NBO 2 NBO 4, NBO 8 NBO 6, NBO 12

%(',(181*6$1/(,781*
IU
(OHNWUR9ROOVFKDPRWWH
1DWXU%URW%DFN|IHQ
1%2
1%21%2
1%21%2
,1+$/769(5=(,&+1,6
,QKDOWVYHU]HLFKQLV 6LFKHUKHLWVKLQZHLVH %LWWHXQEHGLQJWEHDFKWHQ 9RUZRUW
$XIVWHOOXQJ(OHNWULVFKHU$QVFKOXVV
7HFKQLVFKH'DWHQ ,QEHWULHEQDKPH
5LFKWLJHV%URWEDFNHQ$EKLOIHEHL%URWXQG%DFNIHKOHU
%URWWHLJ7HLJEHDUEHLWXQJXQG*UXQGUH]HSWH (6FKDOWSODQ
:DUWXQJXQG5HLQLJXQJ *DUDQWLHEODWW
6HLWH
6HLWH
6HLWH
6HLWH
6HLWH
6HLWH
6HLWH
6HLWH
6HLWH
6HLWH
6HLWH
6HLWH
6,&+(5+(,76+,1:(,6(
9RU,QEHWULHEQDKPHGHV*HUlWHV%HGLHQXQJVDQOHLWXQJJHQDXOHVHQXQGEHDFKWHQ
'LH$XIVWHOOIOlFKHPXVVDXVQLFKWEUHQQEDUHPXQGWHPSHUDWXUEHVWlQGLJHP0DWHULDOVHLQ
'HU$EVWDQGGHV%DFNRIHQV]XHLQHUEDXVHLWLJHQ5FNZDQGPXVVPLQGHVWHQVFPEHWUDJHQ
XPHLQHQ:lUPHVWDX]XYHUPHLGHQ%UDQGJHIDKU'HU6HLWHQDEVWDQG]XDQJUHQ]HQGHQ2EMHNWHQOLQNV
XQGUHFKWVPXVVPLQGHVWHQVFPEHWUDJHQ'LH$XIVWHOOIOlFKHVRZLHGLHLQXQPLWWHOEDUHU1lKH
EHILQGOLFKHQ:lQGH.FKHQP|EHOQRGHUGHNRUDWLYHQ9HUNOHLGXQJHQXVZPVVHQDXVQLFKW
EUHQQEDUHPXQGWHPSHUDWXUEHVWlQGLJHP0DWHULDOEHVFKDIIHQVHLQ$QGHUQIDOOVPVVHQGLHVHPLW
JHHLJQHWHPQLFKWEUHQQEDUHPXQGWHPSHUDWXUEHVWlQGLJHP0DWHULDOYHUNOHLGHWZHUGHQ
(LQH$XIVWHOOIOlFKHNDQQ]%HLQH6WHLQSODWWH0HWDOOUDKPHQ3ODWWH+LW]HVFKXW]SODWWHXVZVHLQ
1DFKREHQKLQPXVVGHU2IHQIUHLEOHLEHQXQGHVGDUIQLFKWVDXIGHQ2IHQDEJHVWHOOWZHUGHQ
%HDFKWHQ6LHDXFKXQEHGLQJWGLHZHLWHUHQ$XIVWHOOXQJVYRUVFKULIWHQDXI6HLWH
%LWWHEHDFKWHQ6LHGDVVGDV$X‰HQJHKlXVHLP%HWULHEVHKUKHL‰ZLUGXQGKLHU
9HUEUHQQXQJVJHIDKUEHVWHKW,P%HWULHEGUIHQQXUGLH%HGLHQXQJVHOHPHQWHZLH
7KHUPRVWDWNQHEHOXQGGHU7UJULIIEHUKUWZHUGHQ
'LH%HDFKWXQJGHU9RUVFKULIWHQGHV%UDQGVFKXW]HVPVVHQXQEHGLQJWEHDFKWHWZHUGHQ
$FKWHQ6LHDXIHLQHJXWH6WDQGIHVWLJNHLWGHV*HUlWHVXQGHLQHPGHPHQWVSUHFKHQGHQKLW]HEHVWlQGLJHQ
8QWHUERGHQ'XUFKGDVKRKH(LJHQJHZLFKWGDUIGDV*HUlWGDQDFKQLFKWPHKUYHUVFKREHQZHUGHQ
(VGUIHQK|FKVWHQV*HUlWHEHUHLQDQGHUJHVWHOOWZHUGHQ
6lPWOLFKH:DUWXQJVXQG5HLQLJXQJVDUEHLWHQEHLDXVJHVFKDOWHWHPXQGHUNDOWHWHP*HUlWYRUQHKPHQ
9RU%HJLQQGHU:DUWXQJVE]Z5HLQLJXQJVDUEHLWHQGHQ+DXSWVFKDOWHUDXIVWHOOHQXQG
*HUlWHDENKOHQODVVHQ
$FKWXQJ
'DV*HUlWVWHKWDXFKEHLDEJHVFKDOWHWHP*HUlWH+DXSWVFKDOWHUXQGHUORVFKHQHUJUQHU.RQWUROOOHXFKWH
XQWHU6WURPVSDQQXQJ
%HL1LFKWEHQXW]XQJGHV2IHQVVRZLHYRUMHGHU:DUWXQJVXQG5HLQLJXQJVDUEHLWVRZLHLP6W|UIDOO
LVWGDKHULQMHGHP)DOODXFKGLH6WURP]XIXKU]%GXUFK=LHKHQGHV6WHFNHUVRGHUGXUFK
$EVFKDOWXQJYRQ=HQWUDOVFKDOWHUQRGHU6LFKHUXQJHQLQVJHVDPW]XXQWHUEUHFKHQ
8QWHUNHLQHQ8PVWlQGHQGDUILQGLH%DFN0XIIHO:DVVHUJHVFKWWHWZHUGHQ$XFKEHLP$EVSULW]HQGHU
EULJHQ*HUlWHLVWGDUDXI]XDFKWHQGDVVNHLQ6SULW]ZDVVHUVHLWOLFKLQGLHHOHNWULVFKH$QODJHJHODQJWGD
VRQVW.|USHUVFKOVVHDXIWUHWHQN|QQHQ
%HGLHQXQJGHV*HUlWHVQXUYRQJHVFKXOWHP3HUVRQDO8QEHIXJWHXQG.LQGHUGUIHQNHLQHQ=XWULWW]XP
%DFNRIHQKDEHQ+DOWHQ6LH.LQGHUIHUQVRODQJHGHU2IHQLQ%HWULHELVW
$XFKEHL$UEHLWVXQWHUEUHFKXQJHQ+DXSWVFKDOWHUDXIVWHOOHQ
6lPWOLFKH5HSDUDWXUDUEHLWHQLQVEHVRQGHUHEHLHOHNWULVFKHQ6W|UXQJHQGUIHQQXUYRQ
)DFKOHXWHQDP*HUlWGXUFKJHIKUWZHUGHQ
%HQXW]HQ6LHQXU=XEHK|UXQG=XVDW]JHUlWHGLHLQGHU%HGLHQXQJVDQOHLWXQJDQJHJHEHQVLQG
'HU*HEUDXFKDQGHUHQ=XEHK|UVNDQQHLQH*HIDKUIU6LHEHGHXWHQ
6W|UXQJVIDOO
%HLHLQHP6W|UXQJVIDOORGHUZHQQ=XOHLWXQJHQ6FKlGHQDXIZHLVHQGHQ+DXSWVFKDOWHUDXIVWHOOHQXQG*HUlW
DENKOHQODVVHQ6WURP]XIXKUGXUFK=LHKHQGHV6WHFNHUVRGHUGXUFK$EVFKDOWXQJYRQ=HQWUDOVFKDOWHUQRGHU
6LFKHUXQJHQXQWHUEUHFKHQ*HUlWNHLQHVIDOOVZLHGHULQ%HWULHEVHW]HQ
,QGLHVHP)DOOGDUIGDV*HUlWHUVWQDFKHLQHUhEHUSUIXQJXQGHLQHUHYHQWXHOOHQ5HSDUDWXUGXUFKHLQHQ
)DFKNXQGHQGLHQVWZLHGHUEHQXW]WZHUGHQ
6HLWH
925:257
+HU]OLFKHQ*OFNZXQVFK]X,KUHU
(QWVFKHLGXQJIUHLQHQ1)*1DWXU%URW%DFNRIHQ
'LHQHXH1DWXU%URWEDFN|IHQ6HULH1%2ZXUGHQDFKGHQQHXHVWHQPRGHUQVWHQ(UNHQQWQLVVHQXQG
7HFKQLNHQGHV(OHNWUR6WHLQEDFN2IHQEDXHQWZLFNHOW
'LHQDWUOLFKVWH$UW%URW]XEDFNHQPLWHLQHPYROOVFKDPRWWLHUWHQ(OHNWUR6WHLQEDFN2IHQÄ1%2³
IUGHQW\SLVFKHQ+RO]EDFNRIHQ(IIHNW'LH%DFNPXIIHOLVWYROOVWlQGLJPLW6FKDPRWWHVWHLQDXVJHIKUWXP
GLHKRKH$QIDQJVKLW]HP|JOLFKVWODQJHDXIUHFKW]XHUKDOWHQXQGGLHJHVSHLFKHUWH+LW]HEHLOHLFKWIDOOHQGHU
%DFNUDXPWHPSHUDWXUJOHLFKPl‰LJXQGZHUWVFKRQHQGDQGDV%DFNJXWDE]XJHEHQ
'LHVH6FKDPRWWHVWHLQHZHUGHQPLWXQVHUHUQHXHVWHQXQG]XNXQIWVZHLVHQGHQ+HL]WHFKQLNEHKHL]W
+LHU]XZHUGHQLQHLQHPDXIZlQGLJHQ3URGXNWLRQVYHUIDKUHQGLH6FKDPRWWSODWWHQIUGLH2EHUXQG
8QWHUKLW]HPLW6FKOLW]HQYHUVHKHQ,QGLHVH6FKOLW]HZHUGHQGDQQGLH3DQ]HUURKU+HL]N|USHUHLQJHVFKREHQ
'LHHLQ]HOQHLQJHVFKREHQHQ3DQ]HUURKU+HL]N|USHUVLQGLQGLH6FKDPRWWVWHLQHHLQJHVFKREHQXQG
VRPLWHLQ]HOQDXVWDXVFKEDU'LHVKDWGHQJUR‰HQ9RUWHLOGDVVEHLP$XVIDOOHLQHVHLQ]HOQHQ+HL]N|USHUV
QLFKWGLHNRPSOHWWH6FKDPRWWSODWWHDXVJHEDXWZHUGHQPXVVZLHGLHVEHL6FKDPRWWSODWWHQPLWLQWHJULHUWHU
HLQJHJRVVHQHU+HL]ZHQGHOQ|WLJLVW6RPLWHQWIlOOWGHUJUR‰H$XIZDQGXQGGLHHQRUPHQ.RVWHQIUGLH
'HPRQWDJHXQG0RQWDJHGHU6FKDPRWWSODWWHQ
9RUWHLOHGHU9ROOVFKDPRWWLHUXQJPLWHLQJHVFKREHQHQ3DQ]HUURKUKHL]N|USHUQ
6FKQHOOHXQGHIIHNWLYH(QHUJLHDXIQDKPH
+|FKVWH:lUPHVSHLFKHUXQJGXUFKGLH6FKDPRWWHVWHLQWHFKQLN
%HVWH6HUYLFHIUHXQGOLFKNHLWGXUFKGLHHLQ]HOQHLQJHVFKREHQHQ3DQ]HUURKUKHL]N|USHU
.HLQHIHXFKWLJNHLWVEHGLQJWH6WURPVFKXW]IHKOHUGXUFKGLHJHNDSVHOWHQ5RKUKHL]N|USHU
NHLQ$XVO|VHQGHV)L6FKXW]VFKDOWHUVZHJHQGHUKRKHQ)HXFKWLJNHLWLQGHQ6FKDPRWWHVWHLQHQ
+RKH$QIDQJVKLW]HXQGOHLFKWIDOOHQGH%DFNKLW]H
1LHGULJHU(QHUJLHYHUEUDXFK
([DNWH7HPSHUDWXUYHUWHLOXQJIUJOHLFKPl‰LJH%UlXQXQJGHV%DFNJXWHV
7\SLVFKHU6WHLQEDFNRIHQ(IIHNW
0LWGHPXQEHUWURIIHQHQ+RO]EDFNRIHQ(IIHNWXQGGHUJUR‰UlXPLJHQ%DFNNDPPHULVWGHU1%2%DFNRIHQ
HLQEHUDXVYLHOVHLWLJHU=XEHUHLWXQJVVSH]LDOLVW6HLHVEHLP%DFNHQYRQ%LR%URW)HLQJHElFN%UH]HOQ
.XFKHQ3L]]DRGHUEHLP%UDWHQXQG*ULOOHQYRQ*HIOJHO.UXVWHQEUDWHQ6SDQIHUNHOXVZ
1%21DWXU6WHLQEDFNRIHQLQ3HUIHNWLRQ
*HVDPWH%DFNPXIIHOLQ9ROOVFKDPRWWHWHFKQLN
6FKDPRWWHVWHLQHLP%DXNDVWHQV\VWHPDXVJHIKUWGKHLQ]HOQDXVWDXVFKEDU
6FKZHOODQODJH]XU%HGDPSIXQJXQG)HXFKWLJNHLWVUHJXOLHUXQJ
3Ul]LVH7HPSHUDWXUVWHXHUXQJGXUFKJHWUHQQWH5HJHOXQJYRQ2EHUXQG8QWHUKLW]H
7HPSHUDWXUEHUHLFKƒELVƒ&
3DQ]HUURKUKHL]N|USHULQGHQ6FKDPRWWHLQJHVFKREHQVRPLWHLQ]HOQDXVWDXVFKEDUXQG
NHLQH6WURPVFKXW]IHKOHUIHXFKWLJNHLWVEHGLQJWHV$XVO|VHQGHV)L6FKXW]VFKDOWHUV
*UR‰IOlFKLJHIDFKH7USDQRUDPDYHUJODVXQJPLW+LQWHUOIWXQJXQG,QQHQEHOHXFKWXQJ
$X‰HQJHKlXVHLQ&16(GHOVWDKODXVJHQRPPHQ5FNZDQGXQG%RGHQSODWWHIUODQJH/HEHQVGDXHU
+RFKZHUWLJH,VRODWLRQVPDWHUDOLHQDXI.HUDPLNEDVLV
6WDSHOEDUELV]X1DWXU%DFN|IHQJOHLFKHU%DXDUW
%HVWP|JOLFKH6HUYLFHIUHXQGOLFKNHLWZLHOHLFKWDXVZHFKVHOEDUH5RKUKHL]N|USHUXQG7KHUPRVWDWH
YRQGHUUHFKWHQ6HLWHDXV
6HLWH
$8)67(//81*XQG(/(.75,6&+(5$16&+/866
$8)67(//81*%HDFKWHQ6LHDXFKXQEHGLQJWGLH6LFKHUKHLWVKLQZHLVHDXI6HLWH
:HQQ6LHGDV*HUlWVHQNUHFKWDXINDQWHQPVVHQPXVVGLHOLQNH6HLWHGHV2IHQVXQWHQVHLQ
'DPLWGLHVFKZHUHQ6FKDPRWWHSODWWHQQLFKWYHUUXWVFKHQ2IHQQLFKWDQGHU7UHDQKHEHQGDDQVRQVWHQGLH
7UVFKDUQLHUHGDVJHVDPWH*HZLFKWWUDJHQXQGVRPLWEHVFKlGLJWZHUGHQ'XUFKGLHEHLP%URWEDFNHQ
HQWVWHKHQGHKRKH/XIWIHXFKWLJNHLWLVWIUHLQHDXVUHLFKHQGH(QWOIWXQJGXUFKHLQ)HQVWHURGHUHLQHUDQGHUHQ
(QWOIWXQJ]XVRUJHQ=XHUVWPRQWLHUHQ6LHXQVHUHQ1)*8QWHUWLVFKVDPW=ZLVFKHQDEODJHIDFK'LHVHV
(GHOVWDKO$EODJHIDFKGLHQWDXFKDOV9HUVWUHEXQJGHU7LVFKI‰HXQGPXVVDXVVWDWLVFKHQ*UQGHQXQEHGLQJW
PRQWLHUWZHUGHQ'DQDFKSODW]LHUHQ6LHGHQ8QWHUWLVFKDQGLHJHZQVFKWH6WHOOH$FKWHQ6LHGDEHLDXIHLQHJXWH
6WDQGIHVWLJNHLWXQGHLQHPGHPKRKHP*HZLFKWGHPHQWVSUHFKHQGHQ8QWHUERGHQ'XUFKGDVKRKH(LJHQJHZLFKW
GDUIGHU2IHQQDFKGHU$XIVWHOOXQJQLFKWPHKUYHUVFKREHQZHUGHQ9HUZHQGHQVLHNHLQHQRULJLQDO1)*
8QWHUWLVFKPXVVGLH$XIVWHOOXQJVIOlFKHIU,KUHQ2IHQDXVQLFKWEUHQQEDUHPXQGWHPSHUDWXUEHVWlQGLJHP
0DWHULDOZLH]%DXIHLQHU6WHLQSODWWH+LW]HVFKXW]SODWWHXVZRGHUDOVRIIHQHU0HWDOOUDKPHQZLHEHLXQVHUHQ
RULJLQDO8QWHUWLVFKHQDXVJHIKUWVHLQ'DEHLPVVHQDOOH/IWXQJVVFKOLW]HDP%RGHQIUHLEOHLEHQGLHNXU]HQ
)‰HDP2IHQERGHQGUIHQQLFKWGHPRQWLHUWRGHUDEJHVFKUDXEWZHUGHQ'HU$EVWDQGGHV%DFNRIHQV]XHLQHU
EDXVHLWLJHQ5FNZDQGPXVVPLQGHVWHQVFPEHWUDJHQXPHLQHQ:lUPHVWDX]XYHUPHLGHQ%UDQGJHIDKU
'HU6HLWHQDEVWDQG]XDQJUHQ]HQGHQ2EMHNWHQOLQNVXQGUHFKWVPXVVPLQGHVWHQVFPEHWUDJHQ'HV:HLWHUHQ
PVVHQDOOH/IWXQJVVFKOLW]H5XQGXPGHQ%DFNRIHQXQGDP%RGHQIUHLVHLQ$XFKQDFKREHQKLQPXVVGHU
2IHQIUHLEOHLEHQXQGHVGDUIQLFKWVDXIGHQ2IHQDEJHVWHOOWZHUGHQ%HL$XIVWHOOXQJGHV*HUlWHVLQ
XQPLWWHOEDUHU1lKHYRQ:lQGHQ.FKHQP|EHOQGHNRUDWLYHQ9HUNOHLGXQJHQDXFKGLH$XIVWHOOIOlFKHXVZ
PVVHQGLHVHDXVQLFKWEUHQQEDUHPXQGWHPSHUDWXUEHVWlQGLJHP0DWHULDOEHVFKDIIHQVHLQ$QGHUQIDOOVPVVHQ
GLHVHPLWJHHLJQHWHPQLFKWEUHQQEDUHPXQGWHPSHUDWXUEHVWlQGLJHP0DWHULDOYHUNOHLGHWZHUGHQ
'LH%HDFKWXQJGHU9RUVFKULIWHQGHV%UDQGVFKXW]HVPVVHQXQEHGLQJWEHDFKWHWZHUGHQ
(VGUIHQK|FKVWHQV*HUlWHEHUHLQDQGHUJHVWHOOWZHUGHQ:LUGHLQ]ZHLWHV*HUlWDXIGDVXQWHUH*HUlWJHVWHOOW
PVVHQYRPREHUHQ*HUlWYRUHUVWGLH)‰HDEJHVFKUDXEWZHUGHQ%HL9HUZHQGXQJXQVHUHU/DXIUROOHQIUGHQ
8QWHUWLVFKGDUINHLQ]ZHLWHU%URWEDFNRIHQDXIJHVHW]WZHUGHQ'LH/DXIUROOHQGUIHQDXVVWDWLVFKHQ
6LFKHUKHLWVJUQGHQQXUIUHLQVW|FNLJH%URWEDFN|IHQYHUZHQGHWZHUGHQ9RUGHUHUVWHQ,QEHWULHEQDKPHPXVV
GLHNRPSOHWWH6FKXW]IROLHVRZLHGLHHYHQWXHOOHQ.OHEHUFNVWlQGHGLHVHDPEHVWHQPLW1LWURYHUGQQXQJ
DP2IHQHQWIHUQWZHUGHQXPHLQ(LQEUHQQHQDP2IHQJHKlXVH]XYHUKLQGHUQ
%LWWHEHDFKWHQ6LHGDVVGDV$X‰HQJHKlXVHLP%HWULHEVHKUKHL‰ZLUGXQGKLHU9HUEUHQQXQJVJHIDKU
EHVWHKW,P%HWULHEGUIHQQXUGLH%HGLHQXQJVHOHPHQWHZLH7KHUPRVWDWNQHEHOXQGGHU7UJULIIEHUKUW
ZHUGHQ
(/(.75,6&+(5$16&+/866
,QVWDOODWLRQ
,QVWDOODWLRQ,QEHWULHEQDKPHXQG:DUWXQJGHV*HUlWHVPVVHQGXUFKVDFKNXQGLJHV3HUVRQDOGXUFKJHIKUW
ZHUGHQ6lPWOLFKH,QVWDOODWLRQVDUEHLWHQPVVHQXQWHU%HDFKWXQJGHUJOWLJHQ9RUVFKULIWHQDXVJHIKUWZHUGHQ
'HU+HUVWHOOHUOHKQWMHJOLFKH9HUDQWZRUWXQJDEGLHDXIHLQHVFKOHFKWH)XQNWLRQGXUFKIHKOHUKDIWH,QVWDOODWLRQ
]XUFN]XIKUHQLVW/DXWLQWHUQDWLRQDOHQ9RUVFKULIWHQLVWEHLP$QVFKOXVVGHV*HUlWHVHLQH(LQULFKWXQJ
YRU]XVHKHQGLHHVHUP|JOLFKWGDV*HUlWPLWHLQHU.RQWDNW|IIQXQJVZHLWHYRQPLQGHVWHQVPPDOOSROLJYRP
1HW]]XWUHQQHQ$OVJHHLJQHWH7UHQQYRUULFKWXQJJHOWHQ/66FKDOWHU6LFKHUXQJHQXQG6FKW]H
%LWWHZHLVHQ6LHGHQ%HQXW]HUGHV*HUlWHVGDUDXIKLQGDVVHLQH$EVFKDOWXQJGLHVHU7UHQQYRUULFKWXQJYRUMHGHU
:DUWXQJVXQG5HLQLJXQJVDUEHLWVRZLHLP6W|UIDOOGXUFKJHIKUWZHUGHQPXVV
3RWHQWLDODXVJOHLFK'DV*HUlWLVWLQHLQHP3RWHQWLDODXVJOHLFKV\VWHPHLQ]XEH]LHKHQ
'HU+HUVWHOOHUEHUQLPPWNHLQH+DIWXQJE]Z*DUDQWLHYHUSIOLFKWXQJHQIU6FKlGHQGLHGXUFK
1LFKWEHDFKWXQJGHU9RUVFKULIWHQRGHUXQVDFKJHPl‰H,QVWDOODWLRQ]XUFN]XIKUHQVLQG
'LH%HWULHEVVSDQQXQJEHL*HUlWHW\SHQ1%21%21%21%2EHWUlJW1a9ROW
%HL*HUlWHW\SH1%2EHWUlJWGLH%HWULHEVVSDQQXQJ1a9ROW
1HW]VSDQQXQJXQG%HWULHEVVSDQQXQJPVVHQEHUHLQVWLPPHQ
///1
3(
$QVFKOXVV6FKHPDIU1%21%21%21%2
6HLWH
7\SH
(OHNWULVFKHU$QVFKOXVV
*HUlWH$EPHVVXQJHQLQPP
%DFNIOlFKHLQPP
0DWHULDO$X‰HQJHKlXVH
DXVJHQRPPHQ5FNZDQG
XQG%RGHQSODWWH
)DVVXQJVYHUP|JHQ
*HZLFKWLQNJ
7HPSHUDWXUVWHXHUXQJ
7\SH
(OHNWULVFKHU$QVFKOXVV
*HUlWH$EPHVVXQJHQLQPP
%DFNIOlFKHLQPP
0DWHULDO$X‰HQJHKlXVH
DXVJHQRPPHQ5FNZDQG
XQG%RGHQSODWWH
)DVVXQJVYHUP|JHQ
*HZLFKWLQNJ
7HPSHUDWXUVWHXHUXQJ
7\SH
(OHNWULVFKHU$QVFKOXVV
*HUlWH$EPHVVXQJHQLQPP
%DFNIOlFKHLQPP
0DWHULDO$X‰HQJHKlXVH
DXVJHQRPPHQ5FNZDQG
XQG%RGHQSODWWH
)DVVXQJVYHUP|JHQ
*HZLFKWLQNJ
7HPSHUDWXUVWHXHUXQJ
7(&+1,6&+('$7(1
1%2
.:9a+]
%7+
[[+|KHPP
1%2
[.:9a+]
%7+
[[+|KHPP
&16&KURPVWDKO
&16&KURPVWDKO
/DLEH¡FPRGHU
/DLEH¡FP
NJ
ƒ&
/DLEH¡FPRGHU
/DLEH¡FP
[NJ
ƒ&
1%2
.:9a+]
%7+
[[+|KHPP
1%2
[.:9a+]
%7+
[[+|KHPP
&16&KURPVWDKO
&16&KURPVWDKO
/DLEH¡FPRGHU
/DLEH¡FP
NJ
ƒ&
/DLEH¡FPRGHU
/DLEH¡FP
[NJ
ƒ&
1%2
1%2
.:9a+]
[.:9a+]
%7+
%7+
[[+|KHPP [[+|KHPP
&16&KURPVWDKO
&16&KURPVWDKO
/DLEH¡FPRGHU
/DLEH¡FP
NJ
ƒ&
/DLEH¡FPRGHU
/DLEH¡FP
[NJ
ƒ&
6HLWH
,1%(75,(%1$+0(
925'(5(567(1,1%(75,(%1$+0($XVWURFNQXQJGHV2IHQ:,&+7,*
9RUGHUHUVWHQ,QEHWULHEQDKPHPXVVGLHNRPSOHWWH6FKXW]IROLHDP2IHQHQWIHUQWZHUGHQGDDQVRQVWHQ
GLH)ROLHLP+HL]EHWULHELQGDV%OHFKHLQEUHQQHQZUGH
'DPLWGLHDXIJHQRPPHQH)HXFKWLJNHLWVRZLHGLH'lPSIHDXVGHP6FKDPRWWHE|GHQXQGGHU,VROLHUXQJHQ
HQWZHLFKWPXVVGHU%DFNRIHQYRUGHPHUVWHQ%URWEDFNYRUJDQJZLHIROJWDXVJHWURFNQHWZHUGHQ
+DXSWVFKDOWHUDXIijGUHKHQJUQH.RQWUROOODPSHOHXFKWHWGHU2IHQLVWMHW]WEHWULHEVEHUHLW
2EHUXQG8QWHUKLW]HWKHUPRVWDWDXIƒ&HLQVWHOOHQXQGEHLJHVFKORVVHQHU2IHQWUHGHQ2IHQ
DXIKHL]HQODVVHQ
1DFKHUUHLFKHQGHUHLQJHVWHOOWHQ7HPSHUDWXUHQZHQQEHLGHJHOEHQ.RQWUROOODPSHQHUORVFKHQVLQG
GLH7UHGHV2IHQVNRPSOHWW|IIQHQXQGGHQ2IHQMHW]WEHLJH|IIQHWHU7UHPLQGHVWHQV6WXQGHQ
DXVKHL]HQ'LHVLVWVHKUZLFKWLJGDGLH'lPSIHXQG)HXFKWLJNHLWDXVGHQ6FKDPRWWHVWHLQHQXQGGHU,VROLHUXQJ
HQWZHLFKHQPXVV'DEHLGLHVHP(UVWHQ$XIKHL]HQHLQLQWHQVLYHU*HUXFKHQWVWHKWLVWHVXQEHGLQJWQ|WLJGHQ
5DXPJXW]XOIWHQXQGGLH7UHQ]XGHQDQJUHQ]HQGHQ5lXPHQ]XVFKOLH‰HQ
'DQDFK7UHZLHGHUVFKOLH‰HQXQGGLH7KHUPRVWDWHXQGGHQ+DXSWVFKDOWHUDXIijGUHKHQDEVFKDOWHQ
6FKDOWHUEOHQGH
/LFKWVFKDOWHU
.RQWUROOODPSHJHOE2EHUKLW]H
7KHUPRVWDW2EHUKLW]H
.RQWUROOODPSHJHOE8QWHUKLW]H
7KHUPRVWDW8QWHUKLW]H
.RQWUROOODPSHJUQ
+DXSWVFKDOWHU
,1%(75,(%1$+0(
'HU+DXSWVFKDOWHUZLUGDXI6WHOOXQJJHGUHKW
'DV*HUlWLVWEHWULHEVEHUHLWXQGGLHJUQH.RQWUROOODPSHOHXFKWHW
'LHJUQH1HW].RQWUROOOHXFKWH]HLJWDQGDVVGHU+DXSWVFKDOWHUGHV*HUlWHVLQ6WHOOXQJ%HWULHELVWXQG
GDV*HUlWGDPLWIXQNWLRQVEHUHLWLVW
'LH7KHUPRVWDWHZHUGHQQDFKUHFKWVXQGDXIGLHJHZQVFKWH7HPSHUDWXUJHGUHKW
:QVFKWPDQ]%HLQH2EHUKLW]HWHPSHUDWXUYRQƒ&ZLUGGHUREHUH7KHUPRVWDWNQRSIGHV%DFNURKUHVQDFK
UHFKWVDXIƒ&HLQJHVWHOOW
:LUGIUGLH8QWHUKLW]Hƒ&EHQ|WLJWZLUGGHUXQWHUH7KHUPRVWDWNQRSIDXIƒ&HLQJHVWHOOW
%HLGLHVHU5HFKWVGUHKXQJOHXFKWHQGLHJHOEHQ.RQWUROOODPSHQDXIXQGOHXFKWHWVRODQJHELVLP%DFNURKUGLH
HLQJHVWHOOWHQ7HPSHUDWXUHQHUUHLFKWVLQG
'LHVHJHOEHQ+HL].RQWUROOOHXFKWHQVLJQDOLVLHUHQGHQ+HL]EHWULHEGHV*HUlWHV,VWGLHHUIRUGHUOLFKH7HPSHUDWXU
HUUHLFKWZLUGGHU+HL]YRUJDQJXQWHUEURFKHQXQGGLHJHOEH.RQWUROOOHXFKWHHUOLVFKW
'LH,QQHQEHOHXFKWXQJZLUGPLWGHPREHUHQ'UHKVFKDOWHUHLQJHVFKDOWHW
$FKWXQJ
'DV*HUlWVWHKWDXFKEHLDEJHVFKDOWHWHP*HUlWH+DXSWVFKDOWHUXQGHUORVFKHQHUJUQHU.RQWUROOOHXFKWHXQWHU
6WURPVSDQQXQJ9RU:DUWXQJXQG5HSDUDWXUDUEHLWHQVRZLHLP6W|UIDOOLVWGDKHULQMHGHP)DOOGLH6WURP]XIXKU
]%GXUFK=LHKHQGHV6WHFNHUVRGHUGXUFK$EVFKDOWXQJYRQ=HQWUDOVFKDOWHUQRGHU6LFKHUXQJHQLQVJHVDPW]X
XQWHUEUHFKHQ 6HLWH
5,&+7,*(6%527%$&.(1
'LHQHXHQWZLFNHOWHQgIHQGHU6HULHÄ1%2³VLQGPLWQHXHVWHUXQGHQHUJLHVSDUHQGHU7HFKQLNDXVJHUVWHW
GKGLH+HL]XQJIU2EHUXQG8QWHUKLW]HVLQGLQGHQ6FKDPRWWSODWWHQLQWHJULHUW'LHVKDWGHQ9RUWHLOGDVV
GLH6FKDPRWWSODWWHQGLUHNWYRQGHQ+HL]N|USHUQDXIJHKHL]WZHUGHQXQGGHVKDOEZHVHQWOLFKHQHUJLHVSDUHQGHU
DUEHLWHQ
n9RUKHL]HQ
'HU+DXSWVFKDOWHUZLUGDXI6WHOOXQJijJHGUHKWGDV*HUlWLVWVRPLWEHWULHEVEHUHLWXQGGLHJUQH.RQWUROOODPSH
OHXFKWHW'HU2IHQVROOIU6FKZDU]EURWPLWFDƒELVƒ&IU2EHUKLW]HXQG
ƒELVƒ&IU8QWHUKLW]HDXIJHKHL]WZHUGHQ'LHVJHVFKLHKWPLW5HFKWVGUHKXQJGHU7KHUPRVWDWH
DXIGLHJHZQVFKWH7HPSHUDWXU'LHVH7HPSHUDWXUHLQVWHOOXQJHQVLQGYRQGHU7HLJEHVFKDIIHQKHLW
%URWPLVFKXQJ%URWIHXFKWLJNHLWXVZGHU%URWJU|‰HXQGGHUHYHQWXHOOHQ9HUZHQGXQJYRQ%DFNEOHFKHQ
DOV2ULJLQDO]XEHK|UHUKlOWOLFKDEKlQJLJXQGN|QQHQDXFKDEZHLFKHQ'LHIU,KU6SH]LDOEURWULFKWLJH
7HPSHUDWXUHLQVWHOOXQJPXVVLQYHUVFKLHGHQHQ%DFNYHUVXFKHQPLWYHUVFKLHGHQHQ7HPSHUDWXUHLQVWHOOXQJHQDP
2IHQJHIXQGHQZHUGHQ'LH$XIKHL]]HLWEHWUlJWFD0LQXWHQXQGLVWDEKlQJLJYRP0RGHOO
GHQ7HPSHUDWXUHLQVWHOOXQJHQ%DFNUDXPWHPSHUDWXU5DXPWHPSHUDWXUXQGGHUDQJHOHJWHQ6WURPVSDQQXQJ
o$XIKHL]]HLWHQ
1DFKFD0LQXWHQHUOLVFKWGLHRUDQJH7KHUPRVWDW.RQWUROOOHXFKWHGHU8QWHUKLW]H
1DFKFD0LQXWHQHUOLVFKWDXFKGLHRUDQJH7KHUPRVWDW.RQWUROOOHXFKWHGHU2EHUKLW]H
'LHVEHGHXWHWGDVVGLHHLQJHVWHOOWHQ7HPSHUDWXUHQHUVWHUUHLFKWVLQGZHQQEHLGH.RQWUROOODPSHQ
HUORVFKHQVLQG
p1DFKKHL]]HLWE]Z$EVWHKHQGHV2IHQ
8PHLQJXWHV%DFNHUJHEQLV]XHU]LHOHQLVWHVZLFKWLJGHQHLQJHVFKDOWHWHQ2IHQQRFKFD0LQXWHQ
Ä$%67(+(1³]XODVVHQGDPLWGLH6FKDPRWWHVWHLQHGLH+LW]HDXIQHKPHQN|QQHQXQGVLFKGLH:lUPHLP
%DFNUDXPJOHLFKPl‰LJYHUWHLOW
q(LQEULQJHQGHV%URWHVXQGDEGUHKHQGHU7KHUPRVWDWH
(UVWQDFKGHP$EVWHKHQGHV2IHQVZLUGGHU7HLJHLQJHVFKRVVHQ%HVWFNHQ6LHMHW]WGLH%DFNIOlFKHPLW,KUHP
%URW$FKWHQ6LHELWWHGDUDXIGDVVGDV%URWQLFKW]XNQDSSQHEHQHLQDQGHUOLHJWGDPLWGLH+LW]HGDV%URW
JOHLFKPl‰LJHUUHLFKHQNDQQDQVRQVWHQVHLWOLFKH.UXVWHQULVVH7UHQLFKWXQQ|WLJODQJHJH|IIQHWODVVHQZHJHQ
+LW]HYHUOXVW6RIRUWQDFKGHP(LQVFKLH‰HQGHV%URWHVXQGGHPVFKOLH‰HQGHU7UHZHUGHQGLH
+HL]N|USHUGHV%URWEDFNRIHQDXVJHVFKDOWHW'LHVHV$XVVFKDOWHQNDQQDXI$UWHQHUIROJHQ(QWZHGHUGXUFK
GUHKHQGHUEHLGHQ7KHUPRVWDWUHJOHULQGLHij6WHOOXQJRGHU6LHGUHKHQGHQ+DXSWVFKDOWHULQGLHij6WHOOXQJ
:LUGPLWGHP+DXSWVFKDOWHUDXVJHVFKDOWHWEOHLEWGLHYRUHLQJHVWHOOWH7HPSHUDWXUHLQVWHOOXQJGHU7KHUPRVWDWHIU
GHQQlFKVWHQ9RUKHL]JDQJHLQJHVWHOOW
'HUDQVFKOLH‰HQGH%DFNYRUJDQJHUIROJWVWURPORVRKQHHOHNWULVFKHP+HL]EHWULHEGDPLWGDV%URWPLWIDOOHQGHU
%DFNWHPSHUDWXUJOHLFKPl‰LJRKQH$XVWURFNQXQJGHV%URWHVDXVJHEDFNHQZLUG
r%HVFKZDGXQJ6FKZHOODQODJH
-HGHU2IHQKDWVHULHQPl‰LJHLQHQ6FKZHOOWULFKWHUPLWEHLJHSDFNW'LHVHU6FKZHOOWULFKWHUGLHQWQXUEHL
1RWZHQGLJNHLW]XP(LQIOOHQYRQ:DVVHULQGLH6FKZHOODQODJHXQGZLUGREHQOLQNVHLQJHVWHFNW
6REDOGDOOH%URWHLP2IHQVLQGNDQQPDQEHL%HGDUIFOPOELVPD[LPDOFOPOGDVLVWPD[LPDO
HLQ'ULWWHO)DVVXQJVYHUP|JHQGHV6FKZHOOWULFKWHUV:DVVHUHLQIOOHQ'LHVHQWVSULFKWDXFKHLQHP
6FKQDSVVWDPSHUOPLWFO'HUGDEHLHQWVWHKHQGH'DPSIPDFKWGLH2EHUIOlFKHGHV%URWHVJHVFKPHLGLJXQG
YHUKLQGHUWRIWPDOVDXFKHUZQVFKWGDV$XIUHL‰HQGHU%URWULQGH1DFK0LQXWHQGHQ'DPSIGXUFKNXU]HV
|IIQHQGHU7UHHQWZHLFKHQODVVHQ6FKZDGHQDE]XJ'LHVHU%HVFKZDQGXQJVYRUJDQJLVWEHLPHKUPDOLJHQ
QDFKIROJHQGHQ%DFNYRUJlQJHQQLFKWPHKUQRWZHQGLJXQGVROOGDQQYHUPLHGHQZHUGHQGDQQLVWEHUHLWV
JHQJHQG)HXFKWLJNHLWLP2IHQ
s'DV$XVEDFNHQGHV%URWHV
'LHLP6FKDPRWWJHVSHLFKHUWH+LW]HElFNWGDV%URWDXIQDWUOLFKH$UW+RO]EDFN2IHQ(IIHNWDXV
'LH*HVDPWEDFN]HLWEHWUlJWEHLNJ%URWHFD±0LQXWHQEHLNJ%URWHFD0LQXWHQ
:lKUHQGGHV%DFNYRUJDQJHVVROOWHPDQGLH7UHQLFKWPHKU|IIQHQGDPLWHLQ+LW]HYHUOXVWYHUPLHGHQZLUG
6HLWH
'HU%DFNYRUJDQJNDQQGXUFKGDV7UJODVEHLHLQJHVFKDOWHWHU,QQHQEHOHXFKWXQJEHREDFKWHWZHUGHQ
1DFK(QWQDKPHGHV)HUWLJJHEDFNHQHQ%URWHVDPEHVWHQXQGVLFKHUVWHQPLWHLQHU+RO]%URWVFKDXIHO
VROOWHGDV%URWPLWIULVFKHP:DVVHUPLWHLQHU6SUKIODVFKHDQJHVSUKWZHUGHQ'DV%HVSUKHQGHV%URWHV
LVWZLFKWLJGHQQGDGXUFKEHNRPPWGLH.UXVWHHWZDV*ODQ]XQGZLUGNQXVSULJ:HL‰EURWXQG)HLQJHElFN
ZHUGHQPLWHQWVSUHFKHQGQLHGULJHU7HPSHUDWXUJHEDFNHQ+LHUIUHPSILHKOWVLFKGLH9HUZHQGXQJYRQJHORFKWHQ
%DFNEOHFKHQDOV2ULJLQDO]XEHK|UHUKlOWOLFK
t:HLWHUH%DFNYRUJlQJH
)UHLQHQHYHQWXHOOHQZHLWHUHQ%DFNYRUJDQJEHJLQQHQ6LHZLHGHUPLW3XQNWnGDV9RUKHL]HQ
ZHOFKHVMHW]WQDWUOLFKGXUFKGLHQRFKJHVSHLFKHUWH5HVWZlUPHNU]HULVWXQGYHUIDKUHQPLWDOOHQ
ZHLWHUHQ3XQNWHQZLHJHKDEW'XUFKPHKUHUHQDFKIROJHQGH%DFNYRUJlQJHEDFNHQVLHGDQQ,KU
%URWVHKUHQHUJLHVSDUHQGGD6LHGDEHLGLH6SHLFKHUKLW]HGHV2IHQVYROOQW]HQ
u%DFNHQGH$XVVFKDOWHQGHV2IHQ
+DEHQ6LH,KUH%DFNYRUJlQJHEHHQGHWGUHKHQ6LHGLHEHLGHQ7KHUPRVWDWHDXI3RVXQGVFKDOWHQGHQ2IHQ
GXUFKGUHKHQGHV+DXSWVFKDOWHUDXI3RVDXV'DV/LFKWZLUGPLWGHP/LFKWVFKDOWHUDXVJHVFKDOWHW1DFK
%DFNHQGHPXVVGLH2IHQWUHJH|IIQHWZHUGHQGDPLWGLHDXIJHQRPPHQH)HXFKWLJNHLWDXVGHP
6FKDPRWWHVWHLQHQHQWZHLFKHQNDQQ1DFK$ENKOXQJGHV2IHQVVROOGLH7UHGDQQZLHGHUJHVFKORVVHQ
ZHUGHQXP]XYHUKLQGHUQGDVVGHU2IHQGLH8PJHEXQJVIHXFKWLJNHLWDXIQLPPW
$&+781*'DV*HUlWVWHKWDXFKEHLDEJHVFKDOWHWHP*HUlWH+DXSWVFKDOWHUXQGHUORVFKHQHUJUQHU
.RQWUROOOHXFKWHXQWHU6WURPVSDQQXQJ%HL1LFKWEHQXW]XQJGHV2IHQVYRU:DUWXQJXQG5HSDUDWXUDUEHLWHQ
VRZLHLP6W|UIDOOLVWGDKHULQMHGHP)DOOGLH6WURP]XIXKU]%GXUFK=LHKHQGHV6WHFNHUVRGHUGXUFK
$EVFKDOWXQJYRQ=HQWUDOVFKDOWHUQRGHU6LFKHUXQJHQLQVJHVDPW]XXQWHUEUHFKHQ
%$&.81'%527)(+/(58UVDFKHXQG$EKLOIHVLHKHDXFK7HLJEHDUEHLWXQJ6HLWH
%URWLVW]XKHOO2EHUE]Z8QWHUKLW]HLVW]XQLHGULJHLQJHVWHOOW
%URWYHUEUHQQWREHQ2EHUKLW]HLVW]XKRFKHLQJHVWHOOW
%URWYHUEUHQQWXQWHQGLH7HPSHUDWXUZXUGH]XKRFKJHZlKOWRGHUGDV$EVWHKHQGHV2IHQ
VLHKH3XQNWZXUGHQLFKWDEJHZDUWHWZRGXUFKVLFKGLH+LW]HLP2IHQQLFKWULFKWLJYHUWHLOWKDW
(VZXUGHQZlKUHQGGHU%DFN]HLWGLH7KHUPRVWDWHZLHGHUHLQJHVFKDOWHW'LH7KHUPRVWDWHIU2EHUXQG
8QWHUKLW]HVROOHQJHQHUHOOEHLP$XVEDFNHQGHV%URWHVQLFKWPHKUHLQJHVFKDOWHWZHUGHQ
%URWNOHEWXQWHQDP6WHLQDQ]XVWDUNH8QWHUKLW]HRGHU]XZHQLJ0HKODP7HLJOLQJEHLP(LQVFKLH‰HQ
%URWUHL‰WDXIGHU7HLJLVW]XIHVWRGHUGHU7HLJLVW]XZHQLJHLQJHVFKQLWWHQZRUGHQ
:HQQGDV%URWDQGHQ6HLWHQUXQGKHUXPDXIUHL‰WZDUGHU7HLJ]XIHVWRGHUQRFKQLFKWJHQJHQGJHJDQJHQ
%URWLPPHUHUVWEDFNHQZHQQGDV9ROXPHQXPGDVGRSSHOWHJU|‰HUJHZRUGHQLVW
%ODVHQDXIGHU%URWREHUIOlFKHRGHU,QQHUHV$XIUHL‰HQYHUPHLGHWPDQLQGHPPDQGHQ7HLJYRUGHP
%HVFKLFNHQPLWHLQHU*DEHORGHU6WULFNQDGHOPHKUPDOVHLQVWLFKWRGHUPLWGHP0HVVHUOHLFKWHLQVFKQHLGHW
GDPLWGLH*DVHHQWZHLFKHQN|QQHQ
5LVVLJH.UXVWH]XIHXFKWHVFKZDFKJHVWlXEWH%URWEDFNIRUPHQYHUZHQGHWYHUKDXWH7HLJREHUIOlFKH
]XQLHGULJH7HPSHUDWXU%HLVHLWOLFKHQ.UXVWHQULVVHQ%URW]XHQJHLQJHVFKREHQ]XZHQLJ6FKZDGHQPHQJH
%HLYLHOHQNOHLQHQ5LVVHQ%URW]XVWDUNEHPHKOW]XKRKH6FKZDGHQPHQJH]XVSlWHU6FKZDGHQDE]XJ
.OHLQH2EHUIOlFKHQULVVHYHUPHLGHWPDQLQGHPPDQGHQ7HLJYRUGHP(LQVFKLHEHQPLW:DVVHURGHU :DVVHUYHUGQQWHP(LEHVWUHLFKW
7UHWHQ5LVVHQDFKGHP(LQVFKLHEHQDXIVRPXVVGHU7HLJGDVQlFKVWH0DOIHVWHUJHNQHWHWZHUGHQ
%HL]XIHVWHP%URWLVWGHU7HLJHQWZHGHU]XZHQLJJHJRUHQRGHUHVVLQG]XZHQLJ/RFNHUXQJVPLWWHOLP7HLJ
+HIHXQG6DXHUWHLJ6ROOWHVLFKWURW]DOOHU6RUJIDOWEHLP%DFNHQGLH5LQGHREHQDEKHEHQGDQQKDEHQ6LH
HQWZHGHUHLQEHVRQGHUV0HKOZHOFKHVVHKUVFKQHOOEUlXQWRGHUHLQPDQJHOKDIWHV0HKOEHLGHPGDV
7HLJLQQHUHQLFKWPLWJHKW
6SHFNLJHV%URWHQWVWHKWZHQQGLH7HPSHUDWXUEHLPÄ*HKHQ³]XKRFKLVWRGHUGDV0HKO]XZHQLJ
.OHEHJHKDOWEHVLW]W
:HQQGHU7HLJ]XWURFNHQLVWEHNRPPWGDV%URWHLQHVHKUKHOOH.UXVWH'HU7HLJPXVVIHXFKWVHLQHEHQVR
GLH2EHUIOlFKHGHV7HLJHVPLWNDOWHP:DVVHUDEVWUHLFKHQ'DQQZLUGGLH.UXVWHGXQNHOXQGNQXVSULJ
.OHLQJHElFNXQG:HL‰EURWNXU]YRU%DFNHQGHQRFKPDOVPLWNDOWHP:DVVHUDEVWUHLFKHQRGHUEHVSUKHQ
'XUFKGLHVHVQRFKPDOLJH%HIHXFKWHQZlKUHQGGHV$XVEDFNHQVHUKlOWGDV:HL‰JHElFNPHKU)DUEH
:HL‰EURWZLUGDXFKJHUQHPLWHLQHUHWZDVK|KHUHQ7HPSHUDWXUaƒ&XQGNU]HUHQ%DFN]HLWJHEDFNHQ
'LHIU,KU6SH]LDOEURWULFKWLJH7HPSHUDWXUHLQVWHOOXQJPXVVJHQHUHOOLQYHUVFKLHGHQHQ%DFNYHUVXFKHQ
PLWYHUVFKLHGHQHQ7HPSHUDWXUHLQVWHOOXQJHQDP2IHQJHIXQGHQZHUGHQ 6HLWH
%5277(,*±7(,*%($5%(,781*±*581'5(=(37
7(,*%($5%(,781*
'LHZLFKWLJVWHQ=XWDWHQ0HKO:DVVHU+HIHXQG6DO]$QVWDWW+HIHNDQQDXFK6DXHUWHLJYHUZHQGHWZHUGHQ
=XU9HUDUEHLWXQJGHV0HKOHVVROOWHGLHV5DXPWHPSHUDWXUKDEHQ
)UHLQHQ%URWODLEPLWFDFP'XUFKPHVVHUEHQ|WLJWPDQFDNJ0HKOHUJLEWNJ)HUWLJJHZLFKW
'LHJHZQVFKWHQ*HZU]HXQGGDVLQODXZDUPHQ:DVVHUDXIJHO|VWH6DO]EHLJHEHQDXIJHJDQJHQH+HIH
XQGODXZDUPHV:DVVHUKLQ]XIJHQXQGGHQ7HLJDPEHVWHQLQHLQHU1)*7HLJNQHWPDVFKLQHJXWGXUFKNQHWHQ
1DFKFD0LQXWHQ.QHWHQLVWGHU7HLJIHUWLJXQGVROOGDPLWHUQLFKWDXVWURFNQHWLQHLQHUDEJHGHFNWHQ
6FKVVHOPLWHLQHPVDXEHUHQ*HVFKLUUWXFKHWZDELV0LQXWHQJHKHQELVVLFKVHLQ9ROXPHQLQHWZD
YHUGRSSHOWKDW'DQQGHQ7HLJWHLOHQXQGMHGHQ7HLOHLQ]HOQGXUFKNQHWHQ
'DPLWGLH*DVHHQWZHLFKHQN|QQHQVFKOlJWPDQPLWGHU)DXVWNXU]LQGLH7HLJPDVVH
-HW]WGLH(LQ]HOSRUWLRQHQLQGLH%URWIRUPHQ6LPSHUOJHEHQXQGZHLWHUH0LQXWHQ]XJHGHFNWUDVWHQODVVHQ
%HYRUGDV%URWLQGHQ2IHQHLQJHEUDFKWZLUGNDQQHVPLWHLQHU*DEHOQRFKHLQLJH0DOHDQJHVWRFKHQ
ZHUGHQGDPLWGLH*DVHOHLFKWHUHQWZHLFKHQN|QQHQ=XP6FKOXVVE]ZEHLP(LQVFKLH‰HQGHV%URWHV
VROOGLH2EHUIOlFKHGHV%URWHVPLWHLQHPQDVVHQ7XFK%UlXQZLVFKQRFKEHIHXFKWHWZHUGHQGDV$EVWUHLFKHQ
'LHVHV$EVWUHLFKHQPLWNDOWHP:DVVHUYHUOHLKWGHU%URWULQGHHLQHNQXVSULJGXQNOH)DUEH
:HUJHUQHHLQHJOlQ]HQGHGXQNOH%URWULQGHZQVFKWNDQQQDFK%DFNHQGHGDV%URWQRFKPDOVPLWNDOWHP
:DVVHUDEVWUHLFKHQ
8PEHL.OHLQJHElFNXQG:HL‰EURWPHKU)DUEH]XEHNRPPHQVROOGLHVNXU]YRU%DFNHQGHQRFKPDOVPLW
:DVVHUDEJHVWULFKHQRGHUEHVSUKWZHUGHQ'XUFKGLHVHVQRFKPDOLJH%HIHXFKWHQZlKUHQGGHVIHUWLJ
$XVEDFNHQVHUKlOWGDV:HL‰JHElFNPHKU)DUEH
%DFNHQPLW6DXHUWHLJ
5HLQHV6DXHUWHLJEURWEUDXFKWHLQHÄ*HK]HLW³-HQDFK6RUWHLVWGDVXQWHUVFKLHGOLFK'LH0KHORKQWVLFKDEHU
LPPHUGHQQVRHLQ6DXHUWHLJEURWKDWHLQHYLHOOlQJHUH+DOWEDUNHLWXQGVFKPHFNWDXFKQDFK7DJHQQRFKIULVFK
)U0HQVFKHQGLHNHLQH+HIHYHUWUDJHQLVWGLHVHV%URWHLQ0XVV
7DJYRUGHP%DFNHQZLUGGDVJHVDPWHEHQ|WLJWH0HKOLQHLQHQHQWVSUHFKHQGJUR‰HQ%HKlOWHUZHQQP|JOLFK
HLQ%DFNWURJHLQJHEUDFKW
)UNJ0HKOZLUGòO6DXHUWHLJYHUZHQGHW'HQKLHUIUQ|WLJHQ6DXHUWHLJJLEWPDQLQGLH0LWWHGHV0HKOHV
*UXEHQDFKGHPMHGRFKYRUKHUGHU6DXHUWHLJPLWJXWòOODXZDUPHQ:DVVHUYHUGQQWZXUGH'DPSIO'LHVHV
'DPSIOOlVVWPDQQXQEHU1DFKWDQHLQHPZDUPHQ2UWVWHKHQ$PQlFKVWHQ7DJZLUGGHU7HLJLP7URJPLW
OHLFKWDQJHZlUPWHP:DVVHUXQG6DO]DQJHUKUWXQGQXQYHUDUEHLWHW
%5275(=(37(
5RJJHQEURW
NJ5RJJHQPHKOJ6DXHUWHLJJ+HIH/LWHU:DVVHU(VVO|IIHO
6DO]*HZU]H
5RJJHQYROONRUQEURW
NJ9ROONRUQPHKOJ6DXHUWHLJJ+HIH/LWHU:DVVHU(VVO|IIHO
6DO]*HZU]H
:HL]HQPLVFKEURW
NJ5RJJHQPHKONJ:HL]HQPHKOJ6DXHUWHLJJ+HIHò/LWHU
:DVVHUò(VVO|IIHO6DO]*HZU]H
+HOOHV0LVFKEURW
NJ5RJJHQPHKONJ:HL]HQPHKOJ6DXHUWHLJJ+HIH/LWHU:DVVHU
(VVO|IIHO6DO]*HZU]H
'XQNOHV5RJJHQPLVFKEURW
NJ5RJJHQPHKONJ:HL]HQPHKOJ6DXHUWHLJJ+HIHò/LWHU
:DVVHU(VVO|IIHO6DO]*HZU]H
:HL]HQEURW
NJ:HL]HQPHKOJ+HIH/LWHU:DVVHU(VVO|IIHO6DO]*HZU]H
*HZU]H.PPHO.RULDQGHU)HQFKHO$QLV
6HLWH
:$5781*XQG5(,1,*81*
1DFKIROJHQGHXQGGLH6LFKHUKHLWVKLQZHLVHGHU%HGLHQXQJVDQOHLWXQJDXI6HLWHVLQGEHLVlPWOLFKHQ
:DUWXQJVE]Z5HLQLJXQJVDUEHLWHQXQEHGLQJW]XEHDFKWHQ
9RU%HJLQQGHU:DUWXQJVE]Z5HLQLJXQJVDUEHLWHQGHQ+DXSWVFKDOWHUDXIVWHOOHQXQG
GDV*HUlWNRPSOHWWDENKOHQODVVHQ
9RUMHGHU:DUWXQJVXQG5HLQLJXQJVDUEHLWVRZLHLP6W|UIDOOLVWLQMHGHP)DOODXFKGLH
6WURP]XIXKU]%GXUFK=LHKHQGHV6WHFNHUVRGHUGXUFK$EVFKDOWXQJYRQ=HQWUDOVFKDOWHUQ
RGHU6LFKHUXQJHQLQVJHVDPW]XXQWHUEUHFKHQ
9RQ=HLW]X=HLW[PRQDWOLFKPXVVHLQH6FKPLHUXQJGHUPHFKDQLVFKHQ7UVFKDUQLHUH
ZLHDXI6HLWHEHVFKULHEHQHUIROJHQ'LHVH6FKPLHUXQJLVWXQHUOlVVOLFKGDHVVLFKXP
PHFKDQLVFKEHZHJOLFKH7UVFKDUQLHUHKDQGHOW
%HL1LFKWEHDFKWXQJHQWIDOOHQDOOH*DUDQWLHDQVSUFKH
*HUlWHQLHPDOVLQ:DVVHUWDXFKHQXQGQLFKWPLW+RFKGUXFNJHUlWHQ'UXFNZDVVHUVWUDKO
UHLQLJHQ
QXU5HLQLJXQJVPLWWHOYHUZHQGHQGLHGHQ/HEHQVPLWWHOJHVHW]HQHQWVSUHFKHQ
:DUWXQJVXQG5HLQLJXQJVDUEHLWHQQXUYRQJHVFKXOWHP3HUVRQDOGXUFKIKUHQ
5(,1,*81*
(LQH5HLQLJXQJQDFKGHP%DFNHQLVWXQEHGLQJWQRWZHQGLJ'LHVH5HLQLJXQJGDUIDEHUQXUEHLNRPSOHWW
DEJHNKOWHP*HUlWHUIROJHQ'LH,QQHQXQG$X‰HQIOlFKHQDXV(GHOVWDKOZHUGHQPLW&KURPVWDKO3IOHJHPLWWHOQ
JHUHLQLJW'HU6FKDPRWWHERGHQZLUGDPEHVWHQPLWHLQHP6SH]LDOEHVHQHUKlOWOLFKDOV2ULJLQDO]XEHK|UYRQ
%DFNUFNVWlQGHQJHUHLQLJWDEHUQXUEHLHUNDOWHWHP6FKDPRWWVWHLQHQ
8QWHUNHLQHQ8PVWlQGHQGDUILQGLH%DFN0XIIHO:DVVHUJHVFKWWHWZHUGHQ
'DV7UJODVGDUIQXULPNDOWHQ=XVWDQGJHVlXEHUWZHUGHQ%UXFKJHIDKUGXUFK:lUPHVSDQQXQJ
$XFKEHLP$EVSULW]HQGHUEULJHQ*HUlWHLP$XIVWHOOXQJVUDXPLVWGDUDXI]XDFKWHQGDVVNHLQ6SULW]ZDVVHU
VHLWOLFKLQGLHHOHNWULVFKH$QODJHJHODQJW
9(5+$/7(1%(,$8)75(7(192167g581*(1
%HLQLFKWULFKWLJHP%DFNHQVLQGIROJHQGH)HKOHUTXHOOHQP|JOLFK
,VWGLH$QKHL]]HLW]XODQJGDQQLVWVLFKHUOLFKGHU%DFNRIHQQLFKWULFKWLJJHVFKORVVHQ
(LQH6LFKHUXQJLVWGHIHNW
$QGHU=XOHLWXQJ]XP2IHQDP6WHFNHURGHULQGHU6WHFNGRVHNDQQHLQ)HKOHU8QWHUEUHFKXQJ
YRUOLHJHQ
'LH/HLWXQJ]ZLVFKHQ.OHPPHXQG+HL]N|USHULVWXQWHUEURFKHQZRGXUFKHLQ+HL]N|USHURKQH
6WURPEOHLEWHY:DFNHONRQWDNW
(LQRGHUPHKUHUH+HL]N|USHUVLQGVFKDGKDIW
(LQ7KHUPRVWDWLVWDXVJHIDOOHQ
%HL$XIWUHWHQHLQHV0DQJHOVODVVHQ6LHELWWHGHQ%DFNRIHQGXUFKHLQHQ7HFKQLNHUEHUSUIHQ'LHVHUNDQQVHKU
OHLFKWPLWVHLQHQ0HVVJHUlWHQHLQHQHWZDLJHQ'HIHNWIHVWVWHOOHQXQGGDQQDXFKEHKHEHQ
(UVDW]WHLOHZLH+HL]N|USHU7KHUPRVWDWHHWFN|QQHQMHGHU]HLWEHLXQVDQJHIRUGHUWZHUGHQ
%HL%HVWHOOXQJHQVLQGGLH2IHQW\SHXQGGLH)DEULNDWLRQVQXPPHUDQ]XJHEHQ 6HLWH