$PWIU6WDWLVWLN%HUOLQ%UDQGHQEXUJ
.UDQNHQKDXVVWDWLVWLN
±9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJHQ±
7HLO,*UXQGGDWHQ
95*
$PWIU6WDWLVWLN%HUOLQ%UDQGHQEXUJ
5HIHUDW±+RFKVFKXOH6FKXOH%UDQGHQEXUJ
*HVXQGKHLWVZHVHQ
7UDQLW]HU6WUD‰H
&RWWEXV
5FNVHQGXQJELWWHELV$SULO
$QVFKULIW
GHV7UlJHUV
$QVSUHFKSDUWQHULQIU5FNIUDJHQIUHLZLOOLJH$QJDEH
1DPH
7HOHIRQ
7HOHID[
8
67
(5
(0DLO
$QVFKULIW
GHU(LQULFKWXQJ
6LHHUUHLFKHQXQVEHU
HHUUHLFKHQXQVEHU
HUUHLFKHQXQVEHU
)UDX0|ELXV
)UDX0|ELXV
)UDX3LORW
)UDX3LORW
+HUU+HUEHUW]
+HUU+HUEHUW]
)UDX9RLJW
)UDX9RLJW
7HOHID[
7H
7HOHID[
(0DLO
(0DL
NUDQNHQKDXV
DX
(0DLO NUDQNHQKDXV#VWDWLVWLNEEEGH
8QWHUULFKWXQJQDFK†%XQGHVVWDWLVWLNJHVHW]
VWDWLVWLNJHVHW]
DWLVWLNJHVHW]
$UW8PIDQJXQG=ZHFNGHU(UKHEXQJ
QJ
0
ROOHUKHEXQJGHU.UDQNHQ
HUKHEXQJGHU.UDQNHQ
(VKDQGHOWVLFKXPHLQHMlKUOLFKH9ROOHUKHEXQJGHU.UDQNHQ
KDELOLWDWLRQVHLQULFKWXQJHQ
DWLRQVHLQULFKWXQJHQ
KlXVHUVRZLH9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJHQ
WHQSHUVRQHOOHQXQGVDFKOLFKH
WHQSHUVRQHOOHQXQGVDFKOLFKHQ
LKUHURUJDQLVDWRULVFKHQ(LQKHLWHQSHUVRQHOOHQXQGVDFKOLFKHQ
LKQHQHUEUDFKWHQ/HLVWXQJHQ
QHQHUEUDFKWHQ/HLVWXQ
$XVVWDWWXQJVRZLHGHUYRQLKQHQHUEUDFKWHQ/HLVWXQJHQ
EHUGLH.UDQNHQKDXVNRVWH
EHUGLH.UDQNHQKDXVNRVWHQ
'DQHEHQVLQG$QJDEHQEHUGLH.UDQNHQKDXVNRVWHQEHUGLH
VSDWLHQWHQSDWLHQWLQQHQXQGGLH
SDWLHQWHQSDWLHQWLQQHQXQGG
=DKOGHU.UDQNHQKDXVSDWLHQWHQSDWLHQWLQQHQXQGGLH$UWLKUHU
HEHU$XVELOGXQJVVWlWWHQDQ.
EHU$XVELOGXQJVVWlWWHQDQ.
(UNUDQNXQJHQVRZLHEHU$XVELOGXQJVVWlWWHQDQ.UDQNHQ
KHQ'LH(UJHEQLVVHGHU.UDQNH
KlXVHUQ]XPDFKHQ'LH(UJHEQLVVHGHU.UDQNHQKDXVVWDWLVWLN
WLVWLVFKH%DVLVIUYLHOHJHVXQGK
LVWLVFKH%DVLVIUYLHOHJH
ELOGHQGLHVWDWLVWLVFKH%DVLVIUYLHOHJHVXQGKHLWVSROLWLVFKH
JHQGHV%XQGHVXQGGHU/l
JHQGHV%XQGHVXQGGHU/lQG
(QWVFKHLGXQJHQGHV%XQGHVXQGGHU/lQGHUXQGGLHQHQGHQ
QKDXVILQDQ]LHUXQJEHWHLO
QKDXVILQDQ]LHUXQJEHWHLOLJ
DQGHU.UDQNHQKDXVILQDQ]LHUXQJEHWHLOLJWHQ,QVWLWXWLRQHQDOV
JH'LH(UKHEXQJ
JH'LH(UKHEXQJOLH
3ODQXQJVJUXQGODJH'LH(UKHEXQJOLHIHUWZLFKWLJH,QIRUPD
NWXUGHUVWDWLR
NWXUGHUVWDWLRQ
WLRQHQEHUGLH6WUXNWXUGHUVWDWLRQlUHQ9HUVRUJXQJEHU
]ZLVFKH
]ZLVFKHQ
GLH=XVDPPHQKlQJH]ZLVFKHQ0RUELGLWlWVXQG.RVWHQHQW
VEH
VEHU
ZLFNOXQJLP.UDQNHQKDXVEHUHLFKVRZLHEHUGLHUHJLRQDOH
+lXILJNHLWYRQ.UDQNKHLWVDUWHQ6LHGLHQWGDPLWOHW]WOLFKDXFK
GHU:LVVHQVFKDIWXQG)RUVFKXQJXQGWUlJW]XU,QIRUPDWLRQ
GHU%HY|ONHUXQJEHL
5HFKWVJUXQGODJHQ
.UDQNHQKDXVVWDWLVWLN9HURUGQXQJ.+6WDW9YRP
$SULO%*%O,6]XOHW]WJHlQGHUWGXUFK
$UWLNHOEGHV*HVHW]HVYRP0lU]
%*%O,6LQ9HUELQGXQJPLWGHP%XQGHVVWDWLVWLN
JHVHW]LQGHU)DVVXQJGHU%HNDQQWPDFKXQJYRP2NWREHU
%*%O,6
(UKREHQZHUGHQGLH$QJDEHQ]X†1XPPHUELV
ELVXQG.+6WDW9'LH$XVNXQIWVSIOLFKWHUJLEWVLFK
DXV†.+6WDW9LQ9HUELQGXQJPLW†%6WDW*'DQDFK
VLQGGLH7UlJHUGHU.UDQNHQKlXVHUXQG9RUVRUJHRGHU
95*
(LQULFKWXQJVQXPPHU
/DQG
ZLUGYRPVWDWLVWLVFKHQ$PWDXVJHIOOW
5HK
5HKDELOLWDWLRQVHLQULFKWXQJHQDXVNXQIWVSIOLFKWLJ*HPl‰†
$
$EVDW]%6WDW*KDEHQ:LGHUVSUXFKXQG$QIHFKWXQJVNODJH
JHJHQGLH$XIIRUGHUXQJ]XU$XVNXQIWVHUWHLOXQJNHLQH
DXIVFKLHEHQGH:LUNXQJ
*HKHLPKDOWXQJ
'LHHUKREHQHQ(LQ]HODQJDEHQZHUGHQQDFK†%6WDW*
JUXQGVlW]OLFKJHKHLPJHKDOWHQ1XULQDXVGUFNOLFKJHVHW]OLFK
JHUHJHOWHQ$XVQDKPHIlOOHQGUIHQ(LQ]HODQJDEHQEHUPLWWHOW
ZHUGHQ
(LQHhEHUPLWWOXQJGHUHUKREHQHQ$QJDEHQLVWQDFK
†$EVDW].+6WDW9LQ9HUELQGXQJPLW†$EVDW]%6WDW*
DQGLHIDFKOLFK]XVWlQGLJHQREHUVWHQ%XQGHVXQG/DQGHV
EHK|UGHQLQ)RUPYRQ7DEHOOHQPLWVWDWLVWLVFKHQ(UJHEQLVVHQ
]XOlVVLJDXFKVRZHLW7DEHOOHQIHOGHUQXUHLQHQHLQ]LJHQ)DOO
DXVZHLVHQ
1DFK†$EVDW]%6WDW*LVWHV]XOlVVLJGHQ+RFKVFKXOHQ
RGHUVRQVWLJHQ(LQULFKWXQJHQPLWGHU$XIJDEHXQDEKlQJLJHU
ZLVVHQVFKDIWOLFKHU)RUVFKXQJIUGLH'XUFKIKUXQJZLVVHQ
VFKDIWOLFKHU9RUKDEHQ(LQ]HODQJDEHQGDQQ]XU9HUIJXQJ
]XVWHOOHQZHQQGLHVHVRDQRQ\PLVLHUWVLQGGDVVVLHQXUPLW
HLQHPXQYHUKlOWQLVPl‰LJKRKHQ$XIZDQGDQ=HLW.RVWHQ
XQG$UEHLWVNUDIWGHP%HIUDJWHQRGHU%HWURIIHQHQ]XJHRUGQHW
ZHUGHQN|QQHQ
(LQHhEHUPLWWOXQJYRQ(LQ]HODQJDEHQPLW1DPHQXQG
$QVFKULIWLVWDXVJHVFKORVVHQ
'LH3IOLFKW]XU*HKHLPKDOWXQJEHVWHKWDXFKIU3HUVRQHQ
GLH(PSIlQJHUYRQ(LQ]HODQJDEHQVLQG
6HLWH
QRFK8QWHUULFKWXQJQDFK†%XQGHVVWDWLVWLNJHVHW]
+LOIVPHUNPDOH7UHQQHQXQG/|VFKHQ
2UGQXQJVQXPPHUQ
GHU6WDWLVWLNVLHHQWKlOWNHLQH0HUNPDOHEHUSHUV|QOLFKHRGHU
VDFKOLFKH9HUKlOWQLVVH
'HU1DPHGHV7UlJHUVGHU9RUVRUJHRGHU5HKDELOLWDWLRQVHLQ
ULFKWXQJ1DPHXQG$QVFKULIWGHU(LQULFKWXQJVRZLH1DPH
(0DLO$GUHVVH7HOHIRQXQG7HOHID[QXPPHUGHUIU5FN
IUDJHQ]XU9HUIJXQJVWHKHQGHQ3HUVRQVLQG+LOIVPHUNPDOH
GLHOHGLJOLFKGHUWHFKQLVFKHQ'XUFKIKUXQJGHU(UKHEXQJ
GLHQHQ6LHZHUGHQQDFKDEJHVFKORVVHQHU3UIXQJGHU
$QJDEHQYHUQLFKWHWE]ZJHO|VFKW'LHYHUZHQGHWH(LQULFK
WXQJVQXPPHUGLHQWHEHQIDOOVGHUWHFKQLVFKHQ'XUFKIKUXQJ
0LW=XVWLPPXQJGHU%HWURIIHQHQVLQGGLH6WDWLVWLVFKHQbPWHU
GHU/lQGHUJHPl‰†$EVDW].+6WDW9EHUHFKWLJWMlKUOLFK
LP5DKPHQHLQHV9HU]HLFKQLVVHV1DPH$QVFKULIW7UlJHU
$UWGHV.UDQNHQKDXVHV)DFKDEWHLOXQJHQXQG%HWWHQ]DKOYRQ
.UDQNHQKlXVHUQVRZLHYRQ9RUVRUJHRGHU5HKDELOLWDWLRQV
HLQULFKWXQJHQ]XYHU|IIHQWOLFKHQ
:HLWHUH,QIRUPDWLRQHQ]XU.UDQNHQKDXVVWDWLVWLN
'LH(UKHEXQJHUVWUHFNWVLFKDXIDOOH9RUVRUJHRGHU5HKD
ELOLWDWLRQVHLQULFKWXQJHQJHPl‰†$EVDW]6*%9
'DQDFKVLQG9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJHQ
(LQULFKWXQJHQGLH
± GHUVWDWLRQlUHQ%HKDQGOXQJGLHQHQXP
± HLQH6FKZlFKXQJGHU*HVXQGKHLWGLHLQDEVHKEDUHU=HLW
YRUDXVVLFKWOLFK]XHLQHU.UDQNKHLWIKUHQZUGH]XEH
VHLWLJHQRGHUHLQHU*HIlKUGXQJGHUJHVXQGKHLWOLFKHQ(QW
ZLFNOXQJHLQHV.LQGHVHQWJHJHQ]XZLUNHQ9RUVRUJHRGHU
'HU*HVHW]JHEHUKDWGLHhEHUPLWWOXQJGHU0HOGXQJHQDQGLH
VWDWLVWLVFKHQbPWHUQHXJHUHJHOW
]LQGHU
1DFK†D%XQGHVVWDWLVWLNJHVHW]LQGHU)DVVXQJGHU%HNDQQW
%*%O,
%*%O
PDFKXQJYRP2NWREHU%*%O,6VLQGDOOH
JHVHW]OLFKYH
JHVHW]OLFKYHUSIOL
%HWULHEHXQG8QWHUQHKPHQJHVHW]OLFKYHUSIOLFKWHWLKUH$QJD
P:HJ
:HJDQGLHVWDWLVWLVFK
DQGLHVWD
EHQDXIHOHNWURQLVFKHP:HJDQGLHVWDWLVWLVFKHQbPWHU]X
GGLHYRQGHQVWDWLVWLVFKHQ
GLHYRQGHQVWDWLVWLVFKH
EHUPLWWHOQ+LHU]XVLQGGLHYRQGHQVWDWLVWLVFKHQbPWHUQ]XU
Q2QOLQH9HUIDKUHQ]XQXW]HQ
Q2QOLQH9HUIDKUHQ]XQXW]HQ,
9HUIJXQJJHVWHOOWHQ2QOLQH9HUIDKUHQ]XQXW]HQ,PEHJUQ
NDQQDXIIRUPORVHQ$QWUDJHLQH
DQQDXIIRUPORVHQ$QWUDJHLQH
GHWHQ(LQ]HOIDOONDQQDXIIRUPORVHQ$QWUDJHLQH]HLWOLFKEHIULV
HYRQGHU2QOLQH0HOGXQ
HYRQGHU2QOLQH0HOGXQJYHUHL
WHWH$XVQDKPHYRQGHU2QOLQH0HOGXQJYHUHLQEDUWZHUGHQ
OGXQJ]XU.UDQNHQKDXVVWDWLVWLN
GXQJ]XU.UDQNHQKDXVVWDWLVWLN
)UGLH0HOGXQJ]XU.UDQNHQKDXVVWDWLVWLNEHGHXWHWGLHV
H9RUVRUJHRGHU5HKDELOLWDWLRQ
H9RUVRUJHRGHU5HKDELOLWDWLRQV
)UMHGH9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJVLQG
FK$QJDEHQ]X7HLO,Ä*UXQGGD
FK$QJDEHQ]X7HLO,Ä*UXQGGDW
MlKUOLFK$QJDEHQ]X7HLO,Ä*UXQGGDWHQ³]XPDFKHQ(LQULFK
QJHQPLWPHKUDOV%HWWHQK
WXQJHQPLWPHKUDOV%HWWHQKDEHQ]XVlW]OLFK$QJDEHQ
]X7HLO,,Ä'LDJQRVHGDWHQ³]XP
]X7HLO,,Ä'LDJQRVHGDWHQ³]XPDFKHQ'LH$QJDEHQ]XGHQ
*UXQGGDWHQ
*UXQGGDWHQVLQG]XP
$S
*UXQGGDWHQVLQG]XP$SULODQGDV]XVWlQGLJH
VWDWLVWLVFKH$P
VWDWLVWLVFKH$PW]XVHQGH
VWDWLVWLVFKH$PW]XVHQGHQ
7(
± HLQH.UDQNKHLW]XKHLOHQLKUH9HUVFKOLPPHUXQJ]XYHUKWHQ
RGHU.UDQNKHLWVEHVFKZHUGHQ]XOLQGHUQRGHULP$QVFKOXVV
DQ.UDQNHQKDXVEHKDQGOXQJGHQGDEHLHU]LHOWHQ%HKDQG
OXQJVHUIROJ]XVLFKHUQRGHU]XIHVWLJHQDXFKPLWGHP=LHO
HLQHUGURKHQGHQ%HKLQGHUXQJRGHU3IOHJHEHGUIWLJNHLWYRU
]XEHXJHQVLHQDFK(LQWULWW]XEHVHLWLJHQ]XEHVVHUQRGHU
HLQH9HUVFKOLPPHUXQJ]XYHUKWHQ5HKDELOLWDWLRQZREHL
NHQ
NHQ
/HLVWXQJHQGHUDNWLYLHUHQGHQ3IOHJHQLFKWYRQGHQ.UDQNHQ
NDVVHQEHUQRPPHQZHUGHQGUIHQ
0HOGXQJ]XU6WDWLVWLN
5
$EJUHQ]XQJGHV(UKHEXQJVEHUHLFKVÄ9RUVRUJHRGHU
5HKDELOLWDWLRQVHLQULFKWXQJ³
UDQW
QW
± IDFKOLFKPHGL]LQLVFKXQWHUVWlQGLJHUlU]WOLFKHU9HUDQW
JHVFKXOWHP
XOWHP
ZRUWXQJXQGXQWHU0LWZLUNXQJYRQEHVRQGHUVJHVFKXOWHP
QGKHLWV]XVWDQG
3HUVRQDOGDUDXIHLQJHULFKWHWVLQGGHQ*HVXQGKHLWV]XVWDQG
]WOLFKHQ%HKDQG
FKHQ%H
GHU3DWLHQWHQ3DWLHQWLQQHQQDFKHLQHPlU]WOLFKHQ%HKDQG
QJYRQ+HLOPLWWHOQ
HLOPLWWHOQ
OXQJVSODQYRUZLHJHQGGXUFK$QZHQGXQJYRQ+HLOPLWWHOQ
HZHJXQJVWKHUDSLH
HLQVFKOLH‰OLFK.UDQNHQJ\PQDVWLN%HZHJXQJVWKHUDSLH
%HVFKlIWLJXQJVWKHUDSLH
HVFKlIWLJXQJVWKHUDSLH
6SUDFKWKHUDSLHRGHU$UEHLWVXQG%HVFKlIWLJXQJVWKHUDSLH
+LOIHQDXFKGXUFKJHLVWLJH
IHUQHUGXUFKDQGHUHJHHLJQHWH+LOIHQDXFKGXUFKJHLVWLJH
]XYHUEHVVHUQXQGGHQ
]XYHUEHVVHUQXQGGHQ
XQGVHHOLVFKH(LQZLUNXQJHQ]XYHUEHVVHUQXQGGHQ
HLGHU(QWZLFNOXQJHLJHQHU$EZ
U(QWZLFNOXQJHLJHQHU$EZ
3DWLHQWHQ3DWLHQWLQQHQEHLGHU(QWZLFNOXQJHLJHQHU$EZHKU
KHOI
KHOIHQ
XQG+HLOXQJVNUlIWH]XKHOIHQ
XQGLQGHQHQ
QQHQXQWHUJHEUDFKWXQGY
± GLH3DWLHQWHQ3DWLHQWLQQHQXQWHUJHEUDFKWXQGYHUSIOHJW
ZHUGHQN|QQHQ
DWLRQVHLQULFKW
DWLRQVHLQULFKWX
9RQ9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJHQLP6LQQH
HVWDWLR
HVWDWLRQ
YRQ†$EVDW]6*%9VRZLHVWDWLRQlUHQ3IOHJHHLQULFKWXQ
*% ;
JHQLP6LQQHYRQ†$EVDW]6*%;,]XXQWHUVFKHLGHQVLQG
.UDQNHQKlXVHU)U.UDQNHQKlXVHUVLQGHLJHQH)UDJHERJHQ
DXV]XIOOHQDXFKZHQQVLHYRPVHOEHQ7UlJHUDXIGHPVHOEHQ
*UXQGVWFNLPJOHLFKHQ*HElXGHEHWULHEHQZHUGHQ6WDWLR
QlUH3IOHJHHLQULFKWXQJHQVLQGQLFKW*HJHQVWDQGGHU.UDQNHQ
KDXVVWDWLVWLN
0D‰JHEOLFKIUGLHVWDWLVWLVFKH(UIDVVXQJHLQHU9RUVRUJHRGHU
5HKDELOLWDWLRQVHLQULFKWXQJLVWMHGHRUJDQLVDWRULVFKH(LQKHLW
GLHXQWHUHLQKHLWOLFKHU9HUZDOWXQJVWHKWXQGIUGLHDXI*UXQG
ODJHGHUNDXIPlQQLVFKHQ%XFKIKUXQJHLQ-DKUHVDEVFKOXVV
HUVWHOOWZLUG(LQH9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJ
DOV(LQKHLWNDQQPHKUHUHVHOEVWVWlQGLJJHOHLWHWH)DFKDE
WHLOXQJHQXPIDVVHQ,QGLHVHP)DOOLVWGLH0HOGXQJIUGLH
JHVDPWH(LQULFKWXQJDE]XJHEHQ
6HLWH
'DPLWHLQH=XRUGQXQJ
'DPLWHLQH=XRUGQX
'DPLWHLQH=XRUGQXQJGHUEHLGHQ(UKHEXQJVWHLOH,XQG,,
*UXQGGDWHQ'LDJQRVHQMH9RUVRUJHRGHU5HKDELOLWDWLRQV
*UXQGGDWHQ'LDJ
'LDJ
HLQULFKW
HLQULFKWXQJHUIROJ
HLQULFKWXQJHUIROJHQNDQQPXVVGDUDXIJHDFKWHWZHUGHQGDVV
EHLGHQY
EHLGHQYHUVFK
EHLGHQYHUVFKLHGHQHQ'DWHQOLHIHUXQJHQHLQHV+DXVHVGLH
JOHLFKH(LQ
FKH(
JOHLFKH(LQULFKWXQJVQXPPHUDQJHJHEHQLVW
)UGLH
)UGLH'DWHQOLHIHUXQJDXIHOHNWURQLVFKHP:HJVWHKW,KQHQ
GDV0
GDV
0
GDV0RGXOGHU'HXWVFKHQ.UDQNHQKDXVJHVHOOVFKDIWH9
'.*H9]XU(UKHEXQJGHU*UXQGGDWHQ]XU9HUIJXQJ
'
'LH'.*H9KDWIUGLHMlKUOLFKH.UDQNHQKDXVVWDWLVWLNHLQ
0RGXOSURJUDPPLHUWLQGDVEHUHLQH6FKQLWWVWHOOH'DWHQDXV
GHQ'96\VWHPHQGHU.UDQNHQKlXVHUXQG9RUVRUJHRGHU
5HKDELOLWDWLRQVHLQULFKWXQJHQHLQJHOHVHQXQGZHLWHUYHUDUEHLWHW
ZHUGHQN|QQHQ'DV0RGXOEHGLHQWVLFKGHV;0/)RUPDWV
GKHVOLHVW;0/'DWHQHLQXQGJLEW;0/'DWHQDXVVRGDVV
EHLGHUhEHUPLWWOXQJGHU'DWHQDQGDVMHZHLOLJHVWDWLVWLVFKH
$PWHLQHLQKHLWOLFKHU6WDQGDUGJHZDKUWEOHLEW'LH6FKQLWWVWHOOH
ZDQGHOWGLH'DWHQDXVGHP'96\VWHPGHU(LQULFKWXQJLQ
;0/'DWHQXPVRGDVVGLHVHLQGDV0RGXOHLQJHOHVHQ
ZHUGHQN|QQHQ
'DV0RGXONDQQLP'RZQORDGEHUHLFKGHV,QWHUQHWDQJHERWV
GHU'.*H9ZZZGNJHYGHDOV=,3$UFKLYLQQHUKDOEGHU
5XEULNÄ('96WDWLVWLN³NRVWHQORVKHUXQWHUJHODGHQZHUGHQ
(LQ,QWHUQHW]XJDQJLVWGDKHUHUIRUGHUOLFK'DV=,3$UFKLY
WUlJWGHQ1DPHQÄ.+6WDW;;;]LS³ZREHLGDVDQJHKlQJWH
.U]HOKLHUDOV;JHNHQQ]HLFKQHWGLH9HUVLRQEHVFKUHLEW
=XVDPPHQPLWGHP0RGXOILQGHQ6LHHLQ+DQGEXFKXQGHLQH
;0/%HLVSLHOGDWHLGLHGLH3URJUDPPLHUXQJGHU6FKQLWWVWHOOH
HUOHLFKWHUQVROOHQ
%LWWHEHDFKWHQ6LHGDVVIUGLH.UDQNHQKDXVVWDWLVWLN
HLQHQHXH9HUVLRQGHV0RGXOVJHQXW]WZHUGHQPXVV'LH
9RUJlQJHUYHUVLRQGHV-DKUHVLVWQLFKWPHKUJOWLJ
95*
$PWIU6WDWLVWLN%HUOLQ%UDQGHQEXUJ
95*
.UDQNHQKDXVVWDWLVWLN
±9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJHQ±
7HLO,*UXQGGDWHQ
%HDFKWHQ6LHIROJHQGH+LQZHLVH
'LH$QJDEHQLQGHQ*UXQGGDWHQGHU9RUVRUJHXQG5HKD
ELOLWDWLRQVHLQULFKWXQJHQEH]LHKHQVLFKVRZHLWVLH3DWLHQWHQ
EHZHJXQJHQEHWUHIIHQDXIGLHLP-DKUYROOVWDWLRQlUEH
KDQGHOWHQ3DWLHQWHQ3DWLHQWLQQHQHLQVFKOLH‰OLFK6WHUEHIlOOH
RKQHVROFKHEHLGHQHQNHLQHPHGL]LQLVFKH,QGLNDWLRQEHVWDQG
]%+RWHO:HOOQHVVSDWLHQWHQSDWLHQWLQQHQ
$OOH$QJDEHQEH]LHKHQVLFK±VRZHLWQLFKWVDQGHUHV
YHUPHUNWLVW±DXIGHQ(UKHEXQJVVWLFKWDJGHV
%HULFKWVMDKUHV
.RPSOHWWH$XVJDEHGHU(UOlXWHUXQJHQ
HQ0DQFKH2
HQ0DQFKH2UJD
%LWWHEHDFKWHQ0DQFKH2UJDQLVDWLRQHQJHK|UHQGDEHL
UEDQGDQGHUZL
UEDQGDQGHUZLHGHUXP
HLQHP9HUEDQGDQGHUZLHGHUXPHLQHPGHUVHFKVJH
QDQQWHQ6SLW]HQYHUElQGHGHU)UHLHQ:RKOIDKUWVSIOHJH
HQ6SLW]HQYHUElQGHGHU)UHLH
6SLW]HQYHUElQGHGHU)UHL
DQJHJOLHGHUWLVW,QGLHVHP)DOONUHX]WGLH2UJDQLVDWLRQ
HJOLHGHUWLVW,QGLHVHP)DOONUH
HJOLHGHUWLVW,QGLHVHP)DOONUHX
EHQIDOOVGHQ]XJHK|ULJHQ6SLW]
EHQIDOOVGHQ]XJHK|ULJHQ6SLW]H
HEHQIDOOVGHQ]XJHK|ULJHQ6SLW]HQYHUEDQGDQ
9RQGHQ.LUFKHQVHOEVW
9RQGHQ.LUFKHQVHOEVWEHWULH
9RQGHQ.LUFKHQVHOEVWEHWULHEHQH(LQULFKWXQJHQVLQG
GHUJOHLFKHQ3RVLWLRQZLH
GHUJOHLFKHQ3RVLWLRQZLHG
GHUJOHLFKHQ3RVLWLRQZLHGLHYRQGHQHQWVSUHFKHQGHQ
NRQIHVVLRQHOOHQ9HUElQG
NRQIHVVLRQHOOHQ9HUElQGHQ]%'LDNRQLVFKHV:HUN
'HXWVFKHU&DULWDVYHUEDQGJHWUDJHQHQ(LQULFKWXQJHQ
'HXWVFKHU&DULWDVYH
'HXWVFKHU&DULWDVYHUE
]X]XRUGQHQ
=XODVVXQJGHU(LQULFKWXQJ
67
(5
)ROJHQGH=XODVVXQJGHU(LQULFKWXQJNDQQGDEHLQDFKJH
ZLHVHQZHUGHQ
9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJPLWHLQHP
9HUVRUJXQJVYHUWUDJQDFK†6*%9
'LHVH(LQULFKWXQJHQKDEHQPLWGHQ/DQGHVYHUElQGHQGHU
.UDQNHQNDVVHQXQGGHQ9HUElQGHQGHU(UVDW]NDVVHQ
HLQHQ9HUVRUJXQJVYHUWUDJDXFKIU7HLOHGHU(LQULFKWXQJ
U
QDFK†6*%9DEJHVFKORVVHQ0LWHLQHPVROFKHQ9HU
Q
WUDJLVWGLH(LQULFKWXQJ]XU9HUVRUJXQJGHU9HUVLFKHUWHQ
UJH
PLWVWDWLRQlUHQPHGL]LQLVFKHQ/HLVWXQJHQ]XU9RUVRUJH
RGHU5HKDELOLWDWLRQ]XJHODVVHQ
±
± 6RQVWLJ
6RQVWLJHUJHPHLQQW]LJHU7UlJHU
QVWLJHUJHP
HUJHP
+LHU]XJHK|U
JHK|
+LHU]XJHK|UHQGLHJHPHLQQW]LJHQ7UlJHUGLHNHLQHP
GHUDXIJHIKUWHQVHFKV6SLW]HQYHUElQGHDQJHVFKORV
GHUDXIJHI
VH
VHQVLQ
VHQVLQGE]ZGLHHLQHP9HUEDQGDQJHK|UHQGHUNHL
QHP
QHP
QHPGHUVHFKV6SLW]HQYHUElQGHDQJHVFKORVVHQLVW
(
(Q
(QWVSUHFKHQGZHUGHQKLHUDXFKGLH5HOLJLRQVJHPHLQ
VFKDIWHQGHV|IIHQWOLFKHQ5HFKWVHUIDVVWGLHQLFKWEH
UHLWVGHQDXIJHIKUWHQ9HUElQGHQ]XJHRUGQHWZXUGHQ
*HPHLQQW]LJH7UlJHU]XPHLVWLQGHU5HFKWVIRUP
GHVHLQJHWUDJHQHQ9HUHLQVGHU6WLIWXQJRGHUJHPHLQ
QW]LJHQ*PE+VLQGVWHXHUEHJQVWLJWXQGGDKHU
QDFK††II$EJDEHQRUGQXQJGXUFKGDV)LQDQ]DPW
DQHUNDQQW
$UWGHV7UlJHUV5HFKWVIRUPGHU(LQULFKWXQJ
XQJ
QJ
1DFKGHU$UWGHV7UlJHUVXQGGHU5HFKWVIRUPODVVHQVLFK
IRUPODVVHQVLFK
RUPODVVHQ
HUHQ]LHUHQ
HQ]LH
GLH(LQULFKWXQJHQIROJHQGHUPD‰HQGLIIHUHQ]LHUHQ
gIIHQWOLFK
(LQULFKWXQJHQLQ|IIHQWOLFKHU7UlJHUVFKDIWODVVHQVLFK
JHUVFKDIWODVVHQVLFK
HUVFKDIWODVVHQVL
UVFKHLGHQGHU
KHLGHQG |IIHQWOLFK
QWOLFK
QDFK]ZHL5HFKWVIRUPHQXQWHUVFKHLGHQGHU|IIHQWOLFK
WUHFKWOLFKHQ
KHQ)RUP
)RU
UHFKWOLFKHQXQGGHUSULYDWUHFKWOLFKHQ)RUP
8
)RUPEHWULHEHQH9RUVRU
)RUPEHWULHEHQH9RUVRUJH
,Q|IIHQWOLFKUHFKWOLFKHU)RUPEHWULHEHQH9RUVRUJH
HLQULFKWXQJHQVLQGGDEHLHQWZHG
LQULFKWXQJHQVLQGGDEHLHQ
RGHU5HKDELOLWDWLRQVHLQULFKWXQJHQVLQGGDEHLHQWZHGHU
VWlQGLJ
WlQGLJ 5HJLHEHW
UHFKWOLFKXQVHOEVWVWlQGLJ5HJLHEHWULHE(LJHQEHWULHE
HJLHEHWULHE(LJHQEHW
ULHE(LJHQE
HOEVWVWlQGLJ
EVWVWlQGLJ =ZHFNY
ZHFNYHUEDQG$
HUEDQG$
RGHUUHFKWOLFKVHOEVWVWlQGLJ=ZHFNYHUEDQG$QVWDOW
6WLIWXQJ3ULYDWUHFKWOLFKH(LQULFKWXQJHQ]%*PE+V
YDWUHFKWOLFKH(LQULFKWXQJHQ
KWOLFKH(LQULFKWXQJHQ ]
]
VLFKLQ|IIHQWOLFKHU7UlJHUVFKDIW
LFKLQ|IIHQWOLFKHU7UlJH
EHILQGHQVLFKLQ|IIHQWOLFKHU7UlJHUVFKDIWZHQQ*HELHWV
N|USHUVFKDIWHQ%XQG/DQG%H]LUN.UHLV*HPHLQGH
FKDIWHQ %XQG/D
%XQG/DQG%H]LUN.
QG%H]LUN
QVFKOVVHVROFKHU.|USHU
QVFKOVVHVROFKHU.|USHUV
=XVDPPHQVFKOVVHVROFKHU.|USHUVFKDIWHQ]%$UEHLWV
IWHQRGHU=ZHFNYH
IWHQRGHU=ZHFNYHUEl
JHPHLQVFKDIWHQRGHU=ZHFNYHUElQGHRGHU6R]LDOYHU
HU ] %5HQWHQ
VLFKHUXQJVWUlJHU]%5HQWHQYHUVLFKHUXQJVWUlJHURGHU
FKDIWHQ X
%HUXIVJHQRVVHQVFKDIWHQXQPLWWHOEDURGHUPLWWHOEDUPHKU
GHV
GHV1
DOVYRP+XQGHUWGHV1HQQNDSLWDOVRGHUGHV6WLPP
UHFKWVKDOWHQ
(LQH$XVZHUWXQJGHV0HUNPDOVXQGGLH'DWHQZHLWHUJDEH
VLQGRKQHDXVGUFNOLFKH=XVWLPPXQJGHU(LQULFKWXQJ
QLFKWP|JOLFK
0
3ULYDW
9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJHQGLHDOV
JHZHUEOLFKH8QWHUQHKPHQHLQHU.RQ]HVVLRQQDFK
†*HZHUEHRUGQXQJEHGUIHQ
)UHLJHPHLQQW]LJ
9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJHQGLHYRQ
7UlJHUQGHUNLUFKOLFKHQRGHUIUHLHQ:RKOIDKUWVSIOHJH
.LUFKHQJHPHLQGHQ6WLIWXQJHQRGHU9HUHLQHQXQWHUKDOWHQ
ZHUGHQ
'LHZHLWHUH'LIIHUHQ]LHUXQJGLHVHV0HUNPDOVGLHQWGHU
4XDOLWlWVVLFKHUXQJ
± )UHLJHPHLQQW]LJHU7UlJHU
2UJDQLVDWLRQHQGLHGHQVHFKVJHQDQQWHQ6SLW]HQYHU
ElQGHQGHU)UHLHQ:RKOIDKUWVSIOHJHDQJHVFKORVVHQ
VLQG]%/DQGHVYHUElQGHRGHU|UWOLFKH9HUElQGH
NUHX]HQGHQ]XJHK|ULJHQ9HUEDQGDQ
95*
%HL(LQULFKWXQJHQPLWXQWHUVFKLHGOLFKHQ7UlJHUQZLUG
GHU7UlJHUDQJHJHEHQGHUEHUZLHJHQGEHWHLOLJWLVWRGHU
EHUZLHJHQGGLH*HOGODVWHQWUlJW
0HGL]LQLVFKWHFKQLVFKH*UR‰JHUlWH
$Q]XJHEHQVLQGPHGL]LQLVFKWHFKQLVFKH*UR‰JHUlWH
GLHVLFKLP%HVLW]GHU(LQULFKWXQJEHILQGHQDXFKZHQQ
VLHQLFKWGHUHQ(LJHQWXPVLQGZLHEHLVSLHOVZHLVHJHOHDVWH
*HUlWHXQG]XU9HUVRUJXQJGHU3DWLHQWHQ3DWLHQWLQQHQ
JHQXW]WZHUGHQ
%LWWHJHEHQ6LHKLHUNHLQH*HUlWHDQGLHOHGLJOLFKIU
'HPRQVWUDWLRQVXQG/HKU]ZHFNHRGHUDXVVFKOLH‰OLFK
LP5DKPHQGHUNDVVHQlU]WOLFKHQ9HUVRUJXQJEHQXW]W
ZHUGHQ
6HLWH
=XUYROOVWlQGLJHQ'DUVWHOOXQJGHU(UJHEQLVVHQDFK
)DFKDEWHLOXQJHQHPSIHKOHQZLU,KQHQGLH$QJDEHQEHU
%HWWHQ3IOHJHWDJHXQG3DWLHQWHQEHZHJXQJ]XQlFKVWIU
GLH+DXSWGLV]LSOLQHQZLH,QQHUH0HGL]LQ.LQGHUKHLONXQGH
HWF]XVDPPHQ]XVWHOOHQ
1XW]HQPHKUHUH(LQULFKWXQJHQHLQ*HUlWVRZLUGHVQXU
YRQGHU(LQULFKWXQJJHPHOGHWLQGHUHVDXIJHVWHOOWLVW
%HWWHQNDSD]LWlW
$XIJHVWHOOWH%HWWHQLQVJHVDPWVLQGDOOHEHWULHEVEHUHLW
DXIJHVWHOOWHQ%HWWHQGHU9RUVRUJHRGHU5HKDELOLWDWLRQV
HLQULFKWXQJ
$XVGHU=XVDPPHQIDVVXQJGHU=DKOHQIUGLH+DXSW
GLV]LSOLQHQHUJHEHQVLFKGLH6XPPHQIUGLH9RUVRUJH
RGHU5HKDELOLWDWLRQVHLQULFKWXQJLQVJHVDPW=HLOH
%HWWHQIU:HOOQHVVSDWLHQWHQSDWLHQWLQQHQIUhEHUQDFK
WXQJVJlVWHRGHU+RWHOEHWWHQ]lKOHQ6LHELWWHQLFKWPLW
'LH=DKOGHUDXIJHVWHOOWHQ%HWWHQLQVJHVDPWLVWDOV-DKUHV
GXUFKVFKQLWWVZHUWRKQH1DFKNRPPDVWHOOHQDQ]XJHEHQ
9HUlQGHUXQJHQGHU=DKOGHU%HWWHQVLQG]HLWDQWHLOLJ]X
EHUFNVLFKWLJHQ
6LQG+DXSWGLV]LSOLQHQZHLWHUXQWHUJOLHGHUWVRPVVHQ
DXFKIUGLHDOVÄGDUXQWHU³3RVLWLRQHQDXIJHIKUWHQ
8QWHUDEWHLOXQJHQ$QJDEHQJHPDFKWZHUGHQ
%LWWHJHEHQ6LHKLHUGLH=DKOGHULP-DKUHVGXUFKVFKQLWW
]XUYROOVWDWLRQlUHQ%HKDQGOXQJEHWULHEVEHUHLWDXIJHVWHOO
WHQ%HWWHQRKQH1DFKNRPPDVWHOOHJHJOLHGHUWQDFK
)DFKDEWHLOXQJHQDQ
'HU-DKUHVGXUFKVFKQLWWRKQH1DFKNRPPDVWHOOHQ
HUJLEWVLFKDOV'XUFKVFKQLWWVZHUWGHUDQGHQ0RQDWV
HQGHQYRUKDQGHQHQ%HWWHQ]DKO
'LH$QJDEHLQGHU=HLOHÄ,QVJHVDPW³PXVVPLW
J
%HWWHQEH
GHU=DKOGHUDXIJHVWHOOWHQ%HWWHQEHLGHQ$QJDEHQ
WlW³EHUHLQVWL
XQWHUÄ%HWWHQNDSD]LWlW³EHUHLQVWLPPHQ
%LWWHEHUFNVLFKWLJHQ6LHNHLQH%HWWHQ]XUWHLOVWDWLRQlUHQ
8QWHUEULQJXQJYRQ3DWLHQWHQ3DWLHQWLQQHQ$XFK%HWWHQ
LQ8QWHUVXFKXQJVXQG)XQNWLRQVUlXPHQVLQGQLFKW
HLQ]XEH]LHKHQ
5
HU³3RVLWLRQNDQQGDEHLQDFK
³3RVLWLRQNDQQGDEHLQDFK
)ROJHQGHÄGDUXQWHU³3RVLWLRQNDQQGDEHLQDFKJHZLHVHQ
ZHUGHQ
'LH=DKOGHUDXIJHVWHOOWHQ%HWWHQPXVVGHQ$QJDEHQ
XQWHUÄ.UDQNHQEHWWHQ3IOHJHWDJHXQG3DWLHQWHQEHZH
JXQJ³6SDOWH=HLOHHQWVSUHFKHQ
HQVLQG%HWWHQPLWEHVRQGHUHQ
HQ
VLQG%HWWHQPLWEH
1RWIDOOEHWWHQVLQG%HWWHQPLWEHVRQGHUHQ=XVDW]HLQULFK
XUYRUEHUJHKHQGHQ%HKDQ
XUYRUEHUJHKHQGHQ%HKDQGOXQ
WXQJHQ]XUYRUEHUJHKHQGHQ%HKDQGOXQJDNXWDXIWUHWHQ
NUDQNXQJV]XVWlQGHEHL9RUVRU
NUDQNXQJV]XVWlQGHEHL9RUVRUJ
GHU(UNUDQNXQJV]XVWlQGHEHL9RUVRUJHRGHU5HKDELOLWD
QVSDWLHQWHQSDWLHQWLQQHQ,QGHU
VSDWLHQWHQSDWLHQWLQQHQ,QGH
WLRQVSDWLHQWHQSDWLHQWLQQHQ,QGHU5HJHOZHUGHQGLH
3DWLHQWHQ3DWLHQWLQQHQ]XU:HLW
3DWLHQWHQ3DWLHQWLQQHQ]XU:HLWH
3DWLHQWHQ3DWLHQWLQQHQ]XU:HLWHUEHKDQGOXQJLQHLQ.UDQ
NHQKDXVYHUOHJW
'LHDXIJHVWHOOWHQ%HWWHQODVVHQVLFKIROJHQGHUPD‰HQ
XQWHUJOLHGHUQ
6RQVWLJH%HWWHQ
HQ.UDQ
.UDQ
$XIJHVWHOOWH%HWWHQIUGLHNHLQH9HUWUlJHPLWGHQ.UDQ
GHQ6RQVWL
6RQVWL
NHQNDVVHQQDFK†6*%9YRUOLHJHQ%HLGHQ6RQVWL
QIUGLH9HUWUl
JHQ%HWWHQVLQGDXFK%HWWHQQDFK]XZHLVHQIUGLH9HUWUl
IDOOYHUVLFKHUXQJ
OOYHUVLFK
JHPLWGHQ7UlJHUQGHU5HQWHQRGHU8QIDOOYHUVLFKHUXQJ
EHVWHKHQ
)DFKDEWHLOXQJHQ
$OV
V 3IO
3IOHJHWDJ
HJH
]lKOWGH
G
$OV3IOHJHWDJ]lKOWGHU$XIQDKPHWDJVRZLHMHGHUZHLWHUH
7DJGHV$XIHQWKDOWH
GHV$XIH
7DJGHV$XIHQWKDOWHV(QWODVVXQJVXQG9HUOHJXQJVWDJH
ZHUGHQGDEHLQLF
GDEHLQ
ZHUGHQGDEHLQLFKWPLWJH]lKOW
%LWWHODVVHQ6LHWHLOVWDWLRQlURGHUDPEXODQWEHKDQGHOWH
3DWLHQWHQ3DWLHQWLQQHQVRZLH%HJOHLWSHUVRQHQ
XQEHUFNVLFKWLJW
)ROJHQGH3RVLWLRQHQZHUGHQXQWHUVFKLHGHQ
$XIQDKPHQLQGLH(LQULFKWXQJYRQDX‰HQ
+LHUVLQGDOOHLQGHQYROOVWDWLRQlUHQ%HUHLFKGHU9RUVRUJH
RGHU5HKDELOLWDWLRQVHLQULFKWXQJDXIJHQRPPHQHQ
3DWLHQWHQ3DWLHQWLQQHQ]X]lKOHQ
0
6ROOWHVLFK,KUH(LQULFKWXQJDXVVFKOLH‰OLFKDXIHLQH)DFK
ULFKWXQJVSH]LDOLVLHUWKDEHQWUDJHQ6LH,KUH$QJDEHQ
VRZRKOEHLGHUEHWUHIIHQGHQ)DFKDEWHLOXQJDOVDXFKLQGHU
6XPPHQ]HLOHHLQ9RUVRUJHRGHU5HKDELOLWDWLRQV
HLQULFKWXQJHQRKQHRUJDQLVDWRULVFKDEJUHQ]EDUH)DFKDE
WHLOXQJHQXQGVROFKHGLH%HKDQGOXQJHQDXFKDX‰HUKDOE
RUJDQLVDWRULVFKDEJUHQ]EDUHU)DFKDEWHLOXQJHQOHLVWHQ
WUDJHQLKUH$QJDEHQKLHUIULQ=HLOHÄ6RQVWLJH)DFK
EHUHLFKH³HLQ
,QGHQ)lOOHQLQGHQHQGLH3DWLHQWHQ3DWLHQWLQQHQLQ
HLQHPYRP%HKDQGOXQJVEHUHLFKJHWUHQQWHQ%HWWHQWUDNW
XQWHUJHEUDFKWVLQGZHUGHQGLHYHUIJEDUHQ%HWWHQGHQ
)DFKDEWHLOXQJHQHQWVSUHFKHQGGHUMDKUHVGXUFKVFKQLWW
OLFKHQ%HKDQGOXQJHQ]XJHWHLOW
3DWLHQWHQ]XJDQJ
3DW
3DWLHQWHQ]X
$OV3
$OV3DWLHQWHQ]XJDQJZHUGHQDXVVFKOLH‰OLFKGLHYROO
VWDWL
VWDWLRQlUDXIJHQRPPHQHQ3DWLHQWHQ3DWLHQWLQQHQ
)lOOHJH]lKOW
)l
)DFKDEWHLOXQJHQVLQGRUJDQLVDWRULVFKDEJUHQ]EDUH
DWRULVFKDEJUH
YRQbU]WHQbU]WLQQHQVWlQGLJYHUDQWZRUWOLFKJHOHLWHWH
GLJYHUDQWZRUWOLFKJHOHLWHWH
$EWHLOXQJHQPLWIUGHQMHZHLOLJHQ)DFKEHUHLFKW\SLVFKHQ
ZHLOLJHQ)DFKEHUHLFKW\SLVFKH QJHQ'LH)DFKDEWHLOXQJVJOLHG
%HKDQGOXQJVHLQULFKWXQJHQ'LH)DFKDEWHLOXQJVJOLHGH
DQGHQ*HELHWVXQG6F
UXQJRULHQWLHUWVLFKDQGHQ*HELHWVXQG6FKZHUSXQNW
HUbU]WH$XVQDKPHQKLHUYR
EH]HLFKQXQJHQGHUbU]WH$XVQDKPHQKLHUYRQVWHOOHQ
Q*HULDWULHXQG6XFKWGD
GLH)DFKDEWHLOXQJHQ*HULDWULHXQG6XFKWGDU,QHLQHU
JHJOLHGHUWHQ(LQU
QDFK)DFKDEWHLOXQJHQJHJOLHGHUWHQ(LQULFKWXQJVLQG
DQLVDWLRQVHLQK
GLHHQWVSUHFKHQGHQ2UJDQLVDWLRQVHLQKHLWHQHLQHUGHU
JHQ]X
DXIJHIKUWHQ)DFKDEWHLOXQJHQ]X]XRUGQHQ
6HLWH
3IOHJHWDJH
3IOHJHW
8
67
9HUWUDJVEHWWHQQDFK†6*%9
$OOHDXIJHVWHOOWHQ%HWWHQIUGLH9HUWUlJHPLWGHQ.UDQ
NHQNDVVHQEHUGLH*HZlKUXQJYRQPHGL]LQLVFKHQ
K
/HLVWXQJHQ]XU9RUVRUJHRGHU5HKDELOLWDWLRQHLQVFKOLH‰OLFK
$QVFKOXVVKHLOEHKDQGOXQJYRUOLHJHQ
9ROOVWDWLRQlUDXIJHVWHOOWH%HWWHQ-DKUHVGXUFK
VFKQLWW
:LUGHLQ3DWLHQWHLQH3DWLHQWLQIUHLQHQ7DJPHKUHUH
7DJHEHXUODXEWLVWMHGRFKQXUHLQ)DOO]X]lKOHQ
9HUOHJXQJHQDXV.UDQNHQKlXVHUQ
3DWLHQWHQ3DWLHQWLQQHQGLHYRQ.UDQNHQKlXVHUQLQGHQHQ
VLH]XYRUVWDWLRQlUXQWHUJHEUDFKWZDUHQ]XUZHLWHUHQ
9HUVRUJXQJLQGLHEHULFKWHQGH(LQULFKWXQJDXIJHQRPPHQ
ZHUGHQ
3DWLHQWHQDEJDQJ
)ROJHQGH3RVLWLRQHQZHUGHQXQWHUVFKLHGHQ
(QWODVVXQJHQDXVGHU(LQULFKWXQJ
1DFKJHZLHVHQZHUGHQDOOHDXVYROOVWDWLRQlUHU%HKDQG
OXQJHQWODVVHQHQ3DWLHQWHQ3DWLHQWLQQHQ6WHUEHIlOOHVLQG
KLHUQLFKWHQWKDOWHQVLHZHUGHQLQ6SDOWHJHVRQGHUW
HUIDVVW
95*
YRUVFKULIWHQ]XP.RQWHQUDKPHQGHU.UDQNHQKDXV%XFK
IKUXQJVYHURUGQXQJ௘.+%9௘
:LUGHLQ3DWLHQWHLQH3DWLHQWLQIUHLQHQ7DJPHKUHUH
7DJHEHXUODXEWLVWMHGRFKQXUHLQ)DOO]X]lKOHQ
± 3IOHJHSHUVRQDOLPPHGL]LQLVFKWHFKQLVFKHQ'LHQVW
௘6FKOVVHO௘HQWVSUHFKHQG.RQWR
9HUOHJXQJHQLQ.UDQNHQKlXVHU
3DWLHQWHQ3DWLHQWLQQHQGLHDXVGHUEHULFKWHQGHQ(LQULFK
WXQJ]XUZHLWHUHQ9HUVRUJXQJLQHLQ.UDQNHQKDXVYHUOHJW
ZHUGHQ
± 3IOHJHSHUVRQDOLP)XQNWLRQVGLHQVW௘6FKOVVHO
௘HQWVSUHFKHQG.RQWR
)UGHQ1DFKZHLVGHV3IOHJHSHUVRQDOVGDVLQSV\FKL
DWULVFKHQ)DFKDEWHLOXQJHQEHVFKlIWLJWLVW௘=HLOHQ
XQG௘]lKOHQ6LHELWWHGDV3HUVRQDO
LQIROJHQGHQ)DFKDEWHLOXQJHQJHJOLHGHUWQDFKGHQ*H
ELHWVXQG6FKZHUSXQNWEH]HLFKQXQJHQGHU0XVWHUZHL
WHUELOGXQJVRUGQXQJ.LQGHUXQG-XJHQGSV\FKLDWULHXQG
SV\FKRWKHUDSLH3V\FKLDWULHXQG3V\FKRWKHUDSLHVRZLH
3V\FKRWKHUDSHXWLVFKH0HGL]LQ3V\FKRVRPDWLN
%LWWHEHDFKWHQ6LHGDVVGLH=DKOGHUHQWODVVHQHQ
3DWLHQWHQ3DWLHQWLQQHQ 6SDOWHQXQG PLW,KUHQ
$QJDEHQ]XU'LDJQRVHVWDWLVWLN(UKHEXQJVWHLO,,
EHUHLQVWLPPHQPXVV
*HELHWV6FKZHUSXQNWEH]HLFKQXQJ
bU]WHbU]WLQQHQPLWDEJHVFKORVVHQHU:HLWHUELOGXQJ
)DFKlU]WHlU]WLQQHQVLQGQDFKLKUHUDQHUNDQQWHQ
*HELHWVE]Z6FKZHUSXQNWEH]HLFKQXQJ]XHUKHEHQ
%LWWHZHLVHQ6LHGLH6FKOHU6FKOHULQQHQXQG$XV]XELO
GHQGHQQLFKWEHLGHQ$QJDEHQEHUQLFKWlU]WOLFKHV3HU
VRQDODPQDFK3HUVRQDOJUXSSH%HUXIVEH]HLFKQXQJ
QDFKVLHVLQGLQGHQ=HLOHQELVQDFKULFKWOLFK
=H
DQ]XJHEHQ
$OV6FKZHUSXQNWZLUGKLHUHLQH]XVlW]OLFKH6SH]LD
OLVLHUXQJLQQHUKDOEHLQHV*HELHWHVYHUVWDQGHQbU]WH
bU]WLQQHQPLWPHKUHUHQ*HELHWVE]Z6FKZHUSXQNW
EH]HLFKQXQJHQVLQGHQWVSUHFKHQGLKUHUEHUZLHJHQG
DXVJHEWHQ7lWLJNHLW]X]XRUGQHQbU]WHbU]WLQQHQPLW
6FKZHUSXQNWEH]HLFKQXQJ]%*HIl‰FKLUXUJLHVLQG
DXFKEHLGHUHQWVSUHFKHQGHQ*HELHWVEH]HLFKQXQJ
]%&KLUXUJLH]X]lKOHQ
67
(5
%LWWHJHEHQ6LHLQGHU=HLOHQXU6FKOHU
LQGHU=HLOH
6FKOHULQQHQXQG$XV]XELOGHQGHDQGLHPLW,KUHU
QXQG$XV]XELOG
JHLQHQ$XVELOGXQJVYH
(LQULFKWXQJHLQHQ$XVELOGXQJVYHUWUDJKDEHQ
3HUVRQDOPLW3IOHJHEHUXIHQXQGDEJHVFKORVVHQHU
RQDOPLW3IOHJHEHUXIHQXQGDEJ
HLWHUELOGXQJLVWQRFKP
HLWHUELOGXQJLVWQRFKPDOVLQGHQ
:HLWHUELOGXQJLVWQRFKPDOVLQGHQ=HLOHQELV
±XQDEKlQJLJYRP(LQVDW]EHUHLFK±QDFK]XZHLVHQ
±XQDEKlQJLJYRP(LQVDW]
±XQDEKlQJLJYRP(LQVDW]EHUH
+DXSWDPWOLFKHbU]WHbU]WLQQHQDP
%LWWHHUIDVVHQ6LHQXUGLHLQ,KUHU(LQULFKWXQJIHVW
DQJHVWHOOWHQbU]WHbU]WLQQHQ
$OV6RQVWLJHV3HUVRQDO Z
$OV6RQVWLJHV3HUVRQDOZLUGVRQVWLJHVQLFKWlU]WOLFKHV
3HUVRQDOZLH)DPXOL)UHLZLOOLJHQDFKGHP%)'*
3HUVRQDOZLH)DPXOL)
%XQGHVIUHLZLOOLJHQGLHQVWJHVHW]$EVROYHQWHQ$EVRO
XQGHVIUHLZLOOLJHQG
YHQWLQQHQLPIUHLZLOOLJHQVR]LDOHQ-DKUXQG3UDNWLNDQWHQ
QQHQLPIUHLZ
DQWLQQHQ
3UDNWLNDQWLQQHQHUIDVVWQLFKWMHGRFK9RUVFKOHU9RU
VFKOHULQQHQ
VFKOHULQQHQXQG6FKOHU6FKOHULQQHQ'LH6FKOHU
6FK
6FKOHULQQHQVLQGMHGRFKQDFKULFKWOLFKDXV]XZHLVHQ
%LWWHZ
%LWWHZHLVHQ6LH)UHLZLOOLJHQDFKGHP%)'*LQ=HLOH
RFK
QRFKPDOVJHVRQGHUWDXV
*DVW.RQVLOLDU%HOHJXQGKRVSLWLHUHQGHbU]WH
bU]WLQQHQVLQGQLFKW]XHUIDVVHQ
VHQ
HQ
)ROJHQGH3RVLWLRQNDQQXQWHUDQGHUHPQDFKJHZLHVHQ
ZHUGHQ
/HLWHQGHbU]WHbU]WLQQHQ
ELOLWDWLRQVHL
ELOLWDWLRQVHLQULFK
+DXSWDPWOLFKLQGHU9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFK
WYHUWUlJHQVRZLH
HUWUlJHQVRZLH
WXQJWlWLJHbU]WHbU]WLQQHQPLW&KHIDU]WYHUWUlJHQVRZLH
QQHQNRQ]HVVLRQLHUWHU
QNRQ]HVVLRQLHUWHU
bU]WHbU]WLQQHQDOV,QKDEHU,QKDEHULQQHQNRQ]HVVLRQLHUWHU
3ULYDWNOLQLNHQ
7UDJHQ6LHEHLP3HUVRQDOGHU$XVELOGXQJVVWlWWHQ
ELWWHQXU/HKUNUlIWH±DXFKbU]WHbU]WLQQHQ±HLQ
GLHIUGLHVH7lWLJNHLWHLQHQ$UEHLWVRGHU'LHQVW
YHUWUDJPLW,KUHU(LQULFKWXQJKDEHQ0LWDUEHLWHU
0LWDUEHLWHULQQHQPLWVRJ+RQRUDUYHUWUlJHQZHUGHQ
KLHUQLFKWQDFKJHZLHVHQ
1LFKWKDXSWDPWOLFKHbU]WHbU]WLQQHQDP
bU]WLQQHQDP
QQHQDP
HQGDEHLXQWHUVFKLHGHQZHUGHQ
QGDEHLXQWHUVFKLHGHQZHUGHQ
)ROJHQGH3RVLWLRQHQN|QQHQGDEHLXQWHUVFKLHGHQZHUGHQ
0
8
Q
%HOHJlU]WHlU]WLQQHQ
QGDQGHUHQLFKWLQGHU9RUVRUJH
GDQGHUHQLFKWLQGHU9RUVRU
1LHGHUJHODVVHQHXQGDQGHUHQLFKWLQGHU9RUVRUJHRGHU
QULFKWXQJDQJHVWHOOWHbU]WHbU]WL
ULFKWXQJDQJHVWHOOWHbU]WHbU]
5HKDELOLWDWLRQVHLQULFKWXQJDQJHVWHOOWHbU]WHbU]WLQQHQ
VLQGLKUH3DWLHQWHQ3DWLHQWLQQH
GLKUH3DWLHQWHQ3DWLHQWLQQH
GLHEHUHFKWLJWVLQGLKUH3DWLHQWHQ3DWLHQWLQQHQ
QWHQSDWLHQWLQQHQ XQWH
XQWHU,QDQV
U ,QDQV
%HOHJSDWLHQWHQSDWLHQWLQQHQXQWHU,QDQVSUXFKQDKPH
UEHUHLWJHVWHOOWHQ'LHQVWH(LQUL
UEHUHLWJHVWHOOWHQ'LHQVWH
GHUKLHUIUEHUHLWJHVWHOOWHQ'LHQVWH(LQULFKWXQJHQXQG
DWLRQlU]XEHKDQGHOQRKQHK
DWLRQlU]XEHKDQGHOQRKQHKL
0LWWHOVWDWLRQlU]XEHKDQGHOQRKQHKLHUIUYRQGHU(LQ
QH9HUJWXQJ]XHUKDOWH
QH9HUJWXQJ]XHUKDOWHQ
ULFKWXQJHLQH9HUJWXQJ]XHUKDOWHQ
]WHQlU]WLQQHQD
9RQ%HOHJlU]WHQlU]WLQQHQDQJHVWHOOWHbU]WH
bU]WLQQHQ
U]WLQQH
9RQ%HOHJlU]WHQlU]WLQQHQDQJHVWHOOWHbU]WHbU]WLQQHQ
QDFKGHU*HELHWV6FKZHUSXQNWEH]HLFKQXQJGHVDQVWHO
OHQGHQ$U]WHVGHUDQVWHOOHQGHQbU]WLQ
+DXSWDPWOLFKHVQLFKWlU]WOLFKHV3HUVRQDO
'LH=XRUGQXQJGHUHLQ]HOQHQ%HUXIVEH]HLFKQXQJHQ
]XGHQ)XQNWLRQVEHUHLFKHQHQWVSULFKWZHLWJHKHQGGHU
*OLHGHUXQJGHU.UDQNHQKDXV%XFKIKUXQJVYHURUGQXQJ
.+%9
9ROONUlIWHLP-DKUHVGXUFKVFKQLWW
$OV9ROONUlIWHZHUGHQGLHDXIYROOHWDULIOLFKH$UEHLWV]HLW
XPJHUHFKQHWHQ%HVFKlIWLJWHQEH]HLFKQHW
'LH*HVDPW]DKOGHU9ROONUlIWHLP-DKUHVGXUFKVFKQLWW
HUJLEWVLFKDXVGHU6XPPHGHUXPJHUHFKQHWHQ7HLO]HLW
NUlIWHGHUXPJHUHFKQHWHQNXU]IULVWLJRGHUJHULQJIJLJ
EHVFKlIWLJWHQ$UEHLWQHKPHU$UEHLWQHKPHULQQHQXQG
GHU%HVFKlIWLJWHQGLHLPJHVDPWHQ-DKUEHLYROOHU
WDULIOLFKHU$UEHLWV]HLWHLQJHVHW]WZDUHQhEHUVWXQGHQ
XQG%HUHLWVFKDIWVGLHQVWHZHUGHQQLFKWLQGLH%HUHFKQXQJ
HLQEH]RJHQ
*UXQGVlW]OLFKVLQG=HLWHQGLHIUGLH(LQULFKWXQJNHLQH
3HUVRQDONRVWHQYHUXUVDFKWKDEHQ]%(U]LHKXQJV
XUODXELQGLH8PUHFKQXQJQLFKWHLQ]XEH]LHKHQ
1HXKLQ]XJHNRPPHQLVWGHUJHVRQGHUWH1DFKZHLV
YRQ3IOHJHSHUVRQDOGDVLPPHGL]LQLVFKWHFKQLVFKHQ
'LHQVW௘6FKOVVHO௘XQGLP)XQNWLRQVGLHQVW
௘6FKOVVHO௘HLQJHVHW]WLVW
%LWWHRULHQWLHUHQ6LHVLFKEHLGHU=XRUGQXQJGHV3IOHJH
SHUVRQDOV]XGHQ3HUVRQDOJUXSSHQDQGHQ=XRUGQXQJV
95*
6HLWH
%LWWH]LHKHQ6LHEHLGHU9ROONUlIWHEHUHFKQXQJLQGHQ
HLQ]HOQHQ2EHUJUXSSHQHQWVSUHFKHQGH$QWHLOHDEZHQQ
GLHVHV3HUVRQDODOV$XVELOGXQJVSHUVRQDOWlWLJLVW
%HLVSLHO3IOHJHNUlIWHGLHDOVÄ=HLWDUEHLWHU³EHLGHU(LQ
ULFKWXQJWlWLJVLQGZHUGHQHUIDVVW,P*HJHQVDW]GD]X
ZLUGGDV3HUVRQDOHLQHU)UHPGILUPDGLHGLH5HLQLJXQJ
LQGHU(LQULFKWXQJEHUQRPPHQKDWQLFKWHUIDVVWKLHU
JHK|UWGLHÄRXWJHVRXUFWH³5HLQLJXQJQLFKWPHKU]XGHQ
/HLVWXQJHQGHU(LQULFKWXQJ
'LH8PUHFKQXQJXPIDVVW
± +DXSWDPWOLFKHbU]WHbU]WLQQHQRKQH=DKQlU]WH
=DKQlU]WLQQHQ
± bU]WHbU]WLQQHQRKQHGLUHNWHV%HVFKlIWLJXQJVYHUKlOWQLV
EHLGHU(LQULFKWXQJ
,Q=HLOHVLQGGLHLQVRJÄ$XVELOGXQJVJHVHOOVFKDIWHQ³
XVE
HULQQHQ
EHVFKlIWLJWHQ6FKOHU6FKOHULQQHQXQG$XV]XELOGHQGHQ
]XHUIDVVHQ
± +DXSWDPWOLFKHVQLFKWlU]WOLFKHV3HUVRQDO
± 1LFKWlU]WOLFKHV3HUVRQDORKQHGLUHNWHV%HVFKlIWLJXQJV
YHUKlOWQLVEHLGHU(LQULFKWXQJ
*HVXQGKHLWVXQG.UDQNHQSIOHJHVFKOHUVFKOHULQQHQ
VRZLH*HVXQGKHLWVXQG.LQGHUNUDQNHQSIOHJHVFKOHU
*HVXQGKHLWVXQG.LQGHUNUDQNHQSIOHJHVFKOHULQQHQVLQG
LP9HUKlOWQLV]X6FKOHU6FKOHULQQHQLQGHU.UDQ
NHQSIOHJHKLOIHLP9HUKlOWQLV]XEHLGHU%HUHFKQXQJ
GHU9ROONUlIWH]XEHUFNVLFKWLJHQXQGLQ=HLOHHLQ
]XWUDJHQ
)UHLZLOOLJHQDFKGHP%)'*VLQGLP9HUKlOWQLV]XLQ
9ROONUlIWHXP]XUHFKQHQ
bU]WHbU]WLQQHQRKQHGLUHNWHV%HVFKlIWLJXQJVYHU
KlOWQLVEHLGHU(LQULFKWXQJ=HLOH+LHUEHLKDQGHOW
HVVLFKXPQLFKWEHLGHU(LQULFKWXQJDQJHVWHOOWHbU]WH
DOV
bU]WLQQHQGLH]%LP3HUVRQDO/HDVLQJ9HUIDKUHQDOV
+RQRUDUNUlIWHRGHULP5DKPHQHLQHUNRQ]HUQLQWHUQHQ
QHQ
HW]W
W
3HUVRQDOJHVHOOVFKDIWLQGHU(LQULFKWXQJHLQJHVHW]W
HOQZLHGLH
HGLH
ZHUGHQ6LHZHUGHQQDFKGHQJOHLFKHQ5HJHOQZLHGLH
IWHLP-DKUHV
WHLP-DKUHV
KDXSWDPWOLFKHQbU]WHbU]WLQQHQLQ9ROONUlIWHLP-DKUHV
QHWXQG]XVlW]OLFK
XQG]XV
GXUFKVFKQLWWVLHKHDXFK XPJHUHFKQHWXQG]XVlW]OLFK
WHbU]WLQQHQ
QHQ ] %
HLQJHWUDJHQ1LFKWKDXSWDPWOLFKHbU]WHbU]WLQQHQ]%
%
%HOHJXQG.RQVLOLDUlU]WH%HOHJXQG.RQVLOLDUlU]WLQQHQ
XQG.RQVLOLDUlU]WLQQHQ
QG.RQVLOLDUlU]WLQQHQ VLQGQLFKWHLQ]XEH]LHKHQ
GHU9ROONUlIWHI
GHU9ROONUlIWHIUQLFK
6RZHLWGLH(UPLWWOXQJGHU9ROONUlIWHIUQLFKWlU]WOLFKHV
NWHV%HVFKlIWLJXQJVYH
NWHV%HVFKlIWLJXQJVYHUKl
3HUVRQDORKQHGLUHNWHV%HVFKlIWLJXQJVYHUKlOWQLVEHLGHU
XQYHUKlOWQLVPl‰LJKRKHP$XIZ
QYHUKlOWQLVPl‰LJKRKHP$XIZ
(LQULFKWXQJPLWXQYHUKlOWQLVPl‰LJKRKHP$XIZDQGYHU
QGVLH]XVFKlW]HQ
EXQGHQLVWVLQGVLH]XVFKlW]HQ
:LUEHGDQNHQXQVVHKUKHU]OLFKIU,KUH0LWDUEHLW
:LUEHGDQNHQXQVVHKUK
:LUEH
GDQNHQXQVVHKU
8
67
1LFKWlU]WOLFKHV3HUVRQDORKQHGLUHNWHV%HVFKlI
WLJXQJVYHUKlOWQLVEHLGHU(LQULFKWXQJGDV]%LP
3HUVRQDO/HDVLQJ9HUIDKUHQHLQJHVHW]WZLUGZLUGQDFK
GHQJOHLFKHQ5HJHOQZLHGDVLQGHU(LQULFKWXQJDQJH
VWHOOWHQLFKWlU]WOLFKH3HUVRQDOLQ9ROONUlIWHLP-DKUHV
GXUFKVFKQLWWVLHKHDXFK XPJHUHFKQHWXQGIUDXV
JHZlKOWH%HVFKlIWLJWHQJUXSSHQQDFKULFKWOLFKLQ6SDOWH
HLQJHWUDJHQ(QWVFKHLGHQGIUGLH(UIDVVXQJGLHVHV
3HUVRQDOVLVWGDVVGLH/HLVWXQJYRQGHU(LQULFKWXQJHU
EUDFKWZLUGXQGVLHVLFK]XU%HZlOWLJXQJGLHVHU$XIJDEH
3HUVRQDOYHUVWlUNXQJLQ)RUPYRQ=HLWDUEHLWRbKLQ]X
KROW
(5
$UEHLWQHKPHU$UEHLWQHKPHULQQHQLQ$OWHUVWHLO]HLWVLQG
±DEKlQJLJYRQGHUJHZlKOWHQ$UEHLWV]HLWYHUWHLOXQJ±
HQWVSUHFKHQGGHPMHZHLOLJHQ%HVFKlIWLJXQJVXPIDQJ
LP%HULFKWVMDKULQ9ROONUlIWHXP]XUHFKQHQ$UEHLWQHKPHU
$UEHLWQHKPHULQQHQGLHVLFKIUGLH$OWHUVWHLO]HLWLPVRJ
%ORFNPRGHOOHQWVFKLHGHQKDEHQVLQGZlKUHQGGHU)UHL
VWHOOXQJVSKDVHEHLGHU8PUHFKQXQJLQ9ROONUlIWHQLFKW
]XEHUFNVLFKWLJHQ
0
6RZHLWGLH(UPLWWOXQJGHU9ROONUlIWHIUbU]WHbU]WLQQHQ
ROONUlIWHIUbU]WHbU]WLQQHQ
OONUlIWHIUbU]WHbU]WLQQHQ
XQJVYHUKlOWQLVEHLGHU(LQULFK
QJVYHUKlOWQLVEHLGHU(LQULFK
RKQHGLUHNWHV%HVFKlIWLJXQJVYHUKlOWQLVEHLGHU(LQULFK
Pl‰LJKRKHP$XIZDQGYHUEXQGH
KRKHP$XIZDQGYHUEXQGH
WXQJPLWXQYHUKlOWQLVPl‰LJKRKHP$XIZDQGYHUEXQGHQ
W]HQ
]HQ
LVWVLQGVLH]XVFKlW]HQ
6HLWH
95*
95*
.UDQNHQKDXVVWDWLVWLN
5
±9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJHQ±
LFKWXQJ
)UDJHERJHQ
$OOJHPHLQH$QJDEHQ95*
7(
7HLO,*UXQGGDWHQ
XQG3DWLHQWHQEHZHJXQJ
3DWLHQWHQEHZH
.UDQNHQEHWWHQ3IOHJHWDJHXQG3DWLHQWHQEHZHJXQJ
±QXUYROOVWDWLRQlUH)lOOH±95*
± 95* bU]WOLFKHV3HUVRQDO95*
95* 3HUVRQDO 95*
1LFKWlU]WOLFKHV3HUVRQDO95*
+LQZHLV
6LHN|QQHQGLH0HOGXQJ]XU.UDQNHQKDXVVWDWLVWLNDXFKPLW+LOIH
GHV0RGXOVGHU'HXWVFKHQ.UDQNHQKDXVJHVHOOVFKDIWH9DEJHEHQ
1lKHUH,QIRUPDWLRQHQKLHU]XILQGHQ6LHLP0DQWHOERJHQ
95*
.UDQNHQKDXVVWDWLVWLN
7HLO,*UXQGGDWHQ
0
8
$OOJHPHLQH$QJDEHQ
67
(5
±9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJHQ±
LFKWXQJ
5HFKWVJUXQGODJHQXQGZHLWHUHUHFKWOLFKH
+LQZHLVHHQWQHKPHQ6LHGHP0DQWHOERJHQ
GHU%HVWDQGWHLOGLHVHV)UDJHERJHQVLVW
%LWWHEHDFKWHQ6LHEHLGHU%HDQWZRUWXQJ
GHU)UDJHQGLH(UOlXWHUXQJHQ]X ELV GLHMHZHLOVOLQNVQHEHQGHQ)UDJHQVWHKHQ
/DQG
(LQULFKWXQJVQXPPHU
ZLUGYRPVWDWLVWLVFKHQ$PWDXVJHIOOW
6$
(UOlXWHUXQJHQ]XGHQ)UDJHQELV
=XODVVXQJGHU(LQULFKWXQJ
)ROJHQGH=XODVVXQJGHU(LQULFKWXQJNDQQGDEHLQDFKJH
ZLHVHQZHUGHQ
9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJPLWHLQHP
9HUVRUJXQJVYHUWUDJQDFK†6*%9
'LHVH(LQULFKWXQJHQKDEHQPLWGHQ/DQGHVYHUElQGHQGHU
.UDQNHQNDVVHQXQGGHQ9HUElQGHQGHU(UVDW]NDVVHQ
HLQHQ9HUVRUJXQJVYHUWUDJDXFKIU7HLOHGHU(LQULFKWXQJ
$UWGHV7UlJHUV5HFKWVIRUPGHU(LQULFKWXQJ
1DFKGHU$UWGHV7UlJHUVXQGGHU5HFKWVIRUPODVVHQVLFK
GLH(LQULFKWXQJHQIROJHQGHUPD‰HQGLIIHUHQ]LHUHQ
%LWWHEHDFKWHQ0DQFKH2UJDQLVDWLRQHQJHK|UHQGDEHL
HLQHP9HUEDQGDQGHUZLHGHUXPHLQHPGHUVHFKVJH
QDQQWHQ6SLW]HQYHUElQGHGHU)UHLHQ:RKOIDKUWVSIOHJH
DQJHJOLHGHUWLVW,QGLHVHP)DOONUHX]WGLH2UJDQLVDWLRQ
LJHQ6SLW]H
HEHQIDOOVGHQ]XJHK|ULJHQ6SLW]HQYHUEDQGDQ
OEVWEHWULHEHQ
9RQGHQ.LUFKHQVHOEVWEHWULHEHQH(LQULFKWXQJHQVLQG
LWLRQZLHGLHYRQ
GHUJOHLFKHQ3RVLWLRQZLHGLHYRQGHQHQWVSUHFKHQGHQ
9HUElQGHQ ] %'LDNRQLVF
NRQIHVVLRQHOOHQ9HUElQGHQ]%'LDNRQLVFKHV:HUN
&DULWDVYHUEDQG JHWUDJHQHQ(L
'HXWVFKHU&DULWDVYHUEDQGJHWUDJHQHQ(LQULFKWXQJHQ
HQ
]X]XRUGQHQ
67
(5
gIIHQWOLFK
(LQULFKWXQJHQLQ|IIHQWOLFKHU7UlJHUVFKDIWODVVHQVLFK
QDFK]ZHL5HFKWVIRUPHQXQWHUVFKHLGHQGHU|IIHQWOLFK
UHFKWOLFKHQXQGGHUSULYDWUHFKWOLFKHQ)RUP
QDFK†6*%9DEJHVFKORVVHQ0LWHLQHPVROFKHQ9HU
WUDJLVWGLH(LQULFKWXQJ]XU9HUVRUJXQJGHU9HUVLFKHUWHQ
PLWVWDWLRQlUHQPHGL]LQLVFKHQ/HLVWXQJHQ]XU9RUVRUJH
RGHU5HKDELOLWDWLRQ]XJHODVVHQ
,Q|IIHQWOLFKUHFKWOLFKHU)RUPEHWULHEHQH9RUVRUJH
RGHU5HKDELOLWDWLRQVHLQULFKWXQJHQVLQGGDEHLHQWZHGHU
UHFKWOLFKXQVHOEVWVWlQGLJ5HJLHEHWULHE(LJHQEHWULHE
RGHUUHFKWOLFKVHOEVWVWlQGLJ=ZHFNYHUEDQG$QVWDOW
6WLIWXQJ3ULYDWUHFKWOLFKH(LQULFKWXQJHQ]%*PE+V
EHILQGHQVLFKLQ|IIHQWOLFKHU7UlJHUVFKDIWZHQQ*HELHWV
N|USHUVFKDIWHQ%XQG/DQG%H]LUN.UHLV*HPHLQGH
=XVDPPHQVFKOVVHVROFKHU.|USHUVFKDIWHQ]%$UEHLWV
JHPHLQVFKDIWHQRGHU=ZHFNYHUElQGHRGHU6R]LDOYHU
VLFKHUXQJVWUlJHU]%5HQWHQYHUVLFKHUXQJVWUlJHURGHU
PHKU
%HUXIVJHQRVVHQVFKDIWHQXQPLWWHOEDURGHUPLWWHOEDUPHKU
LPP
DOVYRP+XQGHUWGHV1HQQNDSLWDOVRGHUGHV6WLPP
UHFKWVKDOWHQ
)UHLJHPHLQQW]LJ
JHQGLHYRQ
9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJHQGLHYRQ
DKUWVSIOH
7UlJHUQGHUNLUFKOLFKHQRGHUIUHLHQ:RKOIDKUWVSIOHJH
HQXQWHUKDOWHQ
.LUFKHQJHPHLQGHQ6WLIWXQJHQRGHU9HUHLQHQXQWHUKDOWHQ
ZHUGHQ
8
LHVHV0HUNPDOVGLHQWGHU
'LHZHLWHUH'LIIHUHQ]LHUXQJGLHVHV0HUNPDOVGLHQWGHU
4XDOLWlWVVLFKHUXQJ
0
UlJHU
± )UHLJHPHLQQW]LJHU7UlJHU
LHGHQVHFKVJHQDQQWHQ6SLW]H
2UJDQLVDWLRQHQGLHGHQVHFKVJHQDQQWHQ6SLW]HQYHU
LHQ:RKOIDKUWVSIOHJHDQJ
ElQGHQGHU)UHLHQ:RKOIDKUWVSIOHJHDQJHVFKORVVHQ
GHVYHUElQGHRGHU|UWOLFKH9
VLQG]%/DQGHVYHUElQGHRGHU|UWOLFKH9HUElQGH
JHK|ULJHQ9HUEDQGDQ
NUHX]HQGHQ]XJHK|ULJHQ9HUEDQGDQ
6HLWH
VWLJHUJHPHLQQW]LJHU7UlJ
± 6RQVWLJHUJHPHLQQW]LJHU7UlJHU
HU]XJHK|UHQGLHJHPHLQQW]LJ
+LHU]XJHK|UHQGLHJHPHLQQW]LJHQ7UlJHUGLHNHLQHP
GHUDXIJHIKUWHQVHFKV6SLW
GHUDXIJHIKUWHQVHFKV6SLW]HQYHUElQGHDQJHVFKORV
VHQVLQGE]ZGLHHLQHP9H
VHQVLQGE]ZGLHHLQHP9HUEDQGDQJHK|UHQGHUNHL
QHPGHUVHFKV6SLW]HQYH
QHPGHUVHFKV6SLW]HQYHUElQGHDQJHVFKORVVHQLVW
(QWVSUHFKHQGZHUGHQ
(QWVSUHFKHQGZHUGHQKLHUDXFKGLH5HOLJLRQVJHPHLQ
VFKDIWHQGHV|IIHQW
VFKDIWHQGHV|IIHQWOLFKHQ5HFKWVHUIDVVWGLHQLFKWEH
UHLWVGHQ
UHLWVGHQDXIJHIKUWHQ9HUElQGHQ]XJHRUGQHWZXUGHQ
HPHLQQW
*HPHLQQW]LJH7UlJHU]XPHLVWLQGHU5HFKWVIRUP
LQJHWU
GHVHLQJHWUDJHQHQ9HUHLQVGHU6WLIWXQJRGHUJHPHLQ
QW]LJHQ*PE+VLQGVWHXHUEHJQVWLJWXQGGDKHU
Q
QDFK††II$EJDEHQRUGQXQJGXUFKGDV)LQDQ]DPW
D
DQHUNDQQW
(
(LQH$XVZHUWXQJGHV0HUNPDOVXQGGLH'DWHQZHLWHUJDEH
VLQGRKQHDXVGUFNOLFKH=XVWLPPXQJGHU(LQULFKWXQJ
QLFKWP|JOLFK
3ULYDW
9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJHQGLHDOV
JHZHUEOLFKH8QWHUQHKPHQHLQHU.RQ]HVVLRQQDFK
†*HZHUEHRUGQXQJEHGUIHQ
%HL(LQULFKWXQJHQPLWXQWHUVFKLHGOLFKHQ7UlJHUQZLUG
GHU7UlJHUDQJHJHEHQGHUEHUZLHJHQGEHWHLOLJWLVWRGHU
EHUZLHJHQGGLH*HOGODVWHQWUlJW
95*
$OOJHPHLQH$QJDEHQ
=XODVVXQJGHU(LQULFKWXQJ %LWWHQXUHLQ)HOGDQNUHX]HQ
9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJ
PLWHLQHP9HUVRUJXQJVYHUWUDJQDFK†6*%9
VRQVWLJH9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJ
RKQH9HUVRUJXQJVYHUWUDJ
$UWGHV7UlJHUV5HFKWVIRUPGHU(LQULFKWXQJ %LWWHQXUHLQ)HOGDQNUHX]HQ
gIIHQWOLFKHU7UlJHU
LQ|IIHQWOLFKUHFKWOLFKHU)RUP
8
67
(5
UHFKWOLFKXQVHOEVWVWlQGLJ5HJLHEHWULHE(LJHQEHWULHE
UHFKWOLFKVHOEVWVWlQGLJ=ZHFNYHUEDQG$QVWDOW6WLIWXQJ
LQSULYDWUHFKWOLFKHU)RUP
)UHLJHPHLQQW]LJHU7UlJHU
)UHLH:RKOIDKUWVSIOHJH
HLQVFKOLH‰OLFK]XJHK|ULJHP6SLW]HQYHUEDQG
'LDNRQLVFKHV:HUNRGHUVRQVWLJHUGHU(.'DQJHVFKORVVHQHU7UlJHU
U(.'DQJHVFKORVVHQHU7UlJ
$UEHLWHUZRKOIDKUWRGHUGHUHQ0LWJOLHGVRUJDQLVDWLRQ
HGVRUJDQLVDWLRQ
'HXWVFKHV5RWHV.UHX]RGHUGHVVHQ0LWJOLHGVRUJDQLVDWLRQ
UGHVVHQ0LWJOLHGVRUJDQLVDW
'HXWVFKHU3DULWlWLVFKHU:RKOIDKUWVYHUEDQGRGHUGHVVHQ
IDKUWVYHUEDQGRGHUGHVV
Q
0LWJOLHGVRUJDQLVDWLRQ
=HQWUDOZRKOIDKUWVVWHOOHGHU-XGHQLQ'HXWVFKODQGRGHUMGLVFKH
WVVWHOOHGHU-XGHQLQ'HXWV
QGH
.XOWXVJHPHLQGH
VRQVWLJHUJHPHLQQW]LJHU7UlJHU
HLQQW]LJHU7UlJHU
3ULYDWHU7UlJHU
7UlJHU
0
'HXWVFKHU&DULWDVYHUEDQGRGHUVRQVWLJHUNDWKROLVFKHU7UlJHU
KROLVFKHU7UlJHU
95*
6HLWH
(UOlXWHUXQJHQ]XGHQ)UDJHQELV
0HGL]LQLVFKWHFKQLVFKH*UR‰JHUlWH
$Q]XJHEHQVLQGPHGL]LQLVFKWHFKQLVFKH*UR‰JHUlWH
GLHVLFKLP%HVLW]GHU(LQULFKWXQJEHILQGHQDXFKZHQQ
VLHQLFKWGHUHQ(LJHQWXPVLQGZLHEHLVSLHOVZHLVHJHOHDVWH
*HUlWHXQG]XU9HUVRUJXQJGHU3DWLHQWHQ3DWLHQWLQQHQ
JHQXW]WZHUGHQ
%LWWHJHEHQ6LHKLHUNHLQH*HUlWHDQGLHOHGLJOLFKIU
'HPRQVWUDWLRQVXQG/HKU]ZHFNHRGHUDXVVFKOLH‰OLFK
LP5DKPHQGHUNDVVHQlU]WOLFKHQ9HUVRUJXQJEHQXW]W
ZHUGHQ
0
8
67
(5
1XW]HQPHKUHUH(LQULFKWXQJHQHLQ*HUlWVRZLUGHVQXU
YRQGHU(LQULFKWXQJJHPHOGHWLQGHUHVDXIJHVWHOOWLVW
%HWWHQNDSD]LWlW
$XIJHVWHOOWH%HWWHQLQVJHVDPWVLQGDOOHEHWULHEVEHUHLW
DXIJHVWHOOWHQ%HWWHQGHU9RUVRUJHRGHU5HKDELOLWDWLRQV
HLQULFKWXQJ
%HWWHQIU:HOOQHVVSDWLHQWHQSDWLHQWLQQHQIUhEHUQDFK
WXQJVJlVWHRGHU+RWHOEHWWHQ]lKOHQ6LHELWWHQLFKWPLW
OV-DKUHV
'LH=DKOGHUDXIJHVWHOOWHQ%HWWHQLQVJHVDPWLVWDOV-DKUHV
]XJHEHQ
GXUFKVFKQLWWVZHUWRKQH1DFKNRPPDVWHOOHQDQ]XJHEHQ
6HLWH
9HUlQGHUXQJHQGHU=DKOGHU%HWWHQVLQG]HLWDQWHLOLJ]X
HUlQGHUXQJHQGHU=DKOGHU%HW
EHUFNVLFKWLJHQ
'HU-DKUHVGXUFKVFKQLWWRKQH1DFKNRPPDVWHOOHQ
'H
XUFKVFKQLWW
HUJLEWVLFKDOV'XUFKVF
HUJLEWVLFKDOV'XUFKVFKQLWWVZHUWGHUDQGHQ0RQDWV
HQGHQYRUKDQGHQHQ
HQGHQYRUKDQGHQHQ%HWWHQ]DKO
%LWWHEHUFNVLFKWLJHQ6LHNHLQH%HWWHQ]XUWHLOVWDWLRQlUHQ
EHUFNVL
QJXQ
8QWHUEULQJXQJYRQ3DWLHQWHQ3DWLHQWLQQHQ$XFK%HWWHQ
LQ
LQ8QWHUVXFKXQJVXQG)XQNWLRQVUlXPHQVLQGQLFKW
HLQ
HLQ]XEH]LHKHQ
95*
0HGL]LQLVFKWHFKQLVFKH*UR‰JHUlWH $Q]DKO
&RPSXWHU7RPRJUDSKHQ
'LDO\VHJHUlWH
'LJLWDOH6XEWUDNWLRQV$QJLRJUDSKLHJHUlWH
*DPPDNDPHUDV
+HU]/XQJHQ0DVFKLQHQ
.HUQVSLQ7RPRJUDSKHQ
.RURQDUDQJLRJUDSKLVFKH$UEHLWVSOlW]H/LQNVKHU]NDWKHWHU0HVVSOlW]H
/LQHDUEHVFKOHXQLJHU.UHLVEHVFKOHXQLJHU
3RVLWURQHQ(PLVVLRQV&RPSXWHU7RPRJUDSKHQ3(7
0
8
67
(5
6WR‰ZHOOHQOLWKRWULSWHU
7HOH.REDOW7KHUDSLHJHUlWH
%HWWHQNDSD]LWlW $Q]DKO
FKVFKQ
9ROOVWDWLRQlUDXIJHVWHOOWH%HWWHQLQVJHVDPW-DKUHVGXUFKVFKQLWW
9HUWUDJVEHWWHQQDFK†6*%9
VRQVWLJH%HWWHQ
95*
6HLWH
95*
.UDQNHQEHWWHQ3IOHJHWDJHXQG3DWLHQWHQEHZHJXQJ±QXUYROOVWDWLRQlUH)lOOH±
.UDQNHQKDXVVWDWLVWLN±9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJHQ±
LQVJHVDPW
GDUXQWHU
1RWIDOO
EHWWHQ
LQVJHVDPW
GDUXQWHU
7DJHGHU1RWIDOO
EHUZDFKXQJ
$XIQDKPHQ
LQGLHYROOVWDWLRQlUH
%HKDQGOXQJ
GDUXQWHU
9HUOHJXQJHQ
DXV.UDQNHQ
KlXVHUQ
(QWODVVXQJHQ
DXVGHUYROOVWDWLRQlUHQ
%HKDQGOXQJ
RKQH6WHUEHIlOOH
GDUXQWHU
9HUOHJXQJHQ
LQ.UDQNHQ
KlXVHU
GXUFK7RG
)DFKDEWHLOXQJV
VFKOVVHO
6SDOWHQQXPPHU
6$
)DFKDEWHLOXQJV
VFKOVVHO
)DFKDEWHLOXQJHQ $XIJHVWHOOWH%HWWHQ
-DKUHVGXUFKVFKQLWW
/DQG
(LQULFKWXQJVQXPPHU
ZLUGYRPVWDWLVWLVFKHQ$PWDXVJHIOOW
3IOHJHWDJHLP%HULFKWVMDKU 3DWLHQWHQ]XJDQJLP%HULFKWVMDKU 3DWLHQWHQDEJDQJLP%HULFKWVMDKU )UDXHQKHLONXQGHXQG*HEXUWVKLOIH
+DXWXQG*HVFKOHFKWVNUDQNKHLWHQ
,QQHUH0HGL]LQ
GDUXQWHU$QJLRORJLH
(QGRNULQRORJLH
*DVWURHQWHURORJLH
+lPDWRORJLHXQGLQWHUQLVWLVFKH2QNRORJLH
.DUGLRORJLH
1HSKURORJLH
3QHXPRORJLH
5KHXPDWRORJLH
*HULDWULH
.LQGHUKHLONXQGH
1HXURORJLH
2UWKRSlGLH
GDUXQWHU5KHXPDWRORJLH
3K\VLNDOLVFKHXQG5HKDELOLWDWLYH0HGL]LQ
3V\FKLDWULHXQG3V\FKRWKHUDSLH
GDUXQWHU6XFKW
3V\FKRWKHUDSHXWLVFKH0HGL]LQ3V\FKRVRPDWLN
6RQVWLJH)DFKEHUHLFKH
,QVJHVDPW
95*
0
8
67
(5
$OOJHPHLQPHGL]LQ
.UDQNHQEHWWHQ3IOHJHWDJHXQG3DWLHQWHQEHZHJXQJQXUYROOVWDWLRQlUH)lOOH
.UDQNHQEHWWHQ3IOHJHWDJHXQG3DWLHQWHQEHZHJXQJ±QXUYROOVWDWLRQlUH)lOOH±
.UDQNHQKDXVVWDWLVWLN±9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJHQ±
(UOlXWHUXQJHQ]XP)UDJHERJHQ
=XUYROOVWlQGLJHQ'DUVWHOOXQJGHU(UJHEQLVVHQDFK
)DFKDEWHLOXQJHQHPSIHKOHQZLU,KQHQGLH$QJDEHQEHU
%HWWHQ3IOHJHWDJHXQG3DWLHQWHQEHZHJXQJ]XQlFKVWIU
GLH+DXSWGLV]LSOLQHQZLH,QQHUH0HGL]LQ.LQGHUKHLONXQGH
HWF]XVDPPHQ]XVWHOOHQ
)DFKDEWHLOXQJHQ
)DFKDEWHLOXQJHQVLQGRUJDQLVDWRULVFKDEJUHQ]EDUH
YRQbU]WHQbU]WLQQHQVWlQGLJYHUDQWZRUWOLFKJHOHLWHWH
$EWHLOXQJHQPLWIUGHQMHZHLOLJHQ)DFKEHUHLFKW\SLVFKHQ
%HKDQGOXQJVHLQULFKWXQJHQ'LH)DFKDEWHLOXQJVJOLHGH
UXQJRULHQWLHUWVLFKDQGHQ*HELHWVXQG6FKZHUSXQNW
EH]HLFKQXQJHQGHUbU]WH$XVQDKPHQKLHUYRQVWHOOHQ
GLH)DFKDEWHLOXQJHQ*HULDWULHXQG6XFKWGDU,QHLQHU
QDFK)DFKDEWHLOXQJHQJHJOLHGHUWHQ(LQULFKWXQJVLQG
GLHHQWVSUHFKHQGHQ2UJDQLVDWLRQVHLQKHLWHQHLQHUGHU
DXIJHIKUWHQ)DFKDEWHLOXQJHQ]X]XRUGQHQ
,QGHQ)lOOHQLQGHQHQGLH3DWLHQWHQ3DWLHQWLQQHQLQ
HLQHPYRP%HKDQGOXQJVEHUHLFKJHWUHQQWHQ%HWWHQWUDNW
XQWHUJHEUDFKWVLQGZHUGHQGLHYHUIJEDUHQ%HWWHQGHQ
)DFKDEWHLOXQJHQHQWVSUHFKHQGGHUMDKUHVGXUFKVFKQLWW
OLFKHQ%HKDQGOXQJHQ]XJHWHLOW
6LQG+DXSWGLV]LSOLQHQZHLWHUXQWHUJOLHGHUWVRPVVHQ
DXFKIUGLHDOVÄGDUXQWHU³3RVLWLRQHQDXIJHIKUWHQ
8QWHUDEWHLOXQJHQ$QJDEHQJHPDFKWZHUGHQ
$OV3IOHJHWDJ]lKOWGHU$XIQDKPHWDJVRZLHMHGHUZHLWHUH
DJVRZLH
7DJGHV$XIHQWKDOWHV(QWODVVXQJVXQG9HUOHJXQJVWDJH
JVXQG9HUOH
XQG9H
ZHUGHQGDEHLQLFKWPLWJH]lKOW
9ROOVWDWLRQlUDXIJHVWHOOWH%HWWHQ-DKUHVGXUFK
VFKQLWW
%LWWHJHEHQ6LHKLHUGLH=DKOGHULP-DKUHVGXUFKVFKQLWW
]XUYROOVWDWLRQlUHQ%HKDQGOXQJEHWULHEVEHUHLWDXIJHVWHOO
WHQ%HWWHQRKQH1DFKNRPPDVWHOOHJHJOLHGHUWQDFK
)DFKDEWHLOXQJHQDQ
'LH$QJDEHLQGHU=HLOHÄ,QVJHVDPW³PXVVPLW
GHU=DKOGHUDXIJHVWHOOWHQ%HWWHQEHLGHQ$QJDEHQ
XQWHUÄ%HWWHQNDSD]LWlW³EHUHLQVWLPPHQ
)ROJHQGHÄGDUXQWHU³3RVLWLRQNDQQGDEHLQDFKJHZLHVHQ
ZHUGHQ
QULFK
K
1RWIDOOEHWWHQVLQG%HWWHQPLWEHVRQGHUHQ=XVDW]HLQULFK
XIWUHWHQ
WXQJHQ]XUYRUEHUJHKHQGHQ%HKDQGOXQJDNXWDXIWUHWHQ
9HUOHJXQJHQDXV.UDQNHQKlXVHUQ
3DWLHQWHQ3DWLHQWLQQHQGLHYRQ.UDQNHQKlXVHUQLQGHQHQ
VLH]XYRUVWDWLRQlUXQWHUJHEUDFKWZDUHQ]XUZHLWHUHQ
9HUVRUJXQJLQGLHEHULFKWHQGH(LQULFKWXQJDXIJHQRPPHQ
ZHUGHQ
3IOHJHWDJH
3DWLHQWHQ]XJDQJ
$OV3DWLHQWHQ]XJDQJZHUGHQDXVVFKOLH‰OLFKGLHYROO
ZHUGHQDXVVFKOLH‰OLFKG
HQHQ3DWLHQWHQ3DWLHQWLQQHQ
VWDWLRQlUDXIJHQRPPHQHQ3DWLHQWHQ3DWLHQWLQQHQ
)lOOHJH]lKOW
8
67
(5
6ROOWHVLFK,KUH(LQULFKWXQJDXVVFKOLH‰OLFKDXIHLQH)DFK
ULFKWXQJVSH]LDOLVLHUWKDEHQWUDJHQ6LH,KUH$QJDEHQ
VRZRKOEHLGHUEHWUHIIHQGHQ)DFKDEWHLOXQJDOVDXFKLQGHU
6XPPHQ]HLOHHLQ9RUVRUJHRGHU5HKDELOLWDWLRQV
HLQULFKWXQJHQRKQHRUJDQLVDWRULVFKDEJUHQ]EDUH)DFKDE
WHLOXQJHQXQGVROFKHGLH%HKDQGOXQJHQDXFKDX‰HUKDOE
RUJDQLVDWRULVFKDEJUHQ]EDUHU)DFKDEWHLOXQJHQOHLVWHQ
WUDJHQLKUH$QJDEHQKLHUIULQ=HLOHÄ6RQVWLJH)DFK
EHUHLFKH³HLQ
GHU(UNUDQNXQJV]XVWlQGHEHL9RUVRUJHRGHU5HKDELOLWD
WLRQVSDWLHQWHQSDWLHQWLQQHQ,QGHU5HJHOZHUGHQGLH
3DWLHQWHQ3DWLHQWLQQHQ]XU:HLWHUEHKDQGOXQJLQHLQ.UDQ
NHQKDXVYHUOHJW
$XVGHU=XVDPPHQIDVVXQJGHU=DKOHQIUGLH+DXSW
GLV]LSOLQHQHUJHEHQVLFKGLH6XPPHQIUGLH9RUVRUJH
RGHU5HKDELOLWDWLRQVHLQULFKWXQJLQVJHVDPW=HLOH
0
%LWWHODVVHQ6LHWHLOVWDWLRQlURGHUDPEXODQWEHKDQGHOWH
6LHWHLOVWDWLRQlURGHUDPEX
3DWLHQWLQQHQVRZLH%HJOHLWSHUVR
3DWLHQWHQ3DWLHQWLQQHQVRZLH%HJOHLWSHUVRQHQ
FNVLFKWLJW
XQEHUFNVLFKWLJW
ROJHQGH3RVLWLRQHQZHUGHQXQWHUVFKLHGHQ
JHQGH3RVLWLRQHQZHUGHQXQWHUVFKLHGHQ
)ROJHQGH3RVLWLRQHQZHUGHQXQWHUVFKLHGHQ
$XIQDKPHQLQGLH(LQULFKWXQJYRQDX‰HQ
$XIQDKPHQLQGLH(LQULFKWXQJYRQDX‰
$XIQDKPHQLQGLH(LQULFKWXQJYRQD
+LHUVLQGDOOHLQGHQYROOVWDWLRQlUHQ%H
+LHUVLQGDOOHLQGHQYROOVWDWLRQlUHQ%HUHLFKGHU9RUVRUJH
RGHU5HKDELOLWDWLRQVHLQULFKWXQJDXIJ
RGHU5HKDELOLWDWLRQVHLQULFKWXQJDXIJHQRPPHQHQ
3DWLHQWHQ3DWLHQWLQQHQ]X]lKOHQ
HQWLQQHQ]X]lKOHQ
3DWLHQWHQ3DWLHQWLQQHQ]X]lKOHQ
:LUG
:LUGHLQ3DWLHQWHLQH3DWLHQWLQIUHLQHQ7DJPHKUHUH
QH3DWLHQ
7DJHEHXUODXEWLVWMHGRFKQXUHLQ)DOO]X]lKOHQ
7DJHEHXUODXEWLVWMHGRFK
3DWLHQWHQDEJDQJ
)ROJHQGH3RVLWLRQHQZHUGHQXQWHUVFKLHGHQ
(QWODVVXQJHQDXVGHU(LQULFKWXQJ
1DFKJHZLHVHQZHUGHQDOOHDXVYROOVWDWLRQlUHU%HKDQG
OXQJHQWODVVHQHQ3DWLHQWHQ3DWLHQWLQQHQ6WHUEHIlOOHVLQG
KLHUQLFKWHQWKDOWHQVLHZHUGHQLQ6SDOWHJHVRQGHUW
HUIDVVW
:LUGHLQ3DWLHQWHLQH3DWLHQWLQIUHLQHQ7DJPHKUHUH
7DJHEHXUODXEWLVWMHGRFKQXUHLQ)DOO]X]lKOHQ
9HUOHJXQJHQLQ.UDQNHQKlXVHU
3DWLHQWHQ3DWLHQWLQQHQGLHDXVGHUEHULFKWHQGHQ(LQULFK
WXQJ]XUZHLWHUHQ9HUVRUJXQJLQHLQ.UDQNHQKDXVYHUOHJW
ZHUGHQ
%LWWHEHDFKWHQ6LHGDVVGLH=DKOGHUHQWODVVHQHQ
3DWLHQWHQ3DWLHQWLQQHQ6SDOWHQXQGPLW,KUHQ
$QJDEHQ]XU'LDJQRVHVWDWLVWLN(UKHEXQJVWHLO,,
EHUHLQVWLPPHQPXVV
95*
/DQG
(LQULFKWXQJVQXPPHU
ZLUGYRPVWDWLVWLVFKHQ$PWDXVJHIOOW
1LFKWKDXSWDPWOLFKHbU]WH
bU]WLQQHQDP *HELHWV6FKZHUSXQNWEH]HLFKQXQJ 6SDOWHQQXPPHU
6FKOVVHO
+DXSWDPWOLFKHbU]WHbU]WLQQHQRKQH%HOHJlU]WH%HOHJlU]WLQQHQDP LQVJHVDPW
PlQQOLFK
ZHLEOLFK
7HLO]HLWXQG
JHULQJIJLJ
%HVFKlIWLJWH
/HLWHQGH
bU]WHbU]WLQQHQ
6$
2EHUlU]WH
2EHUlU]WLQQHQ
$VVLVWHQ]lU]WH
$VVLVWHQ]lU]WLQQHQ
PlQQOLFK
ZHLEOLFK
PlQQOLFK
ZHLEOLFK
PlQQOLFK
ZHLEOLFK
PlQQOLFK
ZHLEOLFK
%HOHJlU]WH
%HOHJ
lU]WLQQHQ
YRQ%HOHJ
lU]WHQ
%HOHJlU]
WLQQHQDQ
JHVWHOOWH
bU]WH
bU]WLQQHQ
6FKOVVHO
bU]WOLFKHV3HUVRQDO
.UDQNHQKDXVVWDWLVWLN±9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJHQ±
bU]WHbU]WLQQHQPLWDEJHVFKORVVHQHU:HLWHUELOGXQJ
$OOJHPHLQPHGL]LQ $QlVWKHVLRORJLH $QDWRPLH $UEHLWVPHGL]LQ $XJHQKHLONXQGH %LRFKHPLH &KLUXUJLH GDUXQWHU *HIl‰FKLUXUJLH 7KRUD[FKLUXUJLH 8QIDOOFKLUXUJLH 9LV]HUDOFKLUXUJLH 'LDJQRVWLVFKH5DGLRORJLH GDUXQWHU .LQGHUUDGLRORJLH 1HXURUDGLRORJLH )UDXHQKHLONXQGHXQG*HEXUWVKLOIH +DOV1DVHQ2KUHQKHLONXQGH +DXWXQG*HVFKOHFKWVNUDQNKHLWHQ +HU]FKLUXUJLH GDUXQWHU 7KRUD[FKLUXUJLH +XPDQJHQHWLN +\JLHQHXQG8PZHOWPHGL]LQ ,QQHUH0HGL]LQ 0
8
67
(5
GDUXQWHU $QJLRORJLH (QGRNULQRORJLH *DVWURHQWHURORJLH +lPDWRORJLHXQGLQWHUQLVWLVFKH2QNRORJLH
.DUGLRORJLH .OLQLVFKH*HULDWULH 1HSKURORJLH 3QHXPRORJLH 5KHXPDWRORJLH .LQGHUFKLUXUJLH .LQGHUKHLONXQGH GDUXQWHU .LQGHUNDUGLRORJLH 1HRQDWRORJLH .LQGHUXQG-XJHQGSV\FKLDWULHSV\FKRWKHUDSLH .OLQLVFKH3KDUPDNRORJLH /DERUDWRULXPVPHGL]LQ 0LNURELRORJLHXQG,QIHNWLRQVHSLGHPLRORJLH
0XQG.LHIHU*HVLFKWVFKLUXUJLH
1HUYHQKHLONXQGH
1HXURFKLUXUJLH
1HXURORJLH
1HXURSDWKRORJLH
1XNOHDUPHGL]LQ
gIIHQWOLFKHV*HVXQGKHLWVZHVHQ
2UWKRSlGLH
GDUXQWHU 5KHXPDWRORJLH 3DWKRORJLH 3KDUPDNRORJLHXQG7R[LNRORJLH 3KRQLDWULHXQG3lGDXGLRORJLH 3K\VLNDOLVFKHXQG5HKDELOLWDWLYH0HGL]LQ 3K\VLRORJLH 3ODVWLVFKH&KLUXUJLH 3V\FKLDWULHXQG3V\FKRWKHUDSLH 3V\FKRWKHUDSHXWLVFKH0HGL]LQ3V\FKRVRPDWLN 5HFKWVPHGL]LQ 6WUDKOHQWKHUDSLH 7UDQVIXVLRQVPHGL]LQ 8URORJLH 6XPPHGHUbU]WHbU]WLQQHQ
PLWDEJHVFKORVVHQHU:HLWHUELOGXQJ bU]WHbU]WLQQHQ
RKQHE]ZLQHLQHUHUVWHQ:HLWHUELOGXQJ 6XPPHDOOHUbU]WHbU]WLQQHQ=HLOH =DKQlU]WH=DKQlU]WLQQHQ 9ROONUlIWHLP-DKUHVGXUFKVFKQLWW
PLWHLQHU1DFKNRPPDVWHOOH +DXSWDPWOLFKHbU]WHbU]WLQQHQ 95*
1DFKULFKWOLFK
bU]WHbU]WLQQHQRKQHGLUHNWHV%HVFKlIWLJXQJV
YHUKlOWQLVEHLGHU(LQULFKWXQJ bU]WOLFKHV3HUVRQDO
bU]WOLFKHV3HUVRQDO
.UDQNHQKDXVVWDWLVWLN±9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJHQ±
(UOlXWHUXQJHQ]XP)UDJHERJHQ
bU]WHbU]WLQQHQPLWDEJHVFKORVVHQHU:HLWHUELOGXQJ
)DFKlU]WHlU]WLQQHQVLQGQDFKLKUHUDQHUNDQQWHQ
*HELHWVE]Z6FKZHUSXQNWEH]HLFKQXQJ]XHUKHEHQ
$OV6FKZHUSXQNWZLUGKLHUHLQH]XVlW]OLFKH6SH]LD
OLVLHUXQJLQQHUKDOEHLQHV*HELHWHVYHUVWDQGHQbU]WH
bU]WLQQHQPLWPHKUHUHQ*HELHWVE]Z6FKZHUSXQNW
EH]HLFKQXQJHQVLQGHQWVSUHFKHQGLKUHUEHUZLHJHQG
DXVJHEWHQ7lWLJNHLW]X]XRUGQHQbU]WHbU]WLQQHQPLW
6FKZHUSXQNWEH]HLFKQXQJ]%*HIl‰FKLUXUJLHVLQG
DXFKEHLGHUHQWVSUHFKHQGHQ*HELHWVEH]HLFKQXQJ
]%&KLUXUJLH]X]lKOHQ
+DXSWDPWOLFKHbU]WHbU]WLQQHQDP
%LWWHHUIDVVHQ6LHQXUGLHLQ,KUHU(LQULFKWXQJIHVW
DQJHVWHOOWHQbU]WHbU]WLQQHQ
*DVW.RQVLOLDU%HOHJXQGKRVSLWLHUHQGHbU]WH
bU]WLQQHQVLQGQLFKW]XHUIDVVHQ
)ROJHQGH3RVLWLRQNDQQXQWHUDQGHUHPQDFKJHZLHVHQ
ZHUGHQ
/HLWHQGHbU]WHbU]WLQQHQ
+DXSWDPWOLFKLQGHU9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFK
WXQJWlWLJHbU]WHbU]WLQQHQPLW&KHIDU]WYHUWUlJHQVRZLH
bU]WHbU]WLQQHQDOV,QKDEHU,QKDEHULQQHQNRQ]HVVLRQLHUWHU
3ULYDWNOLQLNHQ
1LFKWKDXSWDPWOLFKHbU]WHbU]WLQQHQDP
bU]WHbU]WLQQHQRKQHGLUHNWHV%HVFKlIWLJXQJVYHU
KlOWQLVEHLGHU(LQULFKWXQJ=HLOH+LHUEHLKDQGHOW
HVVLFKXPQLFKWEHLGHU(LQULFKWXQJDQJHVWHOOWHbU]WH
bU]WLQQHQGLH]%LP3HUVRQDO/HDVLQJ9HUIDKUHQDOV
+RQRUDUNUlIWHRGHULP5DKPHQHLQHUNRQ]HUQLQWHUQHQ
3HUVRQDOJHVHOOVFKDIWLQGHU(LQULFKWXQJHLQJHVHW]W
ZHUGHQ6LHZHUGHQQDFKGHQJOHLFKHQ5HJHOQZLHGLH
KDXSWDPWOLFKHQbU]WHbU]WLQQHQLQ9ROONUlIWHLP-DKUHV
GXUFKVFKQLWWVLHKHDXFK XPJHUHFKQHWXQG]XVlW]OLFK
HLQJHWUDJHQ1LFKWKDXSWDPWOLFKHbU]WHbU]WLQQHQ]%
%HOHJXQG.RQVLOLDUlU]WH%HOHJXQG.RQVLOLDUlU]WLQQHQ
VLQGQLFKWHLQ]XEH]LHKHQ
6RZHLWGLH(UPLWWOXQJGHU9ROONUlIWHIUbU]WHbU]WLQQHQ
RKQHGLUHNWHV%HVFKlIWLJXQJVYHUKlOWQLVEHLGHU(LQULFK
WXQJPLWXQYHUKlOWQLVPl‰LJKRKHP$XIZDQGYHUEXQGHQ
LVWVLQGVLH]XVFKlW]HQ
'LH*HVDPW]DKOGHU9ROONUlIWHLP-DKUHVGXUFKVFKQLWW
HUJLEWVLFKDXVGHU6XPPHGHUXPJHUHFKQHWHQ7HLO]HLW
NUlIWHGHUXPJHUHFKQHWHQNXU]IULVWLJRGHUJHULQJIJLJ
EHVFKlIWLJWHQ$UEHLWQHKPHU$UEHLWQHKPHULQQHQXQG
GHU%HVFKlIWLJWHQGLHLPJHVDPWHQ-DKUEHLYROOHU
WDULIOLFKHU$UEHLWV]HLWHLQJHVHW]WZDUHQhEHUVWXQGHQ
XQG%HUHLWVFKDIWVGLHQVWHZHUGHQQLFKWLQGLH%HUHFKQXQJ
HLQEH]RJHQ
*UXQGVlW]OLFKVLQG=HLWHQGLHIUGLH(LQULFKWXQJNHLQH
3HUVRQDONRVWHQYHUXUVDFKWKDEHQ]%(U]LHKXQJV
XUODXELQGLH8PUHFKQXQJQLFKWHLQ]XEH]LHKHQ
$UEHLWQHKPHU$UEHLWQHKPHULQQHQLQ$OWHUVWHLO]HLWVLQG
±DEKlQJLJYRQGHUJHZlKOWHQ$UEHLWV]HLWYHUWHLOXQJ±
HQWVSUHFKHQGGHPMHZHLOLJHQ%HVFKlIWLJXQJVXPIDQJ
LP%HULFKWVMDKULQ9ROONUlIWHXP]XUHFKQHQ$UEHLWQHKPHU
$UEHLWQHKPHULQQHQGLHVLFKIUGLH$OWHUVWHLO]HLWLPVRJ
%ORFNPRGHOOHQWVFKLHGHQKDEHQVLQGZlKUHQGGHU)UHL
VWHOOXQJVSKDVHEHLGHU8PUHFKQXQJLQ9ROONUlIWHQLFKW
]XEHUFNVLFKWLJHQ
%LWWH]LHKHQ6LHEHLGHU9ROONUlIWHEHUHFKQXQJLQGHQ
HLQ]HOQHQ2EHUJUXSSHQHQWVSUHFKHQGH$QWHLOHDEZHQQ
GLHVHV3HUVRQDODOV$XVELOGXQJVSHUVRQDOWlWLJLVW
'LH8PUHFKQXQJXPIDVVW
%HOHJlU]WHlU]WLQQHQ
1LHGHUJHODVVHQHXQGDQGHUHQLFKWLQGHU9RUVRUJHRGHU
5HKDELOLWDWLRQVHLQULFKWXQJDQJHVWHOOWHbU]WHbU]WLQQHQ
GLHEHUHFKWLJWVLQGLKUH3DWLHQWHQ3DWLHQWLQQHQ
%HOHJSDWLHQWHQSDWLHQWLQQHQXQWHU,QDQVSUXFKQDKPH
GHUKLHUIUEHUHLWJHVWHOOWHQ'LHQVWH(LQULFKWXQJHQXQG
0LWWHOVWDWLRQlU]XEHKDQGHOQRKQHKLHUIUYRQGHU(LQ
ULFKWXQJHLQH9HUJWXQJ]XHUKDOWHQ
± +DXSWDPWOLFKHbU]WHbU]WLQQHQRKQH=DKQlU]WH
H
=DKQlU]WLQQHQ
LJXQJVYHUKlOWQLV
JXQJVYHUK
± bU]WHbU]WLQQHQRKQHGLUHNWHV%HVFKlIWLJXQJVYHUKlOWQLV
EHLGHU(LQULFKWXQJ
8
9RQ%HOHJlU]WHQlU]WLQQHQDQJHVWHOOWHbU]WH
bU]WLQQHQ
9RQ%HOHJlU]WHQlU]WLQQHQDQJHVWHOOWHbU]WHbU]WLQQHQ
QDFKGHU*HELHWV6FKZHUSXQNWEH]HLFKQXQJGHVDQVWHO
OHQGHQ$U]WHVGHUDQVWHOOHQGHQbU]WLQ
$OV9ROONUlIWHZHUGHQGLHDXIYROOHWDULIOLFKH$UEHLWV]HLW
XPJHUHFKQHWHQ%HVFKlIWLJWHQEH]HLFKQHW
)ROJHQGH3RVLWLRQHQN|QQHQGDEHLXQWHUVFKLHGHQZHUGHQ
0
9ROONUlIWHLP-DKUHVGXUFKVFKQLWW
(5
*HELHWV6FKZHUSXQNWEH]HLFKQXQJ
67
95*
1LFKWlU]WOLFKHV3HUVRQDO
.UDQNHQKDXVVWDWLVWLN±9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJHQ±
1LFKWlU]WOLFKHV3HUVRQDOQDFK3HUVRQDOJUXSSH%HUXIVEH]HLFKQXQJ 6SDOWHQQXPPHU
6FKOVVHO
+DXSWDPWOLFK%HVFKlIWLJWHDP
7HLO]HLWXQG
JHULQJIJLJ%HVFKlIWLJWH
LQVJHVDPW
PlQQOLFK
ZHLEOLFK
ZHLEOLFK
GDUXQWHU LQSV\FKLDWULVFKHQ)DFKDEWHLOXQJHQ7lWLJH]XVDPPHQ GDYRQ
*HVXQGKHLWVXQG.UDQNHQSIOHJHULQQHQ GDUXQWHU LQSV\FKLDWULVFKHQ)DFKDEWHLOXQJHQ7lWLJH .UDQNHQSIOHJHKHOIHULQQHQ GDUXQWHU LQSV\FKLDWULVFKHQ)DFKDEWHLOXQJHQ7lWLJH *HVXQGKHLWVXQG.LQGHUNUDQNHQSIOHJHULQQHQ GDUXQWHU LQSV\FKLDWULVFKHQ)DFKDEWHLOXQJHQ7lWLJH VRQVWLJH3IOHJHSHUVRQHQRKQHPLWVWDDWOLFKHU3UIXQJ GDUXQWHU LQSV\FKLDWULVFKHQ)DFKDEWHLOXQJHQ7lWLJH 9ROONUlIWHLP
-DKUHVGXUFKVFKQLWW
PLWHLQHU
1DFKNRPPDVWHOOH
PlQQOLFK
3IOHJHGLHQVW3IOHJHEHUHLFK 0HGL]LQLVFKWHFKQLVFKHU'LHQVW 6$
/DQG
(LQULFKWXQJVQXPPHU
ZLUGYRPVWDWLVWLVFKHQ$PWDXVJHIOOW
1DFKULFKWOLFK
3HUVRQDORKQHGLUHN
WHV%HVFKlIWLJXQJV
YHUKlOWQLVEHL
GHU(LQULFKWXQJ
9ROONUlIWHLP
-DKUHVGXUFKVFKQLWW
GDUXQWHU *HVXQGKHLWVXQG.UDQNHQSIOHJHULQQHQ .UDQNHQSIOHJHKHOIHULQQHQ *HVXQGKHLWVXQG.LQGHUNUDQNHQSIOHJHULQQHQ GDYRQ
0HGWHFKQ$VVLVWHQWHQLQQHQRKQH=HLOHELV =\WRORJLHDVVLVWHQWHQLQQHQ 0HGWHFKQ5DGLRORJLHDVVLVWHQWHQLQQHQ 0HGWHFKQ/DERUDWRULXPVDVVLVWHQWHQLQQHQ $SRWKHNHQSHUVRQDO GDYRQ
$SRWKHNHULQQHQ 3KDUPD]HXWLVFKWHFKQ$VVLVWHQWHQLQQHQ VRQVWLJHV$SRWKHNHQSHUVRQDO .UDQNHQJ\PQDVWHQLQQHQ3K\VLRWKHUDSHXWHQLQQHQ 0DVVHXUHLQQHQXQGPHGL]LQLVFKH%DGHPHLVWHULQQHQ /RJRSlGHQLQQHQ +HLOSlGDJRJHQLQQHQ 3V\FKRORJHQLQQHQXQG3V\FKRWKHUDSHXWHQLQQHQ 'LlWDVVLVWHQWHQLQQHQ 6R]LDODUEHLWHULQQHQ VRQVWLJHVPHGWHFKQ3HUVRQDO 0
8
67
(5
)XQNWLRQVGLHQVWHLQVFKOGRUWWlWLJHV3IOHJHSHUVRQDO
GDUXQWHU *HVXQGKHLWVXQG.UDQNHQSIOHJHULQQHQ
.UDQNHQSIOHJHKHOIHULQQHQ
*HVXQGKHLWVXQG.LQGHUNUDQNHQSIOHJHULQQHQ
GDYRQ
3HUVRQDOLQGHU)XQNWLRQVGLDJQRVWLN
3HUVRQDOLQGHU(QGRVNRSLH
3HUVRQDOLQGHU$PEXODQ]XQGLQ3ROLNOLQLNHQ
Q
%HVFKlIWLJXQJV$UEHLWV(UJRWKHUDSHXWHQLQQHQ
XWHQLQQHQ
QLQQHQ
VRQVWLJHV3HUVRQDOLP)XQNWLRQVGLHQVW
LHQVW
.OLQLVFKHV+DXVSHUVRQDO
:LUWVFKDIWVXQG9HUVRUJXQJVGLHQVW
QVW
7HFKQLVFKHU'LHQVW
9HUZDOWXQJVGLHQVW
6RQGHUGLHQVWH
6RQVWLJHV3HUVRQDO
GDUXQWHU )UHLZLOOLJHQDFKGHP%)'* 1LFKWlU]WOLFKHV3HUVRQDOGHU(LQULFKWXQJLQVJHVDPW GDUXQWHU 3HUVRQDOPLW3IOHJHEHUXIXQGDEJHVFKO:HLWHUELOGXQJ GDUXQWHU IU,QWHQVLYSIOHJH$QlVWKHVLH IU23'LHQVW IU3V\FKLDWULH +\JLHQHIDFKNUDIW 3HUVRQDOGHU$XVELOGXQJVVWlWWHQ 1DFKULFKWOLFK
6FKOHULQQHQXQG$XV]XELOGHQGHLQVJHVDPW GDUXQWHU LQGHU*HVXQGKHLWVXQG.UDQNHQSIOHJH LQGHU*HVXQGKHLWVXQG.LQGHUNUDQNHQSIOHJH LQGHU.UDQNHQSIOHJHKLOIH 9ROONUlIWHQLFKWlU]WO3HUVRQDOGHU(LQULFKWXQJLQVJHVDPW 95*
1LFKWlU]WOLFKHV3HUVRQDO
1LFKWlU]WOLFKHV3HUVRQDO
.UDQNHQKDXVVWDWLVWLN±9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJHQ±
(UOlXWHUXQJHQ]XP)UDJHERJHQ
+DXSWDPWOLFKHVQLFKWlU]WOLFKHV3HUVRQDO
$OV6RQVWLJHV3HUVRQDOZLUGVRQVWLJHVQLFKWlU]WOLFKHV
3HUVRQDOZLH)DPXOL)UHLZLOOLJHQDFKGHP%)'*
%XQGHVIUHLZLOOLJHQGLHQVWJHVHW]$EVROYHQWHQ$EVRO
YHQWLQQHQLPIUHLZLOOLJHQVR]LDOHQ-DKUXQG3UDNWLNDQWHQ
3UDNWLNDQWLQQHQHUIDVVWQLFKWMHGRFK9RUVFKOHU9RU
VFKOHULQQHQXQG6FKOHU6FKOHULQQHQ'LH6FKOHU
6FKOHULQQHQVLQGMHGRFKQDFKULFKWOLFKDXV]XZHLVHQ
%LWWHZHLVHQ6LH)UHLZLOOLJHQDFKGHP%)'*LQ=HLOH
QRFKPDOVJHVRQGHUWDXV
'LH=XRUGQXQJGHUHLQ]HOQHQ%HUXIVEH]HLFKQXQJHQ
]XGHQ)XQNWLRQVEHUHLFKHQHQWVSULFKWZHLWJHKHQGGHU
*OLHGHUXQJGHU.UDQNHQKDXV%XFKIKUXQJVYHURUGQXQJ
.+%9
1HXKLQ]XJHNRPPHQLVWGHUJHVRQGHUWH1DFKZHLV
YRQ3IOHJHSHUVRQDOGDVLPPHGL]LQLVFKWHFKQLVFKHQ
'LHQVW௘6FKOVVHO௘XQGLP)XQNWLRQVGLHQVW
௘6FKOVVHO௘HLQJHVHW]WLVW
%LWWHRULHQWLHUHQ6LHVLFKEHLGHU=XRUGQXQJGHV3IOHJH
SHUVRQDOV]XGHQ3HUVRQDOJUXSSHQDQGHQ=XRUGQXQJV
YRUVFKULIWHQ]XP.RQWHQUDKPHQGHU.UDQNHQKDXV%XFK
IKUXQJVYHURUGQXQJ௘.+%9௘
7UDJHQ6LHEHLP3HUVRQDOGHU$XVELOGXQJVVWlWWHQ
ELWWHQXU/HKUNUlIWH±DXFKbU]WHbU]WLQQHQ±HLQ
GLHIUGLHVH7lWLJNHLWHLQHQ$UEHLWVRGHU'LHQVW
YHUWUDJPLW,KUHU(LQULFKWXQJKDEHQ0LWDUEHLWHU
0LWDUEHLWHULQQHQPLWVRJ+RQRUDUYHUWUlJHQZHUGHQ
KLHUQLFKWQDFKJHZLHVHQ
±3IOHJHSHUVRQDOLPPHGL]LQLVFKWHFKQLVFKHQ'LHQVW
௘6FKOVVHO௘HQWVSUHFKHQG.RQWR
±3IOHJHSHUVRQDOLP)XQNWLRQVGLHQVW௘6FKOVVHO
௘HQWVSUHFKHQG.RQWR
)UGHQ1DFKZHLVGHV3IOHJHSHUVRQDOVGDVLQSV\FKL
DWULVFKHQ)DFKDEWHLOXQJHQEHVFKlIWLJWLVW=HLOHQ
XQG]lKOHQ6LHELWWHGDV3HUVRQDOLQ
IROJHQGHQ)DFKDEWHLOXQJHQJHJOLHGHUWQDFKGHQ*H
ELHWVXQG6FKZHUSXQNWEH]HLFKQXQJHQGHU0XVWHUZHL
WHUELOGXQJVRUGQXQJ.LQGHUXQG-XJHQGSV\FKLDWULHXQG
SV\FKRWKHUDSLH3V\FKLDWULHXQG3V\FKRWKHUDSLHVRZLH
3V\FKRWKHUDSHXWLVFKH0HGL]LQ3V\FKRVRPDWLN
9ROONUlIWHLP-DKUHVGXUFKVFKQLWW
$OV9ROONUlIWHZHUGHQGLHDXIYROOHWDULIOLFKH$UEHLWV]HLW
XPJHUHFKQHWHQ%HVFKlIWLJWHQEH]HLFKQHW
'LH*HVDPW]DKOGHU9ROONUlIWHLP-DKUHVGXUFKVFKQLWW
HUJLEWVLFKDXVGHU6XPPHGHUXPJHUHFKQHWHQ7HLO]HLW
NUlIWHGHUXPJHUHFKQHWHQNXU]IULVWLJRGHUJHULQJIJLJ
EHVFKlIWLJWHQ$UEHLWQHKPHU$UEHLWQHKPHULQQHQXQG
GHU%HVFKlIWLJWHQGLHLPJHVDPWHQ-DKUEHLYROOHU
WDULIOLFKHU$UEHLWV]HLWHLQJHVHW]WZDUHQhEHUVWXQGHQ
XQG%HUHLWVFKDIWVGLHQVWHZHUGHQQLFKWLQGLH%HUHFKQXQJ
HLQEH]RJHQ
%LWWH]LHKHQ6LHEHLGHU9ROONUlIWHEHUHFKQXQJLQGHQ
HLQ]HOQHQ2EHUJUXSSHQHQWVSUHFKHQGH$QWHLOHDEZHQQ
GLHVHV3HUVRQDODOV$XVELOGXQJVSHUVRQDOWlWLJLVW
'LH8PUHFKQXQJXPIDVVW
± +DXSWDPWOLFKHVQLFKWlU]WOLFKHV3HUVRQDO
± 1LFKWlU]WOLFKHV3HUVRQDORKQHGLUHNWHV%HVFKlIWLJXQJV
YHUKlOWQLVEHLGHU(LQULFKWXQJ
1LFKWlU]WOLFKHV3HUVRQDORKQHGLUHNWHV%HVFKlI
WLJXQJVYHUKlOWQLVEHLGHU(LQULFKWXQJGDV]%LP
3HUVRQDO/HDVLQJ9HUIDKUHQHLQJHVHW]WZLUGZLUGQDFK
GHQJOHLFKHQ5HJHOQZLHGDVLQGHU(LQULFKWXQJDQJH
VWHOOWHQLFKWlU]WOLFKH3HUVRQDOLQ9ROONUlIWHLP-DKUHV
GXUFKVFKQLWWVLHKHDXFK XPJHUHFKQHWXQGIUDXV
JHZlKOWH%HVFKlIWLJWHQJUXSSHQQDFKULFKWOLFKLQ6SDOWH
HLQJHWUDJHQ(QWVFKHLGHQGIUGLH(UIDVVXQJGLHVHV
3HUVRQDOVLVWGDVVGLH/HLVWXQJYRQGHU(LQULFKWXQJHU
EUDFKWZLUGXQGVLHVLFK]XU%HZlOWLJXQJGLHVHU$XIJDEH
3HUVRQDOYHUVWlUNXQJLQ)RUPYRQ=HLWDUEHLWRbKLQ]X
KROW
O3I
%HLVSLHO3IOHJHNUlIWHGLHDOVÄ=HLWDUEHLWHU³EHLGHU(LQ
ULFKWXQJWlWLJVLQGZHUGHQHUIDVVW,P*HJHQVDW]GD]X
XQJWlWLJV
ZLUGGDV3HUVRQDOHLQHU)UHPGILUPDGLHGLH5HLQLJXQJ
UGGDV3HUVRQD
GGDV3HUV
LQGHU(LQULFKWXQ
LQGHU(LQULFKWXQJ
LQGHU(LQULFKWXQJEHUQRPPHQKDWQLFKWHUIDVVWKLHU
JHK|UWGLH
JHK|UWGLHÄRXWJHVRXUFWH³5HLQLJXQJQLFKWPHKU]XGHQ
ÄRXWJ VRX
ÄRXWJH
/HLVWXQJHQGHU(
/HLVWXQJHQGHU(LQULFKWXQ
/HLVWXQJHQGHU(LQULFKWXQJ
,Q=HLOHVLQGGLHLQVRJÄ$XVELOGXQJVJHVHOOVFKDIWHQ³
,Q=HLOHVLQGGLHLQVRJÄ
,Q=HLOHVLQGGLHLQVR
EHVFKlIWLJWHQ6FKOHU6FKOHU
EHVFKlIWLJWHQ6FKOHU6FKOHULQQHQXQG$XV]XELOGHQGHQ
]XHUIDVVHQ
8
67
(5
%LWWHZHLVHQ6LHGLH6FKOHU6FKOHULQQHQXQG$XV]XELO
GHQGHQQLFKWEHLGHQ$QJDEHQEHUQLFKWlU]WOLFKHV3HU
VRQDODPQDFK3HUVRQDOJUXSSH%HUXIVEH]HLFKQXQJ
QDFKVLHVLQGLQGHQ=HLOHQELVQDFKULFKWOLFK
DQ]XJHEHQ
%LWWHJHEHQ6LHLQGHU=HLOHQXU6FKOHU
6FKOHULQQHQXQG$XV]XELOGHQGHDQGLHPLW,KUHU
(LQULFKWXQJHLQHQ$XVELOGXQJVYHUWUDJKDEHQ
3HUVRQDOPLW3IOHJHEHUXIHQXQGDEJHVFKORVVHQHU
:HLWHUELOGXQJLVWQRFKPDOVLQGHQ=HLOHQELV
±XQDEKlQJLJYRP(LQVDW]EHUHLFK±QDFK]XZHLVHQ
0
QJNHLQH
JNHLQH
*UXQGVlW]OLFKVLQG=HLWHQGLHIUGLH(LQULFKWXQJNHLQH
3HUVRQDONRVWHQYHUXUVDFKWKDEHQ]%(U]LHKXQJV
HKXQJV
KXQJV
XUODXELQGLH8PUHFKQXQJQLFKWHLQ]XEH]LHKHQ
]LHKHQ
LHKHQ
$UEHLWQHKPHU$UEHLWQHKPHULQQHQLQ$OWHUVWHLO]HLWVLQG
HUVWHLO]HLWV
±DEKlQJLJYRQGHUJHZlKOWHQ$UEHLWV]HLWYHUWHLOXQJ±
HLWV]HLWYHUWHLOXQJ±
VFKlIWLJXQJVXPIDQJ
HQWVSUHFKHQGGHPMHZHLOLJHQ%HVFKlIWLJXQJVXPIDQJ
P]XUHFKQHQ$UEHLWQHKPHU
LP%HULFKWVMDKULQ9ROONUlIWHXP]XUHFKQHQ$UEHLWQHKPHU
$UEHLWQHKPHULQQHQGLHVLFKIUGLH$OWHUVWHLO]HLWLPVRJ
KIUGLH$OWHUVWHLO]HLWLPVRJ
QKDEHQVLQGZlKUHQGGHU)UHL
%ORFNPRGHOOHQWVFKLHGHQKDEHQVLQGZlKUHQGGHU)UHL
U8PUHFKQXQJLQ9R
VWHOOXQJVSKDVHEHLGHU8PUHFKQXQJLQ9ROONUlIWHQLFKW
]XEHUFNVLFKWLJHQ
6RZHLWGLH(UPLWWOXQJGH
6RZHLWGLH
6RZHLWGLH(UPLWWOXQJGHU9ROONUlIWHIUQLFKWlU]WOLFKHV
3HUVRQDORKQHGLUHNWH
UVRQDORKQ
3HUVRQDORKQHGLUHNWHV%HVFKlIWLJXQJVYHUKlOWQLVEHLGHU
(LQULFKWXQJPLWXQY
FKWXQJPLW
(LQULFKWXQJPLWXQYHUKlOWQLVPl‰LJKRKHP$XIZDQG
YHUEXQGHQLVWVL
HQLVWV
YHUEXQGHQLVWVLQGVLH]XVFKlW]HQ