)UHL]HLWXQG 9HUDQVWDOWXQJVDQJHERWLP (LQULFKWXQJVYHUEXQG 6WHLQK|ULQJ 0QFKHQHU6WUDH 6WHLQK|ULQJ 7 ) HPDLOIZDOOQHU#NMIPXHQFKHQGH LQWHUQHWZZZHYVVWHLQKRHULQJGH 9RUZRUW 8QVHUQHXHU5HLVHNDWDORJLVWIHUWLJXQGOLHJW(XFKYRU ,FKP|FKWHPLFKKHXWHHLQIDFKEHGDQNHQ8QG]ZDUHLQPDOEHL*HUKDUG+DEHUGHUMHW]W ZHLWEHU-DKUHHKUHQDPWOLFKXQVHUH$OEDWURV5HLVHQJHVWDOWHWXQGGUXFNIHUWLJYRUEHUHLWHW KDW$XHUGHPKDWHUIUXQVE]IUHL]HLWHQ²XQVHUH,QWHUQHWVHLWHPLWYLHOHQ,QIRUPDWLRQHQIU XQVJHSÁHJW $XVJHVXQGKHLWOLFKHQ*UQGHQPXVVWHHUGLHVOHLGHUHLQVWHOOHQXQGZLUVDJHQUHFKWKHU]OLFK² Å9LHOHQ'DQN*HUKDUG´ )UXQVEHGHXWHWGLHVGDVVE]IUHL]HLWHQ]XP-DKUHVHQGHDEJHVFKDOWHWZLUG1HXLVWMHW]W GDVVZLUDOOH,QIRUPDWLRQHQDXIXQVHUHU(96WHLQK|ULQJ6HLWH(XFK]XU9HUIJXQJVWHOOHQ ZHUGHQ KWWSZZZHYVVWHLQKRHULQJGHGHZRKQHQIUHL]HLWDOEDWURVUHLVHQKWPO 8QWHUGHPREHQVWHKHQGHQ/LQNÀQGHWLKUGDQQDOOHQRWZHQGLJHQ ,QIRUPDWLRQHQXQGGDV$QPHOGHEODWW6RPLWN|QQHQDOOHDEVRIRUWDXIGLHVHP :HJDXFKHOHNWURQLVFK]XXQVHUHQ,QIRUPDWLRQHQÀQGHQ ,FKZQVFKHMHW]WDOOHQ5HLVHOXVWLJHQHLQHVFK|QH6DLVRQYLHOH(XUHU 9RUVFKOlJHNRQQWHQZLUXPVHW]HQXQGZLUIUHXHQXQVDXIEOHLEHQGH (UOHEQLVVHEHL(XUHQ5HLVHQ )UDQ]:DOOQHU PLWGHP$OEDWURV5HLVH7HDP 8QVHUQHXHU:HUNVWDWWOHLWHU²+HUU7KRPDV%UHXHUKDWIROJHQGH :RUWHIUGDVQHXH5HLVHXQG9HUDQVWDOWXQJVSURJUDPP 'DV$OEDWURV5HLVHDQJHERWLVWEHLXQVHUHQ:HUNVWDWW%HVFKlIWLJWHQ lXHUVWEHOLHEWXQGEHVWHKWDXVVHOEVWDEJHVWLPPWHQ:XQVFK]LHOHQ IU:LQWHUXQG6RPPHU (VXQWHUVWW]WGLH:DKOIUHLKHLWPLWHLQHPHQRUPHQ6SHNWUXPXQG /HLVWXQJHQDQ5HLVHQXQG9HUDQVWDOWXQJHQZHOFKHZHLWEHUGLH*UHQ]HQXQVHUHV (LQULFKWXQJVYHUEXQGHVSRVLWLYXQGZHUWVFKlW]HQGEHNDQQWVLQGXQGVRJDUYRQDQGHUHQ :HUNVWlWWHQXQG(LQULFKWXQJHQLPPHUVWlUNHUJHQXW]WZHUGHQ 'LH0|JOLFKNHLWGHQ:HUNVWDWW$OOWDJ]XYHUODVVHQXQGLQGHQYHUGLHQWHQ8UODXE]XIDKUHQKDW HLQHQKRKHQ6WHOOHQZHUWIU$EZHFKVOXQJ5HJHQHUDWLRQXQG6HOEVWYHUWUDXHQGXUFK(UIDKUXQJ XQG7HLOKDEHLQ*HPHLQVFKDIW :LUXQWHUVWW]HQGLHVGHVKDOEJHUQHGXUFK0LWDUEHLWXQG%HWUHXXQJGLUHNWDXFKDQGHQ 9HUDQVWDOWXQJHQWURW]HQRUPHU2UJDQLVDWLRQVOHLVWXQJHQXQG0HKUDUEHLWLPJHVDPWHQ (LQULFKWXQJVYHUEXQGHV6WHLQK|ULQJXPHLQHQJHUHJHOWHQXQGVLFKHUHQ%HWULHEGHUHLQ]HOQHQ :HUNVWlWWHQDXIUHFKW]XHUKDOWHQ 9HUDQVWDOWXQJHQ 5HLVHQ .DIIHH.UDQ]O 1HXMDKUVHPSIDQJXQVHUHU HKUHQDPWOLFKHQ0LWDUEHLWHULQQHQ %DG:|ULVKRIHQ )DVFKLQJVEDOOÅ/LOD´ +RIEHL6WUDGHQ6WHLHUPDUN Å,UJHQGZRDXIGLHVHU:HOW´ 7KHDWHU&OXE )ULHGHQVIORWWH0LUQR0RUH %D\HUQ .DIIHH.UDQ]O &DRUOH 6RPPHUIHVW1LNROXDVVFKXOH %XGDSHVW &RXQWU\IHVW 06)HOLFLWDV%HUOLQ -XPERIDKUWXQG2SHQ$LU.RQ]HUW %LELRQH=HOWODJHU 9G.6RPPHUIHVW 0DULD3IDUU/XQJDX 6RPPHUIHVW(JOKDUWLQJ 7DXEHUWDO5|WWLQJHQ +RIIHVWLQ)HQGVEDFK %HUJIUHL]HLW0DWLQLKRI .DIIHH.UDQ]O 5DGIUHL]HLWÅ$OWPKOVHH´ 0XQG$UW$EHQG %HWUHXHUYHUVDPPOXQJ 5LWWHUJXW/W]HQV|PPHUQ &KULVWNLQGOPDUNW 8QJDUQ3ODWWHQVHH %HVLQQXQJVWDJH :LWLNRKRILQ%LVFKRIVUHXWK %DG.|W]LQJ)HFKHWHUKRILP %D\ULVFKHQ:DOG 0LUQR0RUH)ULHGHQVÁRWWH LP5DXP6SOLW.URDWLHQ %HVLQQXQJVWDJH$QJHERW *DUGDVHH,WDOLHQ $OW|WWLQJ+DXV(OLVDEHWK $OLFDQWH6SDQLHQ :LQWHUIUHL]HLW.|VVHQLQ7LURO ,QNOXVLYHU6NLWDJ6WXGHOIHOG 2SHUQ1DFKPLWWDJDXI*XW ,PPOLQJ .|VVHQ 5HLVH]LHO .|VVHQLQ7LURO 5HLVHGDWXP 5HLVHOHLWXQJ 0DQIUHG7RPLF 5HLVHEHJOHLWXQJ &KULVWLQD(VFKHU3HWHUXQG0DULDQQH 2EHUSULOOHUX%)' 5HLVHWHLOQHKPHU 8UODXEVWDJH .RVWHQ FDĄ %HVRQGHUKHLWHQ )U5ROOLQLFKWJHHLJQHW,QKDOWOLFKHU 6FKZHUSXQNWLVWDNWLYHU:LQWHUVSRUW $XHUKDOEGHV2UWHV.|VVHQLQ7LUROOLHJWGHUEHOLHEWH9HLWHQKRI'LHVHUFD-DKUH DOWH%DXHUQKRIGLHQWXQVVFKRQEHUYLHOH-DKUHDOVWROOH8QWHUNXQIWEHL 6HOEVWYHUVRUJXQJ 'LH8UODXEVZRFKHZROOHQZLUMHQDFK6FKQHHXQG:HWWHUODJHPLW6FKOLWWHQIDKUHQ 6NLODQJODXI$OSLQVNLIDKUHQ6FKQHHVFKXKODXIHQXQG+WWHQ]DXEHUJHQLHHQ 'LHVHV$QJHERWLVWDXFKIU$QIlQJHUJHHLJQHWGLH6NLIDKUHQXQG6NLODQJODXI DXVSURELHUHQP|FKWHQDEHUDXFKIUMXQJH:HUNVWDWWPLWDUEHLWHULQQHQGLHEHUHLWVLQ LKUHU6FKXOHPLW:LQWHUVSRUWDNWLYZDUHQ $OOH)UHXQGLQQHQYRQ6FKQHHXQG(LVVLQGKHU]OLFKHLQJHODGHQ 'DZLUDNWLYEHL6SHFLDO2O\PSLFVLP%HUHLFK:LQWHUVSRUWGDEHLVLQGLVWGLHVDXFKDOV 7UDLQLQJVZRFKHDQ]XVHKHQ )UYLHO6SDJDUDQWLHUWXQVHU5HLVHOHLWHU0DQIUHG7RPLFXQGGDV%HJOHLWHU7HDP 6XGHOIHOG 5HLVH]LHO ,QNOXVLYHU6NLWDJDP6XGHOIHOG 5HLVHGDWXP 5HLVHOHLWXQJ )UDQ]:DOOQHU 5HLVHEHJOHLWXQJ 7RPLF0DQIUHG 5HLVHWHLOQHKPHU $OOHGLHJHUQH6NLIDKUHQ 8UODXEVWDJH .RVWHQ 7DJHVNDUWHXQG%URW]HLW² 6NLVFKXONRQGLWLRQHQVWHKHQ]XU9HUIJXQJ %HVRQGHUKHLWHQ )U5ROOLQLFKWJHHLJQHW :HUJHUQ6NLIlKUWXQGGLHV]XVDPPHQPLWXQVHUHQ6SRUWOHULQQHQGHV(96 DXVSURELHUHQXQG6SDKDEHQZLOOLVWKHU]OLFKZLOONRPPHQ :LUZROOHQKLHUDOOH.ROOHJLQQHQXQG(KUHQDPWOLFKHQ$QJHK|ULJHQXQG)UHLZLOOLJHQ DQVSUHFKHQ 'LH%HJOHLWXQJXQVHUHU6NLIDKUHULQQHQZHUGHQZLUVLFKHUVWHOOHQXQGVR VROOHVHLQJHPHLQVDPHULQWHUHVVDQWHU6NLWDJZHUGHQ =ZHL7HUPLQHVLQGQXUZHJHQGHUXQVLFKHUHQ6FKQHHXQG:HWWHUYHUKlOWQLVVHUHVHUYLHUW %DG:|ULVKRIHQ 5HLVH]LHO :HOOQHVVIU)UDXHQLQ%DG:|ULVKRIHQ 5HLVHGDWXP 5HLVHOHLWXQJ (ONH.RFK 5HLVHEHJOHLWXQJ .DWKL$PDQ 5HLVHWHLOQHKPHU 8UODXEVWDJH .RVWHQ Ą %HVRQGHUKHLWHQ $OOH7HLOQHKPHULQQHQVROOWHQVLFKJHUQLP :DVVHUEHZHJHQ :LUIDKUHQWlJOLFKYRP+RWHOLQGLH7KHUPH0DVVDJHQN|QQHQZLHGHU JHEXFKWZHUGHQ1DFKPLWWDJVJLEWHVGLH0|JOLFKNHLWHQ]X6SD]LHUJlQJHQ LP.XUSDUNXQG8PJHEXQJ :LU)UDXHQZROOHQXQVVRULFKWLJYHUZ|KQHQODVVHQ +RIEHL6WUDGHQ 5HLVH]LHO +RIEHL6WUDGHQ6WHLHUPDUN 5HLVHGDWXP 5HLVHOHLWXQJ 0DUNXV3RGJRUQLN 5HLVHEHJOHLWXQJ &ODXGLD)UHL6FKHUU 5HLVHWHLOQHKPHU 3HUVRQHQ 8UODXEVWDJH WDJH .RVWHQ FDĄ %HVRQGHUKHLWHQ )U5ROOVWXKOIDKUHUJHHLJQHW ,QGHUW\SLVFKHQVWHLHULVFKHQ,G\OOHGHQ$OOWDJYHUJHVVHQXQG/HEHQVIUHXGHWDQNHQ GDVLVWZLHGHUDQJHVDJWEHLGHP8UODXELQ+RIEHL6WUDGHQ 'HU*HPVHEDXHUQKRIGHU)DPLOLH)OXFKHUOLHJWDP:DOGHVUDQGPLW%OLFNDXIGHQ .LUFKEHUJYRQ6WUDGHQPLWWHQLP6WHLHULVFKHQ:HLQXQG7KHUPHQODQG ,QGHPPLOGHQ.OLPDGHU5HJLRQJHGHLKHQ*HPVHXQG)UFKWHLQJURHU9LHOIDOWXQG GLHVHZHUGHQZLUDXFKEHLXQVHUHP$XIHQWKDOWJHQLHHQN|QQHQ'DVVDQIWH+JHOODQG GDVVWHLHULVFKH9XONDQODQGELHWHWYLHOH0|JOLFKNHLWHQIU$XVÁJHXQGVHKHQVZHUWH 6SD]LHUJlQJH %HLVSLHOHIUV7DJHVSURJUDPP $XVÁXJ]XU5LHJHUVEXUJPLW*UHLIYRJHOVFKDXLQGHQQDKHJHOHJHQHQ.XOWXUKDXSWVWDGW QDFK*UD]%HVXFKGHU6FKRNRODGHQIDEULNÅ=RWWHU´PLW6FKRNRODGHQWKHDWHU6FKORVVXQG 7LHUSDUN+HUEHUVWHLQRGHU%HVLFKWLJXQJGHV6W\UDVVLF3DUN (LQ)DXOHQ]HUWDJORKQWVLFKDEHUJHQDXVRXPGHQ$OOWDJDXIGHP*HPVHEDXHUQKRI]X JHQLHHQRGHUGHQ$EHQGPLWHLQHJHPWOLFKHQ/DJHUIHXHUDXVNOLQJHQ]XODVVHQ $EHQGVVWHKWDXIMHGHQ)DOOHLQH(LQNHKULQHLQHQGHUOHJHQGlUHQ%XVFKHQVFKlQNHQ RGHUGHU%HVXFKGHV%XOOGRJ:LUWDXIGHP3ODQ PLUQRPRUH 5HLVH]LHO )ULHGHQVIORWWH0LUQR0RUH%D\HUQLP )UKMDKU 5HLVHGDWXP 5HLVHOHLWXQJ )UDQ]:DOOQHU 5HLVHEHJOHLWXQJ -H6FKLIIHLQHKDXSWDPWOLFKH0LWDUEHLWHULQ XQGHUIDKUHQHHKUHQDPWOLFKH6NLSSHUXQG %HJOHLWHULQQHQ 5HLVHWHLOQHKPHU -H6FKLIIPD[7HLOQHKPHULQQHQ 8UODXEVWDJH .RVWHQ 0D[Ą %HVRQGHUKHLWHQ )U7HLOQHKPHU,QQHQPLW 0RELOLWlWVHLQVFKUlQNXQJHQQXUDXI$QIUDJH 6HLWGHP3LORWSURMHNWYRQVWDUWHWGLHIULHGHQVÁRWWHPLUQRPRUH%D\HUQDXFKLP )UKMDKUMHGHQ-DKUHVPLWFD%RRWHQDQGHU:HVWNVWHLQ,VWULHQ.URDWLHQ =XVDPPHQPLWGHUIULHGHQVÁRWWHPLUQRPRUH6DO]EXUJKDEHQZLUHUZDFKVHQH0HQVFKHQ PLWJDQ]XQWHUVFKLHGOLFKHQ%HGLQJXQJHQDQ%RUGGLHVLFKJHPHLQVDPDXIHLQ EHVRQGHUHV$EHQWHXHUHLQODVVHQ :LUVLQGPLWHLQDQGHUXQWHUZHJVEDXHQ.RQWDNWHXQWHUHLQDQGHUXQGLQGHU5HJLRQ JUHQ]EHUJUHLIHQGDXVVLQGWROHUDQWXQGDN]HSWLHUHQGLHEHVRQGHUHQ%HGLQJXQJHQGLH HLQ]HOQH&UHZVPLWVLFKEULQJHQ :LUJHVWDOWHQGLH:RFKHMHQDFK:HWWHUXQGHLJHQHQ,QWHUHVVHQJHPHLQVDPXQG YHUVXFKHQP|JOLFKVWYLHOH%HJHJQXQJHQXQWHUXQVXQGYRUDOOHPLQGHQHLQ]HOQHQ +lIHQXQG6WlGWHQ]XHUP|JOLFKHQ :LUSURELHUHQDOOHVDXIGHP6FKLIIDXVZDVQRWZHQGLJLVWXQGGDVXQV]XJHPXWHWZLUG XQGVLQGVWRO]EHUQHXH)lKLJNHLWHQGLHZLULQXQVXQGXQVHUHU&UHZHQWGHFNHQ 8QVHUHJHPHLQVDPHQ$NWLYLWlWHQVSLHJHOQXQVHUH)lKLJNHLWHQ,QWHUHVVHQXQGXQVHU EHPHUNHQVZHUWHV6HOEVWEHZXVVWVHLQZLHGHU 'DVZRKOZROOHQGH0LWHLQDQGHUZLUNWVLFKVHLWYLHOHQ-DKUHQGXUFKLPPHUPHKUQHXH LQWHUHVVLHUWH&UHZVPLWXQWHUVFKLHGOLFKHQ%HGUIQLVVHQVHKUSRVLWLYDXI7HLOKDEHXQG ,QNOXVLRQRKQHYLHO:RUWHDXV %DGHXUODXE 5HLVH]LHO %DGHXUODXELQ&DRUOH 5HLVHGDWXP 5HLVHOHLWXQJ 0DQIUHG)UVWHQEHUJHU 5HLVHEHJOHLWXQJ *LWWL:HLVV0HODQLH:HLVV0DQIUHG7RPLF 5HLVHWHLOQHKPHU 3HUVRQHQ 8UODXEVWDJH 7DJH .RVWHQ FDĄ %HVRQGHUKHLWHQ 5ROOLPXVVZHJHQGHU6DQLWlUDQODJHQ YHUODVVHQZHUGHQN|QQHQ 1LFKWZHJ]XGHQNHQDXVXQVHUHP$QJHERWLVWGHUEHOLHEWH%DGHXUODXEDP0HHULQ &DRUOH,WDOLHQ ,QGHUEHZlKUWHQ)HULHQDQODJHKDEHQZLU%XQJDORZVUHVHUYLHUW )UÅIDXOH´8UODXEHULQQHQGLHQLFKW]XP6WUDQGJHKHQZROOHQVWHKWHLQ6ZLPPLQJSRRO LQGHU$QODJH]XU9HUIJXQJ 'HU7DJHVDEODXIVFKDXWXQJHIlKUVRDXV 6SlWIUKVWFNHQ]XP6WUDQGJHKHQXQGZLHGHUKLQOHJHQHLQELVVHUOVFKZLPPHQ OXVWLJH6SLHOHDP6WUDQGVSLHOHQRGHU6WUDQGZDQGHUQHYHQWXHOOHLQHNOHLQH%URW]HLW ]ZLVFKHQGXUFKYLHOOHLFKWDXFKHLQ&DSSXFFLRQRDQGGHU6WUDQGEDU $P$EHQGJHKHQZLU3L]]DHVVHQRGHUHLQVRQVWLJHV5HVWDXUDQWZLUGEHVXFKW DQVFKOLHHQGGHU7DJQRFKEHLHLQHP*ODVO:HLQEHHQGHW 8QJDUQ 5HLVH]LHO %XGDSHVWPLW'UDFKHQERRWUHQQHQ 5HLVHGDWXP ² 5HLVHOHLWXQJ 5HLVHOHLWXQJVWHKWQRFKQLFKWIHVW 5HLVHEHJOHLWXQJ 5HLVHWHLOQHKPHU 8UODXEVWDJH .RVWHQ FDĄ %HVRQGHUKHLWHQ -HQDFK8QWHUNXQIWIU5ROOLP|JOLFK :LUKDEHQLQGHU1lKHYRQ%XGDSHVWHLQH)UDXNHQQHQJHOHUQWGLHXQVLQLKUH (LQULFKWXQJHQIU0HQVFKHQPLW%HKLQGHUXQJHQHLQJHODGHQKDW:LUZHUGHQGLHVH :RFKHHLQLJHVEHUGLH$UEHLWXQG:RKQHQLQXQGXP%XGDSHVWNHQQHQOHUQHQ(EHQVR N|QQHQZLUDQVSRUWOLFKHQ9HUDQVWDOWXQJHQLQGLHVHU=HLWWHLOQHKPHQ 'DVXQJDULVFKH(VVHQZROOHQZLUJHQLHHQXQGYRQ%XGDSHVWZHUGHQZLUGXUFKGLH 0LWDUEHLWHUQGHU(LQULFKWXQJLQWHUHVVDQWHgUWOLFKNHLWHQJH]HLJWEHNRPPHQ $OVRHVYHUVSULFKWHLQDNWLYHUXQGHUOHEQLVUHLFKHU8UODXE]XZHUGHQ %HUOLQ 5HLVH]LHO $XIGHU06)HOLFLWDVGXUFK%HUOLQ ²HLQHOXVWLJH%RRWVIDKUW 5HLVHGDWXP ² 5HLVHOHLWXQJ %LOO\/RUG 5HLVHEHJOHLWXQJ +DXSWXQGHKUHQDPWOLFKH0LWDUEHLWHUXQG $QJHK|ULJH 5HLVHWHLOQHKPHU 8UODXEVWDJH 3ILQJVXUODXE .RVWHQ DXI$QIUDJHXQGMHQDFK6SRQVRULQJ %HVRQGHUKHLWHQ )U7HLOQHKPHU,QQHQPLW 0RELOLWlWVHLQVFKUlQNXQJHQQXUDXI$QIUDJH $P6DPVWDJDE%HUOLQ6SDQGDXNRPPHQZLUDXIXQVHU6FKLIIDXIGHPZLUGLHJDQ]H :RFKHXQWHUZHJVVHLQZHUGHQhEHU%HUOLQ+DYHOVHHQDFK%UDQGHQEXUJ+DYHO]XP %XPPHOQJHKWGLHQlFKVWH(WDSH 'LH5RXWHIKUWXQVGDQQGXUFKVFK|QH/DQGVFKDIWQDFK3RWVGDPHLQHUZXQGHUVFK|QHQ 6WDGW'HU)LOPSDUN%DEHOVEHUJOlGWXQVHLQXQGZHLWHUQDFK%HUOLQZHUGHQZLUDXIGHP 6FKLIIIDKUHQ $P'RQQHUVWDJNRPPHQZLUZLHGHULQ6SDQGDXDQXQGLKUZHUGHWVHKUYLHO]XP (U]lKOHQKDEHQ²YHUVSURFKHQ²(XHU%LOO\ %LELRQH 5HLVH]LHO =HOWODJHUDP&DPSLQJSODW] &DSDORQJDLQ%LELRQH 5HLVHGDWXP 5HLVHOHLWXQJ )UDQ]:DOOQHUXQG.RQUDG%HFNHU 5HLVHEHJOHLWXQJ +DXSWDPWOLFKHXQGHKUHQDPWOLFKH 0LWDUEHLWHULQQHQ%)' 5HLVHWHLOQHKPHU 0D[²DXFKIU)|UGHUVWlWWHQ 7HLOQHKPHULQQHQPLW%HJOHLWXQJ 8UODXEVWDJH 3ILQJVWXUODXE .RVWHQ FDĄ %HVRQGHUKHLWHQ )U5ROOLJHHLJQHW )UDOOHDEHQWHXHUOXVWLJHQ8UODXEHULQQHQGLHHVQRFKQLFKWHUOHEWKDEHQDXIMHGHQ )DOO]XHPSIHKOHQ %HLGLHVHP$QJHERWNDQQVLFKMHGHUEHWHLOLJHQGHUULFKWLJ6SDKDEHQZLOO0LWDUEHLWHU $QJHK|ULJH.ROOHJHQXQG)UHXQGH 6RVFKDXWWUDGLWLRQHOOGDVÅ%LELRQH=HOWODJHUOHEHQ´DXV$XVVFKODIHQ6SDKDEHQGHQ JDQ]HQ7DJEDGHQ%RRWIDKUHQODFKHQVLQJHQ6SLHOHLP:DVVHUDP6WUDQGRGHULQ GHU:LHVHXQGDEHQGVGLHJURH/DJHU'LVFRGDUIQLFKWIHKOHQ :LUZRKQHQLQ=HOWHQXQG%XQJDORZV:HUHLQHLJHQHV=HOWKDWEULQJWHVQDWUOLFKPLW 'LHEHZlKUWH.FKHQFUHZVRUJWIUDEZHFKVOXQJVUHLFKHVUHJLRQDOLWDOLHQLVFKHVXQG OLHEHYROO]XEHUHLWHWHV(VVHQ :LFKWLJ (VVWHKHQ3OlW]H]XU9HUIJXQJ 36:HQQ)DPLOLHQ/XVWKDEHQGDEHL]XVHLQVLFKDEHUVHOEVWDXIGHP&DPSLQJSODW]LQ HLQHP:RKQZDJHQRGHU%XQJDORZHLQPLHWHQP|FKWHQGDQQJLEWHV,QIRVXQWHU ZZZFDSDORJQDFRP 0DULD3IDUU 5HLVH]LHO 0DULD3IDUU 5HLVHGDWXP 5HLVHOHLWXQJ +HLGL+|IHU 5HLVHEHJOHLWXQJ %)' 5HLVHWHLOQHKPHU 8UODXEVWDJH .RVWHQ FDĄ %HVRQGHUKHLWHQ )U5ROOLEHGLQJWP|JOLFK 0DULD3IDUU+DXV$ORLVLDHLQHVXQVHUHUEHOLHEWHQ5HLVH]LHOHGHUVRQQHQUHLFKVWH2UW gVWHUUHLFKVVRZLHHLQHWROOH*DVWJHEHUIDPLOLH²GDZROOHQZLUGRFKZLHGHUKLQ ,P+HU]HQGHU)HULHQUHJLRQ/XQJDXODGHQGLHXQ]lKOLJHQ%HUJZLHVHQLQGLHVHU ZXQGHUEDUHQ-DKUHV]HLW]XP9HUZHLOHQHLQ 6SD]LHUJlQJHRGHUNOHLQH%HUJZDQGHUXQJHQZHUGHQXQVNULVWDOONODUH%HUJVHHQXQG XULJH$OPKWWHQNHQQHQOHUQHQODVVHQ *DVWIUHXQGVFKDIWHLQUXKLJHUEDUULHUHIUHLHU8UODXEEHLQHWWHQ)UHXQGHQLVWXQVZLHGHU VLFKHU 'LHN|VWOLFKH.FKHGHV+DXVHVLVWXQVHU*HKHLPWLSS (VJLEWHLQHQQHXHQ:HOOQHVV%HUHLFKLP+DXV$ORLVLD 7DXEHUWDO 5HLVH]LHO 7DXEHUWDO5|WWLQJHQ 5HLVHGDWXP 5HLVHOHLWXQJ (ONH.RFK 5HLVHEHJOHLWXQJ 0RQD%UDXQ 5HLVHWHLOQHKPHU 8UODXEVWDJH .RVWHQ Ą %HVRQGHUKHLWHQ $OOH7HLOQHKPHULQQHQVROOWHQJXW]X)X VHLQXQGJHUQZDQGHUQ :LUZRKQHQLP*DVWKRI]XU$OPLQ5|WWLQJHQXQGEHVLFKWLJHQKLVWRULVFKH6WlGWHZLH 5RWKHQEXUJRG7DXEHU%DG0HUJHQWKHLPXQGYLHOHPHKU 9HUVFKLHGHQH6FKO|VVHUKHUUOLFKH3DUNDQODJHQGHQ5LHPHQVFKQHLGHU$OWDULQ &UHJOLQJHQXQGHLQLJHVPHKUP|FKWHQZLU(XFK]HLJHQ +LHUN|QQW,KUVHKHQZRZLUZRKQHQ KWWSZZZJDVWKRI]XUDOPGH /XQJDX 5HLVH]LHO %HUJIUHL]HLW0DWLQLKRI 5HLVHGDWXP 5HLVHOHLWXQJ +DUU\6FKXVWHU 5HLVHEHJOHLWXQJ /XJJL%HKDP%HUQKDUG)LQVWHUZDOG3HWHU =HWWOHU 5HLVHWHLOQHKPHU 8UODXEVWDJH .RVWHQ FDĄ %HVRQGHUKHLWHQ /HLFKWHN|USHUOLFKH(LQVFKUlQNXQJHQNHLQ 3UREOHP5ROOLQLFKWP|JOLFK :LHGHUHLQSDDU7DJHPLWJXWHQ)UHXQGLQQHQLQGHQ%HUJHQYHUEULQJHQ²GDVWXWJXW 9RUDOOHP:DQGHUIUHXQGHXQG1DWXUOLHEKDEHUZHUGHQVLFKZLHGHUDXIGLHVH 8UODXEVZRFKHIUHXHQ :LUIDKUHQQDFK6W0LFKDHOLP/XQJDX :LUZHUGHQVLFKHUMHGHQ7DJZDQGHUQ²MHQDFK/HLVWXQJVYHUP|JHQGHU7HLOQHKPHU LQQHQZHUGHQGLH7RXUHQDXVJHZlKOW 'LH*HPWOLFKNHLWDQGHQODXHQ6RPPHUDEHQGHQDP/DJHUIHXHUXQGZLOGHU %HUJURPDQWLNNRPPWEHLGHPWROOHQVHOEVW]XEHUHLWHWHQ(VVHQVLFKHUQLFKW]XNXU] 'HU5HLVHOHLWHUXQGVHLQ7HDPJDUDQWLHUHQZLHEOLFKIUHLQLJH$EHQWHXHU 5DGOIUHL]HLW 5HLVH]LHO 5DGOIUHL]HLWÅ$OWPKOVHH´ 5HLVHGDWXP ² 5HLVHOHLWXQJ 'LHWHU.ROKHS 5HLVHEHJOHLWXQJ 7KRPDV%HUJHU/LOO\1LW]OKXEHU0LFKDHOD %DOGDXI 5HLVHWHLOQHKPHU 8UODXEVWDJH .RVWHQ FDĄ %HVRQGHUKHLWHQ $OOH7HLOQHKPHULQQHQVROOHQJHUQH 5DGIDKUHQ :LUZRKQHQDP$OWPKOVHHXQGZHUGHQYRQXQVHUHU8QWHUNXQIWWlJOLFKLQHLQHU DQGHUHQ5LFKWXQJXQWHUZHJVVHLQ 0LWHLJHQHQYHUNHKUVVLFKHUHQ)DKUUlGHUQZROOHQZLUMHQDFK.RQGLWLRQNU]HUHRGHU DXFKOlQJHUH6WUHFNHQEHZlOWLJHQ :LUZHUGHQDXVUHLFKHQG*HOHJHQKHLWÀQGHQIU5XKHXQG(UKROXQJ6SLHOXQG6SD Å/LHEHVWUDQN´ 5HLVH]LHO 2SHUQ1DFKPLWWDJDXI*XW,PPOLQJ 5HLVHGDWXP 5HLVHOHLWXQJ (ONH.RFK 5HLVHEHJOHLWXQJ 5HLVHWHLOQHKPHU 8UODXEVWDJH .RVWHQ ĄPLW*G% %HVRQGHUKHLWHQ )U5ROOVWXKOIDKUHUJHHLJQHW (VJLEWDOOH-DKUHDXI*XW,PPOLQJHLQH,QNOXVLRQ 9RUVWHOOXQJEHLGHP0HQVFKHQPLW%HKLQGHUXQJEHYRU]XJWVLQG 'LHVHV-DKUZLUGGLH2SHU/,(%(675$1.YRQ'RPL]HWWL]XU$XIIKUXQJNRPPHQ 2SHUYRQ*DHWDQR'RQL]HWWL ´(LQ]lUWOLFKHU%OLFNHLQ/lFKHOQHLQH/LHENRVXQJ«µ +HU]HUZlUPHQGXQGUDVDQWOlGW'RQL]HWWLVNRPLVFKH2SHUPLWYLUWXRVHQ0HORGLHQGHV LWDOLHQLVFKHQ%HOFDQWR]XP7UlXPHQHLQ 0XVLNDOLVFKH/HLWXQJ&RUQHOLDYRQ.HUVVHQEURFN )HVWLYDORUFKHVWHU,PPOLQJ)HVWLYDOFKRU,PPOLQJ ,QLWDOLHQLVFKHU6SUDFKHPLWGHXWVFKHQhEHUWLWHOQ +LQZHLV'LH9RUVWHOOXQJDP6RQQWDJ-XOLLVWJOHLFK]HLWLJXQVHUHGLHVMlKULJH ,QNOXVLRQVYRUVWHOOXQJ :LUIDKUHQPLWXQVHUHQ%XVVHQGHU(LQULFKWXQJHQXQGZLUYHUVSUHFKHQKLHUVFKRQZLHGHU HLQHEHHLQGUXFNHQGH9HUDQVWDOWXQJ 7KULQJHQ 5HLVH]LHO 5LWWHUJXW/W]HQV|PPHUQ 5HLVHGDWXP 5HLVHOHLWXQJ 8OL/DVNH6ZDQWMH6DOOH\ 5HLVHEHJOHLWXQJ ,UHQH&KDWFKDWXULDQ 5HLVHWHLOQHKPHU 8UODXEVWDJH %HWULHEVXUODXE .RVWHQ FDĄ %HVRQGHUKHLWHQ )U5ROOLEHGLQJWP|JOLFK )UHXQGHGHV5LWWHUJXWHVZLVVHQ 6FK|QH8QWHUNXQIW 9LHOHQHWWH%HJHJQXQJHQPLW0HQVFKHQDXVDOOHU:HOW =DKOUHLFKH$XVÁXJVP|JOLFKNHLWHQ $EHQWHXHUEHLP.DMDNIDKUHQ/DJHUIHXHUXQG1DFKWZDQGHUXQJ $XFK)DXOHQ]HQXQG(UKROXQJNRPPHQQLFKW]XNXU] 3ODWWHQVHH 5HLVH]LHO 8QJDUQ3ODWWHQVHH 5HLVHGDWXP 5HLVHOHLWXQJ 0DQIUHG:DJQHU 5HLVHEHJOHLWXQJ +XQGVHGHU&KULVWLDQ 5HLVHWHLOQHKPHU 8UODXEVWDJH .RVWHQ FDĄ %HVRQGHUKHLWHQ )U5ROOLQLFKWJHHLJQHW 6LyIRNGLH6RPPHUKDXSWVWDGW]lKOW]XGHQVFK|QVWHQ8UODXEVRUWHQDP3ODWWHQVHH 'XUFKVHLQHJHULQJH:DVVHUWLHIHHLJQHWVLFKGLHVHUDXFKEHVRQGHUVIUXQVHUH EDGHIUHXGLJHQ8UODXEHULQQHQ :LUZRKQHQLQHLQHPVHKUVFK|QHQ+DXVPLW7HUUDVVHXQG6ZLPPLQJSRRO'HU6HHXQG GLHYLHOHQ5HVWDXUDQWVVLQGQXUZHQLJH0LQXWHQYRQXQVHUHU8QWHUNXQIWHQWIHUQW1HEHQ GHUVFK|QHQ/DQGVFKDIWLVW8QJDUQDXFKIUVHLQYRU]JOLFKHV(VVHQXQGVHLQHQHWWHQ /RNDOHEHNDQQW 'LH'DPSIHUIDKUWDXIGHP6HHHLQ%HVXFKLQHLQHP7KHUPDOEDGXQG$XVÁJHLQGLH VFK|QH8PJHEXQJJHK|UHQ]XP3URJUDPP $EHUYRUDOOHQZROOHQZLUXQVULFKWLJVFK|QHUKROHQXQGYLHOEDGHQ %HVLQQXQJVWDJH 5HLVH]LHO %HVLQQXQJVWDJH 5HLVHGDWXP 5HLVHOHLWXQJ 5HLVHEHJOHLWXQJ 0HFKWKLOG)HUEHU+RO]EDXHU 5HLVHWHLOQHKPHU 8UODXEVWDJH .RVWHQ FDĄ %HVRQGHUKHLWHQ )U5ROOLJHHLJQH 8QVHUEHOLHEWHV=LHOLVWZLHGHUGLH.DWK/DQGYRONVKRFKVFKXOH3HWHUVEHUJKLQWHU'DFKDX 'LHVH7DJHVLQGIUDOOHGLHVLFKJHUQHPLWGHP*ODXEHQDXVHLQDQGHUVHW]HQZROOHQXQG GLHVLQGLHVHUVFK|QHQ*HJHQGXQGPLWGHUQHWWHQ8QWHUVWW]XQJYRQ3IDUUHU-RVHSK 0DLHUWXQZROOHQJHGDFKW ,QQHUH5XKHXQG6WLOOH]XP1DFKGHQNHQVWHKHQLP9RUGHUJUXQG :LHLPPHUJLEWHVDXFKHLQHQ$XVÁXJGHUVLFKHUIUDOOHLQWHUHVVDQWLVW :LWLNRKRI 5HLVH]LHO :LWLNRKRILQ%LVFKRIVUHXWK 5HLVHGDWXP 5HLVHOHLWXQJ 2WWL(EHUO 5HLVHEHJOHLWXQJ 0DULDQQHXQG3HWHU2EHUSULOOHU8ZH3HWHUV 5HLVHWHLOQHKPHU 8UODXEVWDJH .RVWHQ Ą %HVRQGHUKHLWHQ )U5ROOLJHHLJQHWPLWP|JOLFKVWYLHOHQ 0HWDOOZHUNVWDWWNROOHJHQ :LUZHUGHQXQVLP:LWLNRKRIHLQHP6WHUQH+RWHOLQ%LVFKRIVUHXWLP%D\HULVFKHQ:DOG YHUZ|KQHQODVVHQZHUGHQLQ6FKZLPPEDGXQG6DXQDZDVIUGLH*HVXQGKHLWWXQXQG PLWHLQDQGHUYLHO6SDKDEHQ$XFKHLQ$XVÁXJLQGHQ1DWLRQDOSDUNÅ%D\HULVFKHU:DOG´ ]XP%DXPZLSIHOSIDGLVWP|JOLFK :HUQRFKPHKUEHUXQVHU8UODXEV]LHO ZLVVHQZLOONDQQLP,QWHUQHWQDFKVFKDXHQ ZZZZLWLNRKRIGH )HFKWHUKRI 5HLVH]LHO %DG.|W]WLQJ²)HFKWHUKRILP%D\HULVFKHQ :DOG 5HLVHGDWXP 5HLVHOHLWXQJ (ONH.RFK 5HLVHEHJOHLWXQJ 0RQD%UDXQ 5HLVHWHLOQHKPHU 8UODXEVWDJH .RVWHQ Ą %HVRQGHUKHLWHQ )U5ROOLEHGLQJWJHHLJQHW :LUZRKQHQLQHLQHPZXQGHUEDUHQ+RWHOXQGODVVHQXQVGRUWYHUZ|KQHQ 'HU:DOGZLSIHOSIDGYRQ6W(QJOPDUXQGÅGDV+DXVDXIGHP.RSI´JHK|UHQ]X XQVHUHP%HVLFKWLJXQJVSURJUDPP (EHQVRKDEHQZLUYRUXQVHLQH'UDFKHQK|KOHDQ]XVFKDXHQXQGYLHOHQPHKUZDVXQV LQGLHVH:RFKHQRFKXQWHUNRPPW PLUQRPRUH 5HLVH]LHO 0LUQR0RUH)ULHGHQVIORWWH LP5DXP6SOLW.URDWLHQ 5HLVHGDWXP 5HLVHOHLWXQJ )UDQ]:DOOQHU 5HLVHEHJOHLWXQJ $XIMHGHP6FKLIIZLUGHLQHKDXSWDPWOLFKH .ROOHJLQXHUIDKUHQHHKUHQDPWOLFKH 0LWDUEHLWHULQQHQVHLQ 5HLVHWHLOQHKPHU 7HLOQHKPHUSUR6FKLII²YRP(96VLQG 6FKLIIHGDEHL 8UODXEVWDJH .RVWHQ -HQDFK8QWHUVWW]XQJXQG6FKLIINRVWHQFD Ą %HVRQGHUKHLWHQ )U5ROOLEHGLQJWJHHLJQHW 6HLWEHWHLOLJHQZLUXQVUHJHOPlLJPLWXQVHUHQED\HULVFKHQ&UHZVDQGHPJU|WHQHXURSlLVFKHQ )ULHGHQVSURMHNWGHUPLUQRPRUHIULHGHQVÁRWWH :LUVWDUWHQPLW6FKLIIHDXV%D\HUQXQGLQVJHVDPWNRPPHQ6FKLIIHPLW.LQGHUQ-XJHQGOLFKXQG MXQJHQ(UZDFKVHQHQQDFK6SOLW0DULQD.DVWHODDXV1DWLRQHQGRUWKLQ&D7HLOQHKPHULQQHQ YHUEULQJHQGLHVH7DJHJHPHLQVDPHEHL'LVFR6FKLIIVUDOO\)ORWWHQRO\PSLDGHVLQJHQWDQ]HQPDOHQ GHPJURHQ)ULHGHQVIHVWGHUHLQGUXFNVYROOHQ)RUPDWLRQVIDKUW*DQ]YLHO6SDYRUXUWHLOVIUHLH %HJHJQXQJHQXQGJHOHEWH7ROHUDQ]VLQGLQGHUJURHQPLUQRPRUH)DPLOLHHLQ:HVHQWOLFKHV 9LHOHQHXHXQGQHWWH/HXWHNHQQHQOHUQHQLVWKLHUQRUPDO'DVVHVZLUNOLFKVRLVWEHVWlWLJHQXQV VWDXQHQGHXQGEHJHLVWHUWH7HLOQHKPHLQQHQ-DKUIU-DKU 'LH)ULHGHQVÁRWWHLVWIUXQVGDVEHVWH%HLVSLHOIU7ROHUDQ]XQG$N]HSWDQ]IU7HLOKDEHDP/HEHQLQGHU *HVHOOVFKDIWXQGÅJHVHJHOWH,QNOXVLRQ´ /DVVWXQVGDVJHPHLQVDPH/HEHQVJHIKOVSUHQXQGGDV:RUWÅ,QNOXVLRQ´PLW:HUWHQIOOHQ %HVLQQXQJVWDJH 5HLVH]LHO $QJHERW%HVLQQXQJVWDJHDP3HWHUVEHUJ EHL'DFKDX 5HLVHGDWXP 5HLVHOHLWXQJ %DUWO.UDQ]HGHU 5HLVHEHJOHLWXQJ 0HFKWKLOG)HUEHU+RO]EDXHU.DUO-RKDQQ *ROG,UPJDUG 5HLVHWHLOQHKPHU 8UODXEVWDJH .RVWHQ FDĄ %HVRQGHUKHLWHQ )U5ROOLJHHLJQHW 8QVHU=LHOLVWGLH.DWK/DQGYRONVKRFKVFKXOH3HWHUVEHUJKLQWHU'DFKDX 'LHVH7DJHVLQGIUDOOHGLHVLFKJHUQHPLWGHP*ODXEHQDXVHLQDQGHUVHW]HQZROOHQXQG GLHVLQGLHVHUVFK|QHQ*HJHQGXQGPLWGHUQHWWHQ8QWHUVWW]XQJYRQ3IDUUHU-RVHSK 0DLHUWXQZROOHQJHGDFKW ,QQHUH5XKHXQG6WLOOH]XP1DFKGHQNHQVWHKHQLP9RUGHUJUXQG :LHLPPHUJLEWHVDXFKHLQHQ$XVÁXJGHUVLFKHUIUDOOHLQWHUHVVDQWLVW *DUGDVHH 5HLVH]LHO ,WDOLHQ²*DUGDVHHGDV8UODXEVDQJHERW IUXQVHUH3DDUH 5HLVHGDWXP 5HLVHOHLWXQJ 0DUJUHW5HVFKEHUJHU 5HLVHEHJOHLWXQJ %DEVL*QWKHU 5HLVHWHLOQHKPHU 8UODXEVWDJH .RVWHQ FDĄ %HVRQGHUKHLWHQ %HGLQJWIU5ROOLJHHLJQHW 0LW)UHXQGRGHU)UHXQGLQHLQLJH7DJHDPURPDQWLVFKHQ*DUGDVHHYHUEULQJHQ LVWVHLWODQJHPHLQIHVWHVXQGJHIUDJWHV$QJHERW (WZDVDEVHLWVDXIHLQHUUXKLJHQ7HUUDVVHGHQ%OLFNEHUGHQEHNDQQWHQ*DUGDVHHLQ ,WDOLHQ]LHKHQODVVHQ²GDVLVW8UODXE 'LHNOHLQHQXQGQLFKWPHKUEHUIOOWHQ6WlGWFKHQELHWHQYLHO*HOHJHQKHLWHQ'LQJH]X VHKHQGLHVRQVWLP7UXEHOHLQIDFKXQWHUJHKHQ (LQHQWVSUHFKHQGHV+RWHOPLWOHFNHUHP(VVHQIUHXQGOLFKHQ.HOOQHUQXQGZXQGHUEDUHU 8PJHEXQJGDYRQN|QQHQZLULQGHQEHYRUVWHKHQGHQ:LQWHUPRQDWHQZLHGHUODQJH WUlXPHQ +DXV(OLVDEHWK 5HLVH]LHO $OW|WWLQJ+DXV(OLVDEHWK 5HLVHGDWXP 5HLVHOHLWXQJ :5RVHQKXEHU 5HLVHEHJOHLWXQJ 5HLVHWHLOQHKPHU 8UODXEVWDJH .RVWHQ FDĄ %HVRQGHUKHLWHQ (VVLQG3OlW]HIU )|UWGHUVWlWWHQWHLOQHKPHULQQHQUHVHUYLHUWXQG ZLUVWDWWHQGLH5HLVHPLWHQWVSUHFKHQGHQ SHUVRQHOOHU%HJOHLWXQJDXV (LQSHUIHNWHV+DXVPLWLGHDOHQ%HGLQJXQJHQIUHLQHQVFK|QHQ8UODXELQGHU5HJLRQLQ XQGXP$OW|WWLQJ'DV%DXHUQKDXVPXVHXPLQ0DVVLQJXQGGLHOlQJVW%XUJLQ %XUJKDXVHQJHK|UHQ]XXQVHUHP3URJUDPP (VLVWDXVUHLFKHQG=HLWIUÅ6KRSSLQJ´.LUFKHQEHVLFKWLJXQJHQXVZ ,P+DXVJLEWHVWlJOLFKHLQDEZHFKVOXQJVUHLFKHV$EHQGSURJUDPPGDVLPPHUYLHOVHKU DQJHVSURFKHQKDW $OLFDQWH 5HLVH]LHO 6SDQLHQ$OLFDQWH 5HLVHGDWXP 5HLVHOHLWXQJ ,UPJDUG:DJQHU 5HLVHEHJOHLWXQJ 5HLVHWHLOQHKPHU 8UODXEVWDJH .RVWHQ FDĄ %HVRQGHUKHLWHQ )U5ROOLQLFKWJHHLJQHW 8QVHUH.ROOHJLQ,UPJDUG:DJQHUKDWHLQH)UHXQGLQLQ6SDQLHQYRU2UWXQGZLU EHNRPPHQVRPLWHLQHVSDQLVFKVSUHFKHQGH5HLVHEHJOHLWXQJGLHXQVYLHOHVFK|QH 'HWDLOVDXVGHU5HJLRQ]HLJHQZLUG :LUZHUGHQPLWGHP)OXJ]HXJDQXQG]XUFNUHLVHQ 0LWHLQHP.OHLQEXVZHUGHQZLUDQV0HHUXQGDQYLHOHHLQVDPH6WHOOHQNRPPHQ8QVHUH )HULHQZRKQXQJLVWLQGHQ)HOVJHEDXWXQGHWZDVJDQ]EHVRQGHUHV (LQKHLPLVFKH.FKHZLUGXQVVHOEVWYHUVWlQGOLFKVXSHUVFKPHFNHQXQGZLUN|QQHQDXFK VHOEHUJULOOHQXVZ+LHUIUHXHQZLUXQVVFKRQDXIYLHOHWROOH(U]lKOXQJHQ8VZ 9HUDQVWDOWXQJVDQJHERW )HVWHXQG)HLHUQ LP (LQULFKWXQJVYHUEXQG 6WHLQK|ULQJ .DIIHH.UDQ]O .DIIHH.UDQ]O PLW(ONH.RFKXQGLKUHQIOHLLJHQ 0WWHUQ 9HUDQVWDOWXQJVGDWXP 8KU]HLW 8KU 9HUDQVWDOWXQJVRUW &DIp:XQGHUEDUDP:HLKHULQGHU (LQULFKWXQJ :LUZROOHQHLQHQJHPWOLFKHU6RQQWDJ1DFKPLWWDJPLWHLQHUUHLFKKDOWLJHQ$XVZDKODQ VHOEVWJHEDFNHQHQ.XFKHQJHQLHHQ 'LHVHV7UHIIHQGHU$QJHK|ULJHQKDWHLQHVHKUODQJH7UDGLWLRQ -XQJHQ)DPLOLHQGLHQRFKQLFKWVRODQJHPLWXQVHUHQ(LQULFKWXQJHQ]XWXQKDEHQ ÀQGHQKLHUVFKQHOOQHXH.RQWDNWHXQGJHPHLQVDPH7KHPHQGLHDOOHQZLFKWLJVLQG 0LWGHQ(UO|VHQXQWHUVWW]HQZLULPPHUEHVRQGHUH3URMHNWHGLHDXVVFKOLHOLFKXQVHUHQ %HZRKQHULQQHQ]X*XWHNRPPHQ+HOIHQ6LHXQVGDEHL :LUIUHXHQXQVEHUHLQH]DKOUHLFKH7HLOQDKPHDQXQVHUHQ.DIIHH.UDQ]OQPLWXQVHUHQ %HZRKQHULQQHQ 0XVLNDOLVFKZHUGHQZLU6LHJXWXQWHUKDOWHQ 1HXMDKUVHPSIDQJ 1HXMDKUVHPSIDQJXQVHUHU HKUHQDPWOLFKHQ0LWDUEHLWHULQQHQ 9HUDQVWDOWXQJVGDWXP 8KU]HLW 8KU 9HUDQVWDOWXQJVRUW 6SHLVHVDDOLP(LQULFKWXQJVYHUEXQG 6WHLQK|ULQJ0QFKQHU6WU 6WHLQK|ULQJ 'LH(LQULFKWXQJVOHLWXQJGHV(96OlGWDOOHHKUHQDPWOLFKHQ0LWDUEHLWHULQQHQXQG 0LWDUEHLWHU]XGLHVHPJHPHLQVDPHQ$EHQGLQXQVHUHQ6SHLVHVDDOHLQ :LUZROOHQZLHGHUÅ'DQNH´]XVDJHQIUGLHYLHOHQ6WXQGHQGLHYRQYLHOHQ0HQVFKHQ LQGHQXQWHUVFKLHGOLFKHQ%HUHLFKHQHLQJHEUDFKWZHUGHQXQGGLHGDV/HEHQXQVHU %HZRKQHULQQHQPDJHEOLFKEHUHLFKHUQ 0LWHLQDQGHUHVVHQXQWHUKDOWHQDNWXHOOH(UIDKUXQJHQDXVWDXVFKHQXQGQHXH:QVFKH IRUPXOLHUHQGLHVVROOGHQ$EHQGLQKDOWOLFKIOOHQ :LUZROOHQ6LHLQIRUPLHUHQEHU3OlQHXQGRGHUQHXH3URMHNWHLQGHQ(LQULFKWXQJHQ XQGZHUGHQDXHUGHPEHUXQVHUH0|JOLFKNHLWHQEHULFKWHQLKUHKUHQDPWOLFKHV (QJDJHPHQWNRPSHWHQW]XI|UGHUQXQGZHLWHUKLQVLQQYROOHYHQWXHOOHQ1HXHQ 0|JOLFKNHLWHQHLQ]XVHW]HQ :LUIUHXHQXQVDXI]DKOUHLFKH7HLOQDKPHYRQYLHOHQHQJDJLHUWHQHKUHQDPWOLFKHQ 3HUVRQHQDXVQDKXQGIHUQ :HUDNWXHOOHGLJLWDOH%LOGHUGHUOHW]WHQ$NWLRQHQKDW²ELWWHYRUKHU]XU3UlVHQWDWLRQ YRUEHLEULQJHQ'DQNH (LQODGXQJHQHUJHKHQVFKULIWOLFK²DEHUELWWHGDV'DWXPVFKRQHLQPDOYRUPHUNHQ 9LHOHQ'DQN )DVFKLQJVEDOO *URHU)DVFKLQJVEDOOGHV (LQULFKWXQJVYHUEXQGHV LQGHU6WDGWKDOOHLQ*UDILQJ 9HUDQVWDOWXQJVGDWXP 8KU]HLW (LQODVV8KU%HJLQQ 8KU 9HUDQVWDOWXQJVRUW 6WDGWKDOOH*UDILQJ 'DV0RWWRIU Å(LQ%DOOLQ/LOD´ -DGDV7KHPDZLUGXQVIRUGHUQ :DVNDQQDOOHVÅ/LOD´VHLQ" /DVVW(XFKZDVHLQIDOOHQVHLGNUHDWLYXQGZLUZROOHQYLHO]XODFKHQKDEHQ )UGLHVFK|QVWHQXQGDXVJHIDOOHQVWHQ0DVNHQJLEWHVZLHGHU3UHLVH (LQZLOGHV0lQQHUEDOOHWGLH7UDXPWlQ]HUDXV/HQJPRRVKDEHQVLFKDQJHNQGLJWXQGGLH *UDÀQJHU)DVFKLQJVElUHQZHUGHQVLFKQLFKWOXPSHQODVVHQ (VJLEWZLHEOLFKYLHO]XVHKHQ]XK|UHQXQG]XJHZLQQHQ %HL/LYH0XVLNPLWÅ'RZQ7RZQ´DXVÄ5RVHQKHLPXQGÅ'DVURWH0RWRUUDG´PLWLKUHP Å$OSHQ5RFN6RXQG´VFKZLQJHQZLUGDV7DQ]EHLQ $OOH$QJHK|ULJHQ)UHXQGHXQG%HNDQQWHQVLQGZLHLPPHUKHU]OLFKZLOONRPPHQ (LQWULWWĄ .DUWHQYRUYHUNDXIDE)HEUXDUEHL)UDX)UKRO]QHU 7HO)D[RGHUHPDLOPIXHUKRO]QHU#NMIPXHQFKHQGH 7KHDWHU&OXEO 7KHDWHU&OXE ÅLUJHQGZRDXIGLHVHU:HOW´ 9HUDQVWDOWXQJVGDWXP 8KU]HLW 8KU 9HUDQVWDOWXQJVRUW 0HKU]ZHFNKDOOHLQ6WHLQK|ULQJ =XP7RXUQHH(QGHQRFKHLQPDOLQ6WHLQK|ULQJ :HUVQRFKQLFKWJHVHKHQKDW 'DVHUIROJUHLFKVWHXQGDXIZHQGLJVWH7KHDWHUVWFN]XPMlKULJHQ%HVWHKHQXQVHUHV 7KHDWHUFOXEVXP%LOO\/RUGZHUGHQGLH6FKDXVSLHOHUQRFKHLQPDOÅLKU%HVWHVJHEHQ´ :LUIUHXHQXQVKHXWHVFKRQDXIYLHOH*lVWH (LQWULWW)UHL NHLQH3ODW]UHVHUYLHUXQJHQ²ELWWHUHFKW]HLWLJHUVFKHLQHQ .DIIHH.UDQ]O .DIIHH.UDQ]O 9HUDQVWDOWXQJVGDWXP 8KU]HLW 8KU 9HUDQVWDOWXQJVRUW &DIp:XQGHUEDU %HLPÅ)UKMDKUV.DIIHH.UDQ]O´ZHQQYLHOOHLFKWVFKRQHLQLJHVEOKWXQGGLH 7HPSHUDWXUHQVWHLJHQJLEWHVVFKRQZLHGHU1HXLJNHLWHQ]XEHULFKWHQ -XQJHQ)DPLOLHQGLHQRFKQLFKWVRODQJHPLWXQVHUHQ(LQULFKWXQJHQ]XWXQKDEHQ VROOHQVLFKDQJHVSURFKHQIKOHQXPQHXH.RQWDNWHXQGJHPHLQVDPH7KHPHQGLH DOOHQZLFKWLJVLQGPLWDQGHUHQ)DPLOLHQ]XWHLOHQ :HQQGDV:HWWHUPLWVSLHOWN|QQHQZLUGHQ.DIIHHXQGGHQOHFNHUHQVHOEVWJHPDFKWHQ .XFKHQVFKRQDXIGHU7HUUDVVHGHV&DIp:XQGHUEDUJHQLHHQ 6RPPHUIHVW(UGLQJ 6RPPHUIHVWXQVHUHU1LNRODXVVFKXOH XQGKHLOSlGDJRJLVFKHQ7DJHVVWlWWH (UGLQJ 9HUDQVWDOWXQJVGDWXP 8KU]HLW 8KU 9HUDQVWDOWXQJVRUW (UGLQJ²1LNRODXVVFKXOHXQG KHLOSlGDJRJLVFKH7DJHVVWlWWH 'LH1LNRODXVVFKXOHXQGGLH+HLOSlGDJRJLVFKH7DJHVVWlWWHODGHQHLQ]XP WUDGLWLRQHOOHQ6RPPHUIHVW %HL*ULOO6SLHOXQG6SDVRZLHHLQHPEXQWHQXQGDEZHFKVOXQJVUHLFKHQ 3URJUDPPIUHXHQZLUXQVEHUYLHOH*lVWHDXV1DKXQG)HUQYRUDOOHP EHUYLHOHHKHPDOLJH6FKOHULQQHQXQG.ROOHJLQQHQ &RXQWU\IHVW &RXQWU\IHVWPLWGHP&RXQWU\&OXE Å6DQWD)(´DXV6WHLQK|ULQJ 9HUDQVWDOWXQJVGDWXP 8KU]HLW 8KU 9HUDQVWDOWXQJVRUW :HUNVWDWWKRILQXQVHUHU(LQULFKWXQJLQ 6WHLQK|ULQJ 8QVHU&RXQWU\&OXEÅ6DQWD)H´OlGW]XP&RXQWU\IHVWHLQ8QVHUH %HZRKQHU,QQHQULFKWHQGLHVHV)HVWPLW8QWHUVWW]XQJYRQ.ROOHJHQDXV 0LWYLHOHQ6SLHOHQ'DUELHWXQJHQXQG0LWPDFKJHOHJHQKHLWHQZROOHQZLU XQVHUH*lVWHDXV1DKXQG)HUQXQWHUKDOWHQ :HUJHUQVHLQH:HVWHUQ.OXIWWUlJWXQGVLFKEHLP/LQHGDQFHYHUVXFKHQZLOO ÀQGHWVLFKHUOLFKDXVUHLFKHQG0|JOLFKNHLWHQYRQXQVHUQ3URÀV8QWHUVWW]XQJ ]XEHNRPPHQ )U9HUSÁHJXQJXQG*HWUlQNHLP:HVWHUQVWLOVRUJHQZLUXQGDOOH*lVWH EULQJHQ)HLHUODXQHPLW %HLP/DJHUIHXHU/LYHPXVLNXQG/DVVRZHUIHQZLUGGLH:LOGZHVW5RPDQWLN VLFKEHPHUNEDUPDFKHQ -XPERIDKUWXQG2SHQ$LU.RQ]HUW -XPERIDKUWXQG2SHQ$LU.RQ]HUW 9HUDQVWDOWXQJVGDWXP 8KU]HLW 8KU$XVIDKUW8KU 2SHQ$LU 9HUDQVWDOWXQJVRUW ,P:HUNVWDWWKRILQ6WHLQK|ULQJ $PHUVWHQ-XOLZRFKHQHQGHJLEWHVZLHGHUGDVJURH0RWRUUDGWUHIIHQPLW%HLZDJHQ E]ZÅ-XPERWUHIIHQ´$OOH%HZRKQHULQQHQGUIHQZLHGHUPLWIDKUHQXQGXQVHUH 0RWRUUDGIUHXQGHIUHXHQVLFKMHW]WVFKRQGDUDXI 6HLW-DKUHQÀQGHWXQVHUDOOVHLWVEHOLHEWHV2SHQ$LU0XVLNIHVWLYDOVWDWW 'DVJU|WH0XVLNIHVWLP/DQGNUHLV(EHUVEHUJORFNWVLFKHUZLHGHUYLHOH*lVWHDXV1DK XQG)HUQ]XXQV :LUNRQQWHQÅ+81'/,1*´²EHNDQQWYRP+HLPDWVRXQG)HVWLYDO²JHZLQQHQXQG QDWUOLFKZHLWHUIHW]LJH%DQGV (LQHJURH7RPERODPLWYLHOHQ3UHLVHQ9HUSÁHJXQJDXVXQVHUHUHLJHQH.FKH hEHUUDVFKXQJVSURJUDPPIUGLH.OHLQHQXQGYLHOHVPHKUELOGHQGDV 5DKPHQSURJUDPP :LUIUHXHQXQVDXIYLHOHXQYHUJHVVOLFKH%HJHJQXQJHQLQHLQHUKRIIHQWOLFKODXHQ 6RPPHUQDFKW 9'.6RPPHUIHVW 9'.6RPPHUIHVW6RPPHUIHVWGHU %HJHJQXQJ 9HUDQVWDOWXQJVGDWXP 8KU]HLW 8KU8KU 9HUDQVWDOWXQJVRUW ,P:HUNVWDWWKRILQ6WHLQK|ULQJ 'DVÅ6RPPHUIHVWGHU%HJHJQXQJ´ LVWEHLXQVHUHQ%HZRKQHULQQHQVHLWYLHOHQ-DKUHQVHKUEHOLHEW (LQDEZHFKVOXQJVUHLFKHV3URJUDPPELHWHWDQGLHVHP-XOL6DPVWDJQDFKPLWWDJMHGH 0HQJH6SDXQG6SLHOIU.LQGHUMXQJHXQGZHQLJHUMXQJH%HVXFKHULQQHQ :LUIUHXHQXQVKHXWHVFKRQZLHGHUDXIYLHOH*lVWHDXV1DKXQG)HUQ (LQXPIDQJUHLFKHV.XFKHQEXIIHWXQGYHUVFKLHGHQH%URW]HLWHQDXVGHUHLJHQHQ.FKH ZHUGHQGDV)HVWPLWYLHO0XVLNDEUXQGHQ 6RPPHUIHVW(JOKDUWLQJ 6RPPHUIHVW(JOKDUWLQJ 9HUDQVWDOWXQJVGDWXP 8KU]HLW 8KU8KU 9HUDQVWDOWXQJVRUW :HUNVWDWWKRI(JOKDUWLQJ:HVWULQJ (JOKDUWLQJ $OOH)UHXQGHXQG%HNDQQWH0LWDUEHLWHULQQHQXQG$QJHK|ULJHVLQGZLHGHUUHFKW KHU]OLFK]XP+HUEVWIHVWLQGLH(JOKDUWLQJHU:HUNVWlWWHQHLQJHODGHQ .XOLQDULVFKH/HFNHUHLHQ6SLHOXQG6SD0XVLNXQGHLQLJHhEHUUDVFKXQJHQVRUJHQIU HLQHQNXU]ZHLOLJHQ1DFKPLWWDJ 8QVHUH9HUNDXIVVWlQGHELHWHQ1HXLJNHLWHQXQG,QWHUHVVDQWH3URGXNWHDQYLHOHQHWWH *lVWHXQG*DVWJHEHUHUP|JOLFKHQQHWWH*HVSUlFKHQHXH.RQWDNWHXQGYLHOH XQYHUKRIIWH%HJHJQXQJHQ )U)UDJHQXQG$QWZRUWHQVWHKHQGLH.ROOHJLQQHQJHUQ]XU9HUIJXQJXQGDOOHIUHXHQ VLFKEHUYLHOH*lVWHDXV1DKXQG)HUQ Å+RIIHVW´DP)HQGVEDFKHU+RI Å+RIIHVW´DP)HQGVEDFKHU+R) 9HUDQVWDOWXQJVGDWXP 8KU]HLW 8KU8KU 9HUDQVWDOWXQJVRUW )HQGVEDFKHU+RI :LUODGHQHLQ]XPJHPHLQVDPHQ.LUFKJDQJPLWDQVFKOLHHQGHP 0LWWDJVWLVFK 0LWXQVHUHQHLJHQHQ3URGXNWHQVRZLHPLWUHJLRQDOHQ$QJHERWHQP|FKWHQ ZLUVLHYHUZ|KQHQ 0LW0XVLNXQG=HLWIUQHWWH%HJHJQXQJHQZHUGHQZLUJHPHLQVDPPLW XQVHUHQ%HZRKQHUQGLH7UDGLWLRQHQSÁHJHQXQGGHQ7DJJHQLHHQ .DIIHH.UDQ]O .DIIHH.UDQ]O 9HUDQVWDOWXQJVGDWXP 8KU]HLW 8KU 9HUDQVWDOWXQJVRUW &DIp:XQGHUEDU 'DVOHW]WHÅ.DIIHHNUDQ]O´ (ONH.RFKXQGLKUHÁHLLJHQ+HOIHULQQHQIUHXHQVLFKZLHGHUEHUMHGHQ*DVWDXV1DK XQG)HUQ :LUP|FKWHQJHUQÅMXQJH)DPLOLHQ´GLHQRFKQLFKWVRODQJHPLWXQVHUHQ(LQULFKWXQJHQ ]XWXQKDEHQNHQQHQOHUQHQXQGGLHVHVROOHQVLFKDQJHVSURFKHQIKOHQXPQHXH .RQWDNWHXQGJHPHLQVDPH7KHPHQGLHDOOHQZLFKWLJVLQGPLWDQGHUHQ)DPLOLHQ]X WHLOHQ 'LHVHOEVWJHEDFNHQHQ.XFKHQZDUWHQDXIGHQ9HU]HKUXQGEHLYLHOHQ*HVSUlFKHQOHUQW PDQLPPHUYLHOHQHXH/HXWHNHQQHQ 0LWGHQ(UO|VHQXQWHUVWW]HQZLULPPHUEHVRQGHUH3URMHNWHGLHDXVVFKOLHOLFKXQVHUHQ %HZRKQHULQQHQ]X*XWHNRPPHQ +HOIHQ6LHXQVGDEHL :LUIUHXHQXQVEHUHLQH]DKOUHLFKH7HLOQDKPHDQXQVHUHQ.DIIHH.UDQ]OQPLWXQVHUHQ %HZRKQHULQQHQ 0XVLNDOLVFKZHUGHQZLU6LHXQWHUKDOWHQ 0XQG$UW$EHQG 0XQG$UW$EHQG 9HUDQVWDOWXQJVGDWXP 8KU]HLW 8KU 9HUDQVWDOWXQJVRUW 0HKU]ZHFNKDOOHLQ6WHLQK|ULQJ 8QVHU0XQGDUWDEHQGKDWLQ]ZLVFKHQ7UDGLWLRQXQGYLHOH*lVWHIUHXHQVLFKPLWXQVHUHQ %HZRKQHULQQHQDXIGLHVH9HUDQVWDOWXQJ %HLULFKWLJÅJVFKPDFNLJHU´%URW]HLWODGHQZLU.QVWOHULQQHQHLQGLHXQVZDV]XVLQJHQ XQG]XVDJHQKDEHQ 8QG]ZDUÅZLHXQVGHU6FKQDEHOJHZDFKVHQLVW´VLQJHQXQGVSLHOHQYHUVFKLHGHQH .QVWOHULQQHQLKUNOHLQHVDEHUIHLQHV0XQGDUWSURJUDPP (VJLEWLPPHUYLHO]XODFKHQXQGEHJHLVWHUWH*lVWHHU]lKOHQQRFKODQJHYRQGLHVHP $EHQG %HWUHXHUYHUVDPPOXQJ %HWUHXHUXQG$QJHK|ULJHQ 9HUVDPPOXQJ 9HUDQVWDOWXQJVGDWXP 8KU]HLW 8KU 9HUDQVWDOWXQJVRUW 0HKU]ZHFNKDOOHLQ6WHLQK|ULQJ %HLGHUDOOMlKUOLFKHQ%HWUHXHUYHUVDPPOXQJZROOHQZLU6LHEHUDNWXHOOH7KHPHQLQ XQVHUHQ(LQULFKWXQJHQLQIRUPLHUHQXQGXQVHUH:HLWHUHQWZLFNOXQJHQXQVHUH,GHHQDEHU DXFKEHUXQVHUH6RUJHQUHGHQ 'HU%HWUHXHULQQHQ²%HLUDWGLH%HZRKQHULQQHQXQG%HVFKlIWLJWHQYHUWUHWXQJEHULFKWHQ EHULKUH$NWLYLWlWHQXQG6LHN|QQHQVHKHQZDVZlKUHQGGHV-DKUHVDOOHVHUOHEWZXUGH XQGPLWZHOFKHQ%HJHLVWHUXQJHQZLUGLHVHV-DKUYHUEUDFKWKDEHQ )UHLQNXU]ZHLOLJHV3URJUDPPXQGIUOHFNHUHVHOEVWJHPDFKWH.XFKHQVRUJHQZLULQ JHZRKQWHU:HLVH hEHU]DKOUHLFKH*lVWHIUHXHQZLUXQVLPPHU 5RPDQWLVFKHU&KULVWNLQGOPDUNW 5RPDQWLVFKHU&KULVWNLQGOPDUNW 9HUDQVWDOWXQJVGDWXP 8KU]HLW 8KU8KU 9HUDQVWDOWXQJVRUW (96WHLQK|ULQJ 8QVHUH:HLKQDFKWVXQG&KULVWNLQGOPlUNWHKDEHQHLQHLPPHUJU|HUZHUGHQGH)DQ *HPHLQGH ÀQGHWGHU&KULVWNLQGOPDUNWZLHGHULQ6WHLQK|ULQJVWDWW (LQLJHÅ6WDQGOHU´KDEHQVFKRQDQJHIUDJW(VZLUGJHEDVWHOWXQGJHVWDOWHWGDPLWHVYLHOH VFK|QH'LQJH]XNDXIHQJHEHQZLUG (LQXPIDQJUHLFKHV%KQHQSURJUDPPYLHOHPLW/LHEHGHNRULHUWH.OHLQLJNHLWHQXQG KHUUOLFKGXIWHQGH6WlQGHPLW/HFNHUHLHQZHUGHQZLHGHU]XÀQGHQVHLQ $P$EHQGZHUGHQGDQQXQVHUH)HXHUXQG/LFKWHUEUHQQHQXPXQVHUHQ &KULVWNLQGOPDUNWZLHGHULQEHVLQQOLFKH6WLPPXQJ]XYHUVHW]HQ :LUIUHXHQXQVDXIYLHOH*lVWHGLHVLFKLQODXVFKLJHUXQGQHWWHU$WPRVSKlUH JHPHLQVDPPLWXQVHUHQ%HZRKQHUQ,QQHQDXI:HLKQDFKWHQHLQVWLPPHQZROOHQ 8UODXEVUHJHOXQJ 8UODXEVUHJHOXQJIUDOOH3HUVRQHQLP%HUXIVELOGXQJVEHUHLFK%%% %HVFKlIWLJWHLP%%%HUKDOWHQDOWHUXQDEKlQJLJIROJHQGHQ8UODXE $OWHU 8UODXE =XVDW]XUODXE *G% =XVDW]WDJ *HVDPW 9HUSODQWH 7DJH )UHL YHUIJEDUH 7DJH $OWHUV XQDEKlQJLJ 8UODXEVUHJHOXQJLQGHQ:HUNVWlWWHQ6WHLQK|ULQJXQG)HQGVEDFK (VVLQGIU:HUNVWDWWEHVFKlIWLJWHLQVJHVDPW7DJHDOV%HWULHEVXUODXEYHUSODQW 7DJHLP-DQXDU)HQVWHUWDJHDP0DL7DJH3ÀQJVWHQ7DJHLP$XJXVW XQG7DJHLP'H]HPEHU $OWHU 8UODXE =XVDW]XUODXE *G% =XVDW]WDJ *HVDPW 9HUSODQWH 7DJH )UHL YHUIJEDUH 7DJH $OWHUV XQDEKlQJLJ (EHUVEHJ (JOKDUWLQJ 6WHLQK|ULQJ )HQGVEDFK 8UODXEVUHJHOXQJLQGHQ:HUNVWlWWHQ(KOKDUWLQJXQG(EHUVEHUJ (VVLQGLQVJHVDPW7DJHDOV%HWULHEVXUODXEIHVWYHUSODQW 7DJHLP-DQXDU)HQVWHUWDJHDP0DL7DJH3ÀQJVWHQ7DJHLP$XJXVW XQG7DJHLP'H]HPEHU $OWHU 8UODXE =XVDW]XUODXE *G% =XVDW]WDJ *HVDPW 9HUSODQWH 7DJH )UHL YHUIJEDUH 7DJH $OWHUV XQDEKlQJLJ 5HLVHOHLWXQJEHJOHLWXQJ $OOJHPHLQHV $OEDWURV5HLVHQLVWVHLWXQVHU,QIRUPDWLRQVLQVWUXPHQWXPMXJHQGOLFKHQXQGHUZDFKVHQHQ 0HQVFKHQPLWXQWHUVFKLHGOLFKHU8QWHUVWW]XQJVEHGDUIHLQP|JOLFKVWVHOEVWEHVWLPPWHVJUXSSH XQGHLQULFKWXQJVEHUJUHLIHQGHV5HLVHQLQXQVHUHQ(LQULFKWXQJHQGHV(LQULFKWXQJVYHUEXQGHV 6WHLQK|ULQJ]XHUP|JOLFKHQ$OOH5HLVHQPVVHQXQGZHUGHQPLWDOOHQ]X9HUIJXQJVWHKHQGHQ RIÀ]LHOOHQXQGSULYDWHQ0LWWHOQJHI|UGHUW 5HLVHOHLWXQJ 'LH5HLVHOHLWXQJLVW]XVWlQGLJIUGLH2UJDQLVDWLRQ9RUNDONXODWLRQ7HLOQHKPHUXQG $QJHK|ULJHQLQIRUPDWLRQGHQLQKDOWOLFKHQ$EODXIGLH'XUFKIKUXQJXQGGLH$EUHFKQXQJGHU 5HLVHNRVWHQ 5HLVHEHJOHLWXQJZLUGDXVGHP%HUHLFKGHU(KUHQDPWOLFKNHLWZHQQP|JOLFKYHUPLWWHOWDQJHERWHQ XQGYRQGHU5HLVHOHLWXQJLQGLH0DQDKPHRGHU$NWLYLWlWHLQJHIKUW $OOHKDXSWDPWOLFKHQ.ROOHJLQQHQXQG.ROOHJHQGLHQRFKQLFKWDOV5HLVHOHLWHUGDEHLZDUHQN|QQHQ EHL%HGDUIDQHLQHU6FKXOXQJWHLOQHKPHQXPLQYLHOHQDNWXHOOHQ7KHPHQZLH.DONXODWLRQXQG =XVFKVVH3URJUDPPJHVWDOWXQJ6XFKHQXQG)LQGHQYRQQHXHQ$QJHERWHQ%HJOHLWXQJXQG %HWUHXXQJYRU2UWRGHUHKUHQDPWOLFKH8QWHUVWW]XQJEHVVHU%HVFKHLG]XZLVVHQ 5HLVHEHJOHLWXQJ 'LH%HWUHXHULQQHQIUGLH)DKUWHQVHW]HQVLFKVLHKH9$)UHL]HLWHQYHUVWlUNWDXVGHQ :RKQEHUHLFKHQXQGGHQ:IE0VXQVHUHU6WDQGRUWH]XVDPPHQ3UDNWLNDQWHQ3UDNWLNDQWLQQHQXQG 0LWDUEHLWHULQQHQGHU)UHLZLOOLJHQGLHQVWH]%%)'GUIHQVROOHQVLFKKLHUEHWHLOLJHQ (KUHQDPWOLFKH5HLVHEHJOHLWXQJ (OWHUQ*HVFKZLVWHU)UHXQGHVRZLHDOOHLQWHUHVVLHUWHQ3HUVRQHQGUIHQVLFKVHOEVWYHUVWlQGOLFKDOV 5HLVHEHJOHLWHUQDFKZLHYRUEHWHLOLJHQ:HJHQGHUSRVLWLYHQ(UIDKUXQJHQVROOWHQVLFK$QJHK|ULJH YHUPHKUWDXFKHKUHQDPWOLFK]XU9HUIJXQJVWHOOHQXPGLHSHUVRQHOOHQ(QJSlVVHLQGHU (LQULFKWXQJ]XYHUULQJHUQ)UXQVHUH5HLVHQGHQHUJLEWVLFKVRPLWLP8UODXEHLQHEHVRQGHUH $WPRVSKlUHXQG6WLPPXQJ 5HLVHOHLWHUDEVWLPPXQJ :LUZHUGHQXQVZLHGHUJHPHLQVDP]XHLQHU5HLVHOHLWHUDEVWLPPXQJDPXP 8KULP.RQIHUHQ]UDXP:IE0LQ6WHLQK|ULQJWUHIIHQXPIUDOOH8UODXEHULQQHQDXVXQVHUHQ (LQULFKWXQJHQHLQHQJHHLJQHWHQ3ODW]DXIVHLQHU5HLVH]XÀQGHQ+LHUZHUGHQHEHQIDOOVDOOH DNWXHOOHQ1HXLJNHLWHQ]XPJHPHLQVDPHQ3ODQHQGHU5HLVHZHLWHUJHEHQ*HQDXH(LQODGXQJ HUIROJW]HLWQDK 6RQVWLJHV *OWLJNHLW 'LH$QJHERWHVLQGJOWLJIUGHQNRPSOHWWHQ(UZDFKVHQHQEHUHLFKGHV(96(JOKDUWLQJ)HQGVEDFK (EHUVEHUJXQG6WHLQK|ULQJ 'LH:QVFKHGHU5HLVHQGHQVLQGLQGHU2UJDQLVDWLRQEHVRQGHUV]XEHUFNVLFKWLJHQ $OOHDQGHUHQ5HLVHQGHU(UZDFKVHQHQ%HUHLFKHPVVHQEH]JOLFKGHU=XVFKVVHXQGGHU *HVDPWWHLOQHKPHUELV$QIDQJ)HEUXDUHEHQIDOOVEHLXQVJHPHOGHWVHLQ 9HUWUHWXQJVUHJHOXQJ -HGHU%HWUHXHULQPXVVLQ$EVSUDFKHPLWGHU]XVWlQGLJHQ%HUHLFKVOHLWXQJIUHLQHQJHUHJHOWHQ $EODXILPHLJHQHQ%HUHLFKZlKUHQGGHU$EZHVHQKHLW6RUJHWUDJHQ $EUHFKQXQJ $OOH5HLVHQZHUGHQEHUGLH:RKQEHUHLFKVNDVVHQDEJHZLFNHOW $QPHOGXQJXQG%HVWlWLJXQJ -HGHU7HLOQHKPHUPXVVVLFKPLWGHP$QPHOGHIRUPXODUVFKULIWOLFKELV0LWWZRFKGHQLP $/%$75265(,6(%h52RGHUEHLGHQ6R]LDOGLHQVWHQLQ(JOKDUWLQJ(EHUVEHUJXQG)HQGVEDFK DQPHOGHQ)UDX)UKRO]QHU+HUU:DOOQHUVWHOOHQGLH5HLVHEHVWlWLJXQJHQUHFKW]HLWLJELV(QGH )HEUXDUDXV 8UODXEVDQWUlJHEHLGHQ:HUNVWDWWJUXSSHQOHLWHUQQLFKWYHUJHVVHQ 0LQGHVWHLOQDKPH 'LHHLQ]HOQHQ5HLVHQÀQGHQEH]JOLFKGHUP|JOLFKHQ=XVFKVVHQXUEHLPLQGHVWHQV7HLOQHKPHUQ VWDWW6LHKH5LFKWOLQLHQGHU=XVFKXVVJHEHU 7HLOQDKPHYRQ5ROOVWXKOIDKUHULQQHQ 'LH7HLOQDKPHYRQ0HQVFKHQLP5ROOVWXKOLVWVHKUHUZQVFKW'LH5HLVH]LHOHVLQGHQWVSUHFKHQG DXV]XZlKOHQ(VPVVHQMHGRFKGLHMHZHLOLJHQ*HJHEHQKHLWHQXQGYRUDOOHPGLH %HWUHXXQJVOHLVWXQJHQGHU3ÁHJHLP(LQ]HOIDOOVLFKHUJHVWHOOWZHUGHQ %LOGHULP,QWHUQHWXQG'DWHQVFKXW] :LUZHLVHQZLUNOLFKYHUVWlUNWGDUDXIKLQGHXWOLFKXQGLQ$EVSUDFKHPLWGHQ)DPLOLHQXQG JHVHW]OLFKHQ%HWUHXHUQ]XNOlUHQGDVVHVJHZQVFKWXQGJHZROOWLVWGLHVFK|QHQ%LOGHURKQH (XUHQHUNHQQEDUHQ1DPHQDXIXQVHUHQ6HLWHQZZZHYE]VWHLQKRHULQJGHZZZIULHGHQVÁRWWH ED\HUQGH]XYHU|IIHQWOLFKHQ:HQQQLFKWVDJHQ6LHHVXQVXPGLHVGDQQDXFK]XXQWHUODVVHQ :LUZHUGHQ]XVlW]OLFKH'DWHQVFKXW]HUNOlUXQJHQDOOHU7HLOQHKPHULQQHQHLQIRUGHUQ $XVODQGVUHLVH5FNKROYHUVLFKHUXQJ :LUUDWHQEHLDOOHQ$XVODQGVUHLVHQHLQH$XVODQGVUHLVHUFNKROYHUVLFKHUXQJDE]XVFKOLHHQ 3UDNWLVFKH%HLVSLHOH]HLJHQXQVGDVVHYHQWXHOOHQWVWHKHQGHXQGQLFKWJHGDFKWH.RVWHQ]X/DVWHQ GHU)DPLOLHQXQGGHVHLJHQHQ9HUP|JHQVJHKHQN|QQHQ:LUZHUGHQGLH 9HUVLFKHUXQJVXQWHUODJHQYRUGHQ5HLVHQLQV$XVODQGHLQIRUGHUQ+LHUN|QQHQNHLQH *UXSSHQYHUVLFKHUXQJHQDEJHVFKORVVHQZHUGHQ 6RQVWLJHV =XVFKVVH :LUXQWHUVWW]HQÀQDQ]LHOODOOH)DKUWHQXQWHU$XVVFK|SIXQJDOOHU]XU9HUIJXQJ VWHKHQGHQ0|JOLFKNHLWHQ6WlQGLJH=XVFKVVHQHKPHQZLUYRQGHQED\ULVFKHQ %H]LUNHQYRP=HQWUXP%D\HUQ)DPLOLHXQG6R]LDOHVYRQ$NWLRQ0HQVFKVRZLH YRQDOOHQSULYDWHQ)|UGHUHUQXQG8QWHUQHKPHQJHUQLQ$QVSUXFK 6RPLWVHW]HQVLFKGLH(LJHQEHWHLOLJXQJHQGHU7HLOQHKPHUQXQVHUHQ%HJHJQXQJV XQG8UODXEVDQJHERWHQLPPHUDXVGHQ5HVWEHWUlJHQ]XVDPPHQ 'LH$EUHFKQXQJPLWGHU9HUKLQGHUXQJVSÁHJHNDQQLQEHVWLPPWHQ)lOOHQ DQJHERWHQZHUGHQ :LUZQVFKHQDOOHQ5HLVHQGHQZLHGHUHLQVFK|QHV XQGHUOHEQLVUHLFKHV8UODXEVMDKU 6LPRQH0OOHU :HUNVWDWWUDW 'DYLG.UX]ROND %HZRKQHUUDW )UDQ]:DOOQHU .XOWXUXQG(KUHQDPW 5HLVHDQPHOGXQJ (LQJDQJVGDWXP8KU]HLW 1DPH9RUQDPH 5ROOVWXKOMDQHLQ5ROODWRUMDQHLQ :RKQVLWXDWLRQ ,QWHUQ:RKQJUXSSH ,Q6WHLQK|ULQJ,Q)HQGVEDFK,Q(JOKDUWLQJ,Q $UEHLWVVLWXDWLRQ :HUNVWDWWJUXSSHLQ 6WHLQK|ULQJ)HQGVEDFK(JOKDUWLQJ(EHUVEHUJ 5HLVHDQPHOGXQJ ,FKPHOGHPLFKIUIROJHQGHV8UODXEVDQJHERWDQ :XQVFK$5HLVHQ]LHOYRQELV6HLWH 2'(5 :XQVFK%5HLVHQ]LHOYRQELV6HLWH )UHLH3OlW]HVLQGQDFKGHU$QPHOGHIULVWLP5HLVHEUR]XHUIUDJHQRGHU LPGHQ&RPSXWHUOLVWHQLQGHQ(LQULFKWXQJHQEHLGHQ%HUHLFKVOHLWHUQXQG DQMHGHP3&LQXQVHUHP*UXSSHQLP2XWORRN]XHQWQHKPHQ $FKWXQJ:LUIRUGHUQEHLXQGHXWOLFKHQRGHUXQJODXEKDIWHQ$EVDJHQNHLQH/XVWLFK P|FKWHGRFKZRDQGHUVKLQXVZLQGHQOHW]WHQ7DJHQYRUGHU5HLVH]XGLH JHVDPWH(LJHQEHWHLOLJXQJ%HLJHEXFKWHQ5HLVHQEHUHLQ5HLVHEURKDOWHQZLUGLH 5HLVHUFNWULWWVYHUVLFKHUXQJIUDOOH7HLOQHKPHUYRU 8QWHUVFKULIW7HLOQHKPHUJJI8QWHUVFKULIW(OWHUQRGHLQHV %HWUHXHUVGHU:RKQJUXSSH 6RQVWLJHV$QUHJXQJHQXQG:QVFKH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
© Copyright 2024 ExpyDoc
