHLXQVEOHLEHQXQGLUJHQGZDQQYLHOOHLFKWLQXQVHUHQ'DPHQ/LJHQVSLHOHQ
N|QQHQ